It’s a Seller’s Market in Barnegat!
In the Barnegat real estate market, conditions continue to favor sellers over buyers, even as fewer houses become available compared to this time last year. July 2017 found a decrease of new listings, a decrease in active listings and an increase of pending (under contract) listings for all real estate in Barnegat, according to information from the Monmouth Ocean Multiple Listing Service (MOMLS).
The 65 new listings in July 2017 represented a 9.7% decrease from July of 2016. Active listings decreased by 26.9% to 174 over the same period. Pending listings is down to 42 for the month indicating a 10.6% decrease for the month, but are up 6.2% year to date. Actual sales of single-family homes also increased over the same period
The MOMLS reports that in July, a total of 43 single-family homes sold in Barnegat Township. That represents an increase of a whopping 38.7% for the month of July 2017, in comparison to July 2016.
Prices in the Barnegat real estate market continued to climb during the year-to-date period. The median price of a single-family home in Barnegat area increased 8.3%, to $225,000. Average home prices rose 2.21% to $224.678. The dollar volume sales during the year rose by 41%. In total, $31,896,108 worth of homes sold so far this year.
Homes spend an average of 59 days on the market in Barnegat, which is a significant decrease from July of the previous year. Generally higher prices, limited availability and quick sales of those homes that come up for sale make the Barnegat Real Estate Market a favorable environment for sellers.
Bottom Line: Barnegat Real Estate is selling much faster and at significantly higher prices in 2017.
Keller Williams Shore Properties 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, Keller Williams Shore Properties - #1 Real Estate Office in Ocean County