The Long & Foster Market Minute

Focus On: Margate City Housing Market June 2021

Zip Code(s): 08402
Units Sold
23
Active Inventory
105
Median Sale Price
$775,000
Days On Market
84
Down
Vs. Year Ago
Down -46%
Vs. Year Ago
Up
Vs. Year Ago
Down -28%
Vs. Year Ago

Units Sold
With relatively few transactions, there was a decrease in total units sold in June, with 23 sold this month in Margate City Real Estate. This month's total units sold was lower than at this time last year, a decrease from June 2020.

Active Inventory
Versus last year, the total number of homes available this month is lower by 88 units or 46%. The total number of active inventory this June was 105 compared to 193 in June 2020. This month's total of 105 is lower than the previous month's total supply of available inventory of 110, a decrease of 5%.

Median Sale Price
Due to the relatively small number of units sold, the median sale price showed significant change this month. Last June, the median sale price for Margate City Homes was $501,500. This June, the median sale price was $775,000, an increase of $273,500 compared to last year. The current median sold price is higher than in May.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
32
Current Contracts
25
Sold Vs. List Price
98.8%
Months of Supply
4.6
Down -52%
Vs. Year Ago
Down -71%
Vs. Year Ago
Up
Vs. Year Ago
Up 16%
Vs. Year Ago

Months of Supply
In June, there was 4.6 months of supply available in Margate City, compared to 3.9 in June 2020. That is an increase of 16% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 32 homes newly listed for sale in Margate City compared to 67 in June 2020, a decrease of 52%. There were 25 current contracts pending sale this June compared to 85 a year ago. The number of current contracts is 71% lower than last June.

Sale Price to List Price Ratio
In June, the average sale price in Margate City was 98.8% of the average list price, which is higher than at this time last year.

Days on Market
This month, the average number of days on market was 84, lower than the average last year, which was 116, a decrease of 28%.

The Long & Foster Market Minute Margate City are defined as properties listed in zip code/s 08402.
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by SJSMLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of SJSMLS or Long & Foster Real Estate, Inc.