The Manahawkin housing market has continued to suffer from a lack of inventory as median sales price of homes rise and homes are selling at a faster pace.
In the Manahawkin real estate market conditions continue to favor sellers over buyers, compared to this time last year. December 2018 found a increase of new listings, an increase in active listings and an increase of pending (under contract) listings for all real estate in Manahawkin, according to information from the Monmouth Ocean Regional Multiple Listing Service (MORMLS).
Manahawkin Housing Market Update: Year to Date in Comparison to Last Year:
· Absorption Rate: 4.43 Months (shows how long current inventory of properties would last at current rate of sales – anything less than 6 months indicates a “seller’s market.”)
· Median List Price: Up 5.42%
· Median Sale Price: Up 4.65%
· Median Days on Market: Down 13.95% (number of days on market before property sells)
· Sold Listings: 486, Up 8.2% (due to lack of inventory)
· Pending Listings: Up 15.5%
· Active Listings: Up 18.7%
· New Listings: Up 22.7% (more homes are coming on the market)
Bottom Line: The above statistics all point to a “Seller’s Market” in Manahawkin. A seller's market comes into formation when demand exceeds supply for homes. A seller's market is often heard in real estate to describe a shortage of properties in the face of healthy demand. A buyer's market is the opposite situation, where supply exceeds demand and therefore the power resides with the buyer in terms of setting a price. While there are many more homes on the market, prices continue to rise due to demand. Economists seem to think there may be a recession in late 2019 so if you are thinking of selling, NOW may be the time!!
I’d be happy to provide a Comparative Market Analysis (CMA) for your home completely free of charge and without obligation. A CMA is an examination of the prices at which equivalent properties in the same area recently sold and compares size, location, amenities, condition and other factors.
If you have any questions, please contact me at your convenience.
Karl Hess provides expert real estate services to residential buyers and sellers in Manahawkin and the surrounding communities. Contact us today for more information on Stafford Twp 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