Residential Single Family
Gloucester had a 1.8% decrease in the number of homes for sale during January and is slightly above the 2017 level compared to an 13% shortfall throughout the region. The Months Supply of Inventory is at 5.3 months, down from 6.0 months a year ago.
The median sold price in January was up 2.3% from last January. When the foreclosure sales are removed, the non-foreclosure sales had a median sales price of $201,000 compared $190,000 last January, a 5.8% increase.
Sales were up 8.3% compared to last January, but foreclosure sales were up 26% from January 2017 and comprised 34% of all sales in January. Normal sales were up 1.7% from January 2017. The Property Marketing Period was 61 days, down from 64 last January.
The sold price to original list price ratio of 94.5% was within the normal range of 93-95%. In January the sold price to list price ratio was at 97.6% compared to 97.0% last year.
For all your Residential and Commercial Real Estate Appraisal needs please contact:James M. Hanson Associates, Inc.Phone: (609) 884-9185Email: Info@AppraiseNewJersey.comCommunity Resource LinksCape May Chamber of CommerceCape May County Chamber of CommerceAvalon Chamber of CommerceAtlantic City Chamber of Commerce
U.S. home sales slid 3.6 percent in December, as rising prices and a declining number of available properties stifled purchases.
The National Association of Realtors said Wednesday that sales of existing homes fell last month to a seasonally adjusted annual rate of 5.57 million units. Despite the monthly setback, sales totaled 5.51 million in 2017. That was the highest level since 2006, yet it marked a slight 1.1 percent gain from 2016 as the months’ supply of properties on the market fell to the lowest level ever recorded by the Realtors.
Post holiday demand in housing and indications of a strong economy led to an increase in mortgage applications last week. The Market Composite Index, a weekly measure of mortgage loan application volume reported by the MBA, increased 4.1 percent on a seasonally adjusted basis from a week earlier. On an unadjusted basis, the index increased 32 percent compared with the previous week.
The Refinance Index increased 4 percent from the previous week. The seasonally adjusted Purchase Index increased 3 percent from one week earlier. The unadjusted Purchase Index increased 35 percent compared with the previous week and was 7 percent higher than the same week one year ago.
The refinance share of mortgage activity decreased to 52.2 percent of total applications from 52.9 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 5.2 percent of total applications.
The report included the following highlights:
Myth: An appraisal report is no different than a home inspection report.
Reality: A home inspection serves a completely different purpose than an appraisal. The job of the appraiser is to arrive at an opinion of value in the appraisal process and through writing the report. A home inspector assesses the condition of the property and its main components and reports their findings.