Review of the Barnegat Real Estate Market for 2019 and forecast for 2020.
The Barnegat housing market has been in a “neutral state” for the last 6 months but has moved back towards a “seller’s market.” Median list and sale price is up and the total number of homes sold in 2019 has increased, while pending homes sold (yet to close) is up in comparison to the same time in 2018. Reminder: over 600 Barnegat homes have sold in the last 12 months!
Barnegat Housing Market Summary: Year to Date in Comparison: (Note – this is a direct comparison between 2019 to 2018)
· Median List Price: Up 3.48%
· Median Sale Price: Up 0.39%
· Median Days on Market: 49 (# of days on market before property sells)
· Sold Listings: 593, Up 1.4%
· Pending Sold Listings for the Month: Up 32.3%
· Active Listings for the Month: Down 29.0%
· New Listings for the Month: Down 24.4%
Barnegat Housing Market Summary: The Market Activity Report is a snapshot of all the changes in a local real estate market over the last 24 months
· Estimated Home Values: Up 0.34%
· Sales Price: Up 9.31%
· List Price: Up 9.29%
2020 Housing Market Forecast: Some economists project modest growth in home sales and home prices alike – with low mortgage rates offsetting the negative effects of the low inventory crisis. But Realtor.com has projected that sales could drop in 2020 despite robust buyer demand. They expect that the low supply of homes for sale may worsen because of moderating home price growth. With home prices reaching new highs in many markets and home price appreciation outpacing inflation and wage growth, many people simply cannot afford to buy homes currently. As a result, some economists expect that home prices will have small gains or remain flat. With that being said, Barnegat has moved back into the “seller’s market” category.
NOTE: Move-up buyers, you’re in luck! If you’re ready to trade in your home for something more luxurious, you may get the best of both sectors. We’re still witnessing strong demand for “less expensive” homes, giving sellers the upper hand. At the same time, buyers of high-end homes are finding a greater selection (and more negotiating power) than they’ve had in years.
If you have any questions, please contact me at your convenience.
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 Realtor on The Jersey Shore in Ocean County