Barnegat home prices still up, while more homes come on the market.
In the Barnegat real estate market, conditions continue to favor sellers over buyers, even as fewer houses become available compared to this time last year. October 2017 found a decrease of new listings, a decrease in active listings and an increase of pending (under contract) listings for all real estate in Barnegat, according to information from the Monmouth Ocean Multiple Listing Service (MOMLS).
The 71 new listings in October 2017 represented a 69% decrease from October of 2016. Total active listings decreased by 6% to 187 over the same period. Pending (under contract) listings is up to 35 for the month indicating a 16.7% increase for the month and are up 3.5% year to date. Actual sales of single-family homes also increased over the same period
The MOMLS reports that in October, a total of 31 single-family homes sold in Barnegat Township. That represents a decrease of 34% for the month in comparison to October 2016. These decreases are mostly due to a lack of inventory.
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 6.98%, to $230,000. Average home prices rose 7.22% to $224.155. The total dollar volume of sales during the year rose by 20%. In total, $46,331,299 worth of single-family homes (non-adult communities) sold so far this year. The median price of a home sold in Barnegat in October was $220,000, that's a decrease of 34% from last October. But again, there is an 8% overall increase in Barnegat Single Family Homes (excluding adult communities and condominiums for the year to date).
Homes spend an average of 72 days on the market in Barnegat, which is a significant decrease from October of the previous year. The median time on market is 35 days. Generally higher prices, limited availability and quick sales of those homes that come up for sale make the Barnegat Real Estate Market a favorable environment for sellers.
Bottom Line: Barnegat Real Estate is selling much faster and at significantly higher prices in 2017.
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