Barnegat sales price up over 15% in the last 24 months, but the market is cooling
The Barnegat housing market has reached a “neutral state” and are “normalizing. Median list price and median sale price has dropped slightly. While the total number of homes sold in 3rd of the year is up, pending homes (sold, yet to close) are up significantly in comparison to the same time in 2018. Reminder: over 600 Barnegat homes have sold in the last 12 months!
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Barnegat Real Estate Market Activity: Year to Date in Comparison to Last Year: (Note – “year to date” is a direct comparison between the first 5 months of 2018 to 2019)
· Median List Price: Down 1.07%
· Median Sale Price: Down 6.43%
· Median Days on Market: 56 (# of days on market before property sells)
· Sold Listings: 177, Up 8.50%
· Pending Sold Listings: Up 11.9%
· Active Listings: Down 9.0%
· New Listings: Down 7.7%
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 3.13%
· Sales Price: Up 15.11%
· List Price: Up 13.22%
Bottom Line: The above statistics point to a “neutral” or “balanced” market - the number of buyers and sellers in the marketplace are equalized. The scales don't tip in either direction, meaning the market is normal without experiencing volatile swings. The Barnegat real estate market is slowing, and significant sale price increases in the future are very unlikely.
Important Note: Economists seem to think there may be a downturn in the next 12 months, so if you are thinking of selling, NOW may be the time!!
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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