Ocean County Has Sharp Increase in Home Prices!
The demand for homes in Ocean County has outpaced supply and buyers are paying the price.
Prices are up sharply as housing inventory continues to plateau, leaving 60% fewer homes on the market compared to last year, in Ocean County.
Instead of making up for the shortfall, new listings have slumped further in 2021. Year-over-year, new listing volumes were down significantly compared to the same time in 2020.
Search for Homes in Ocean County
This may all change in the next couple of months; in a March survey, 43% of homeowners who were prepared to sell in the past, said the pandemic delayed their plans. The majority of those homeowners plan to sell their home this summer.
As you look at the statistics for your city or town below, you’ll notice a few things:
1. Sale’s Prices are UP – a lot!
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
Stafford Twp. (Manahawkin)
· Median List Price: Up 11.50%
· Median Sale Price: Up 37.74%
· Median Days on Market: 16 (# of days on market before property sells)
· Sold Listings: Down 12.6%
· Pending (sold but not closed): Down 13.5%
· Active Listings: Down 43.7%
· New Listings (coming on the market): Down 17.8%
· What’s Your Stafford Home Worth?
Barnegat Twp
· Median List Price: Up 10.37%
· Median Sale Price: Up 13.10%
· Median Days on Market: 17 (# of days on market before property sells)
· Sold Listings: Down 9.0%
· Pending (sold but not closed): Down 17.1%
· Active Listings: Down 59.3%
· New Listings (coming on the market): Down 32.1%
· What’s Your Barnegat/Waretown Home Worth?
Lacey Twp (Lanoka Harbor and Forked River)
· Median List Price: Up 17.89%
· Median Sale Price: Up 15.81%
· Median Days on Market: 21 (# of days on market before property sells)
· Sold Listings: Up 9.9%
· Pending (sold but not closed): Up 22.8%
· Active Listings: Down 23.5%
· New Listings (coming on the market): Down 5.6%
· What’s Your Lacey Twp Home Worth?
Berkeley Twp (Bayville)
· Median List Price: Up 30.09%
· Median Sale Price: Up 20.37%
· Median Days on Market: 20 (# of days on market before property sells)
· Sold Listings: Up 2.1%
· Pending (sold but not closed): Up 5.4%
· Active Listings: Down 34.6%
· New Listings (coming on the market): Down 22.5%
· What’s Your Bayville Home Worth?
Toms River Township
· Median List Price: Up 11.43%
· Median Sale Price: Up 23.28%
· Median Days on Market: 23 (# of days on market before property sells)
· Sold Listings: Up 8.0%
· Pending (sold but not closed): Up 4.5%
· Active Listings: Down 41.0%
· New Listings (coming on the market): Down 29.9%
· What’s Your Toms River Home Worth?
Brick Township
· Median List Price: Up 13.56%
· Median Sale Price: Up 20.73%
· Median Days on Market: 19 (# of days on market before property sells)
· Sold Listings: Up 9.5%
· Pending (sold but not closed): Up 5.7%
· Active Listings: Down 33.2%
· New Listings (coming on the market): Down 20.8%
· What’s Your Brick Twp Home Worth?
With mortgage rates near all-time lows and offices shut down across the country and with the possibility of permanent work-from-home jobs for many people, having a larger home with more outdoor space or a second home outside of urban areas is the aspiration for many Americans. This is a true seller’s market. A "seller's market" in real estate describes a shortage of properties in the face of healthy demand.
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. What We Actually Know About How Americans Are Moving During Covid - https://www.bloomberg.com/news/articles/2020-09-16/the-truth-about-american-migration-during-covid
2. Second Homes Are Driving the U.S.’s Covid-19 Housing Boom - https://www.mansionglobal.com/articles/second-homes-are-driving-the-u-s-s-covid-19-housing-boom-221356
3. Monmouth/Ocean MLS - https://www.monmouthoceanrealtors.com/
4. Associated Press - https://apnews.com/
5. Housing inventory is down 40%. Buyers are paying the price https://www.housingwire.com/articles/housing-inventory-is-down-40-buyers-are-paying-the-price/
6. Boost in housing inventory predicted to hit the market by June https://www.nationalmortgagenews.com/news/boost-in-housing-inventory-predicted-to-hit-the-market-by-june