Barnegat real estate absorption rate indicates market neutrality, but the median sales price of homes continue to rise and homes are selling at a faster rate.
In the Barnegat real estate market, conditions are neutral due to the large increase in available homes for sale compared to this time last year. March 2018 found an increase of new listings, an increase in active listings and an increase of pending (under contract) listings for all residential real estate in Barnegat, according to information obtained from the Monmouth Ocean Regional Multiple Listing Service (MORMLS).
Barnegat Housing Market Update: Year to Date in Comparison to Last Year:
Absorption Rate: 7.02 Months (shows how long current inventory of properties would last at current rate of sales.)
Median List Price: Up 11.64%
Median Sale Price: Up 27.60%
Median Days on Market: Up 3.95% (number of days on market before property sells)
Sold Listings: 85, Up 9.0%
Pending Listings: Up 37.9%
Active Listings: Up 21.5% (many more houses currently on the market than last year)
New Listings: Up 6.2% (more homes are coming on the market)
Bottom Line: The above statistics point to a “neutral market.” But the sample size is relatively small, so view these statistics with some skepticism. The true median sale price increase will be around 7.5%. What you shouldn't ignore is that sold listings are up so far this year, and pending (homes that have sold, but have not closed yet) are up significantly. Though the number of homes for sale has increased considerably, about 30% of those homes are in the new “adult” communities.
Karl Hess & 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