The Barnegat housing market has reached a balance as median home sale price down 1.92%.
The Barnegat housing market has reached a “neutral state” and are “normalizing." Median list price is up while the median sale price is down. The total number of homes sold over the last 10 months of the year is up while pending homes sold (yet to close) has increased in comparison to the same time in 2018. Reminder: over 600 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 10 months of 2018 to 2019)
· Median List Price: Up 2.01%
· Median Sale Price: Down 1.92%
· Median Days on Market: 49 (# of days on market before property sells)
· Sold Listings: 491, Up 2.3%
· Pending Sold Listings (this month): Up 51.8%
· Active Listings (this month): Down 5.3%
· New Listings (this month): Down 30.04%
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: Down 0.65%
· Sales Price: Down 2.02%
· List Price: Up 14.34%
Bottom Line: The above statistics point to a “neutral” or “balanced” market - the number of buyers and sellers in the marketplace are equalized. But there are less homes on the maker than last year. The combination of lower sales prices and reduced inventory means 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: 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