Barnegat Housing Inventory Continues to Plummet
It should not come as a surprise that homes available for sale in Barnegat continues to drop significantly during the coronavirus pandemic and we can confidently predict a further downward trend for the rest of summer in comparison to the same time last year as “social distancing” and the reluctance of some sellers to show homes results in their thinking they should wait for more clarity in the Barnegat housing market.
For the first half of 2020, median list price and median sale price is up. The total number of homes sold over the first 6 months of the year is up slightly while pending homes sold (yet to close) has started decreasing in comparison to the same time in 2019. Reminder: over 550 Barnegat homes have sold in the last 12 months.
Barnegat Real Estate Market Activity: Year to Date in Comparison to Last Year: (Note – “year to date” is a direct comparison between the first 6 months of 2019 to 2020)
· Median List Price: Up 12.50%
· Median Sale Price: Up 13.34%
· Median Days on Market: 44 (# of days on market before property sells)
· Sold Listings: 274, Up 0.7%
· Pending Sold Listings (this month): Down 15.9%
· Active Listings (this month): Down 52.8%
· New Listings (this month): Down 29.3%
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 4.14%
· Sales Price: Up 14.00%
· List Price: Up 19.84%
Bottom Line: To clarify; the increase in list and sales price doesn’t necessarily mean your home’s value has grown by that percentage, it can also mean that there are more expensive homes on the market and a reduction in more affordable homes for sale or being sold.
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