Barnegat housing market has reached absorption rate neutrality as median sales price of homes continue to rise and homes are selling at a faster degree.
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. February 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).
The 59 new listings in February 2018 represented a 3.5% increase from February of 2017. Total active listings increased by 20.1% to 229 over the same period. Pending (under contract) listings is up to 42 for the month indicating a 50.0% increase for the month and are up 17.2% year to date. Actual sales of single-family homes also increased over the same period
The MORMLS reports that in February, a total of 10 residential homes sold in Barnegat Township. That represents a decrease of 58.3% for the month in comparison to February 2017.
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 36.24%, to $272,475. Average home prices rose 28.42% to $251,960. The total dollar volume of sales during the year dropped by 6.7%. In total, $10,430,020 worth of single-family homes sold so far this year. The median price of a home sold in Barnegat in February was $287,500, that's a increase of 42.33% from last February. Note: This is a relatively small sample size, but housing prices in Barnegat have been increasing for over a year.
Homes spend an average of 81 days on the market in Barnegat, which is a significant decrease from February of the previous year. The median time on market is 48 days. Generally higher prices, increasing availability and quick sales of those homes that come up for sale make the Barnegat Real Estate Market a favorable environment for both sellers and buyers.
Bottom Line: Barnegat Real Estate is selling much faster and at significantly higher prices even as the market stabilizes with more homes being offered for sale.
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