Barnegat home sales are up over 45%! Now may be the time to sell!
The Barnegat housing market has continued to have absorption rate neutrality as median sales price of homes continue to rise and homes are selling at a much higher rate; over 500 Barnegat homes have sold so far this year!
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In the Barnegat real estate market, conditions are neutral due to the large increase in available homes for sale compared to this time last year. But prices continue to rise! November 2018 found an increase of new listings, an increase in active listings and an increase of pending (under contract) listings for all residential real estate in Barnegat, according to information obtained from the Monmouth Ocean Regional Multiple Listing Service (MORMLS).
Barnegat Housing Market Update: Year to Date in Comparison to Last Year:
· Median List Price: Up 5.32%
· Median Sale Price: Up 9.597%
· Median Days on Market: 53 (# of days on market before property sells)
· Sold Listings: 520, Up 45.4%
· Pending Listings: Up 46.5%
· Active Listings: Up 31.0%
· New Listings: Up 28.7%
Bottom Line: The above statistics point to a neutral market. A seller's market comes into formation when demand exceeds supply for homes. A seller's market is often heard in real estate to describe a shortage of properties in the face of healthy demand. A buyer's market is the opposite situation, where supply exceeds demand and therefore the power resides with the buyer in terms of setting a price. While there are many more homes on the market, prices continue to rise due to demand. Economists seem to think there may be a recession in late 2019 so if you are thinking of selling, NOW may be the time!!
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Karl Hess provides expert real estate services to residential buyers and sellers in Barnegat and the surrounding communities. Contact us today for more information on Barnegat Real Estate and for professional assistance navigating this complex home market.
As always, thank you for your time and feel free to get in touch if you have any questions. Karl Hess, Your Real Estate Expert on the Jersey Shore in Ocean County