We're through the 3rd Quarter of 2021 and the Ocean County Housing Market is not cooling off for Autumn
Ocean County’s housing market has not cooled off as demand outpaces supply and prices keep hitting unprecedented highs — and many houses are selling above their list price. The pandemic has flipped the real estate market on its head, and it has left many prospective buyers struggle to afford the rising costs, but some relief could be coming.
This unprecedented sellers’ market is the result of a myriad of economic factors, including record low interest rates, a lack of homes for sale and a slowdown in the number of new homes being built due to labor shortages and rising costs of construction supplies.
This is not a bubble like 2008; so, while housing prices could flatten in the next few years, the conditions for another crash are absent. Instead of easy credit, the main factors in the current price runup are tight supply and strong demand, both of which are likely to continue.
As you look at the statistics for your city or town below, you’ll notice a few things:
1. Sale Prices are UP – a lot for one year
2. Days on Market are DOWN – homes are selling much faster
3. Active and New Listings are DOWN (for the most part) – reflecting a lack of inventory
4. If you’re thinking about selling, NOW may be the time!
Ocean County Market Summary Report for Selected Townships – Year to Date
Stafford Twp. (Manahawkin)
· Median List Price: Up 15.74%
· Median Sale Price: Up 25.79%
· Median Days on Market: 13 (# of days on market before property sells)
· Sold Listings: Down 11.5% (due to lack of supply)
· Pending Sold Listings (sold but not closed): Down 15.7%
· Active Listings: Down 23.3% · New Listings: Down 8.5%
· What’s Your Stafford Home Worth?
Barnegat Twp
· Median List Price: Up 14.24%
· Median Sale Price: Up 21.43%
· Median Days on Market: 13 (# of days on market before property sells)
· Sold Listings: Down 8.8% (due to lack of inventory)
· Pending Sold Listings (sold but not closed): Down 8.8%
· Active Listings: Down 24.9%
· New Listings: Down 14.6%
· What’s Your Barnegat/Waretown Home Worth?
Lacey Twp (Lanoka Harbor and Forked River)
· Median List Price: Up 18.70%
· Median Sale Price: Up 27.27%
· Median Days on Market: 15 (# of days on market before property sells)
· Sold Listings: Up 5.2%
· Pending Sold Listings (sold but not closed): Down 6.7%
· Active Listings: Down 14.8%
· New Listings: Down 7.0%
· What’s Your Lacey Twp Home Worth?
Berkeley Twp (Bayville)
· Median List Price: Up 22.79%
· Median Sale Price: Up 19.47%
· Median Days on Market: 13 (# of days on market before property sells)
· Sold Listings: Down 2.6% (due to lack of inventory)
· Pending Sold Listings (sold but not closed): Down 16.4%
· Active Listings: Down 25.3% · New Listings: Down 20.0%
· What’s Your Bayville Home Worth?
Toms River Township
· Median List Price: Up 11.82%
· Median Sale Price: Up 18.46%
· Median Days on Market: 15 (# of days on market before property sells)
· Sold Listings: Down 4.0% (due to lack of inventory)
· Pending Sold Listings (sold but not closed): Down 12.8%
· Active Listings: Down 22.4%
· New Listings: Down 14.2%
· What’s Your Toms River Home Worth?
Brick Township
· Median List Price: Up 13.85%
· Median Sale Price: Up 16.67%
· Median Days on Market: 15 (# of days on market before property sells)
· Sold Listings: Up 1.6% · Pending Sold Listings (sold but not closed): Down 5.7%
· Active Listings: Down 12.5%
· New Listings: Down 3.2%
· What’s Your Brick Twp Home Worth?
House prices have increased significantly in Ocean County in comparison to this time last year because there's a lack of housing supply—more buyers, armed with very low mortgage rates, are chasing a limited number of houses.
“While late summer indicators suggest some buyer fatigue, home-price growth is likely to remain in double digits through the remainder of 2021,” said CoreLogic deputy chief economist Selma Hepp.
There might be some changes coming for 2022; “For many buyers, autumn is already providing better buying opportunities, with fewer competing bids, the return of contingencies and more listings,” said George Ratiu, manager of economic research at Realtor.com.
Karl Hess provides expert real estate services to residential buyers and sellers in Ocean County. Contact us today for more information on Ocean County Real Estate and for professional assistance navigating this complex home market.
Sources:
1. https://www.cnbc.com/select/buying-a-home-low-interest-rate-competitive-market/
3. https://www.bloomberg.com/businessweek
5. https://www.monmouthoceanrealtors.com/monthly-statistics/