Barnegat Home Values Continue to Climb!
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. August 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 60 new listings in August 2017 represented a 0.03% decrease from August of 2016. Active listings decreased by 16.7% to 189 over the same period. Pending (under contract) listings is up to 41 for the month indicating a 41.4% increase for the month and are up 8.9% year to date. Actual sales of single-family homes also increased over the same period
The MOMLS reports that in August, a total of 43 single-family homes sold in Barnegat Township. That represents a decrease of 21.8% for the month of August 2017, in comparison to August 2016. These decrease is 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 14.95%, to $229,900. Average home prices rose 10.12% to $221.890. The dollar volume sales during the year rose by 28%. In total, $38,851,733 worth of single-family homes (non-adult communities) sold so far this year. The median price of a home sold in Barnegat in August was $262,000, that's an increase of 31.25% from last August!!
Homes spend an average of 69 days on the market in Barnegat, which is a significant decrease from August of the previous year. 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