Barnegat housing market is approaching absorption neutrality as median sales price of homes continue to rise and homes are selling at a faster rate.
In the Barnegat real estate market, conditions continue to favor sellers over buyers, even as more houses become available compared to this time last year. December 2017 found a 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 40 new listings in December 2017 represented a 25% increase from December of 2016. Total active listings increased by 0,2% to 221 over the same period. Pending (under contract) listings is up to 32 for the month indicating a 6.6% increase for the month and are up 6.7% year to date. Actual sales of single-family homes also increased over the same period
The MORMLS reports that in December, a total of 34 residential homes sold in Barnegat Township. That represents a decrease of 17.4% for the month in comparison to December 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 7.80%, to $235,000. Average home prices rose 8.32% to $230.380. The total dollar volume of sales during the year rose by 21%. In total, $56,140,124 worth of single-family homes (non-adult communities) sold so far this year. The median price of a home sold in Barnegat in December was $276,000, that's a increase of 12.65% from last December. 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 68 days on the market in Barnegat, which is a significant decrease from December of the previous year. The median time on market is 37 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 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