Manahawkin real estate market has a serious housing shortage as home prices continue to increase in Stafford Twp!
In the Manahawkin real estate market conditions continue to favor sellers over buyers, even as more houses become available compared to this time last year. October 2017 found a slight increase of new listings, a decrease in active listings and a increase of pending (under contract) listings for all real estate in Manahawkin for October, according to information from the Monmouth Ocean Regional Multiple Listing Service (MORMLS).
The 45 new listings in October 2017 represented a 9.8% increase from October of 2016. Active listings decreased by 21.9% to 143 over the same period. Pending listings are up to 42 for the month indicating a 7.7% increase for the month, and but down 2.7% year to date. Actual sales of single-family homes also decreased over the same period, almost entirely due to lack of inventory.
The MORMLS reports that in October, a total of 44 homes sold in Stafford Township. That represents a decrease of 12% for the month, in comparison to October 2017. Again, the decrease is a direct result of a limited housing supply, not from a lack of buyer demand.
Prices in the Manahawkin real estate market continued to climb during the year-to-date period. The median price of a single-family home in the Manahawkin area increased 6.61%, to $260,000. Average home prices rose 8.56% to $281,926.00. The dollar volume sales during the year rose by 8%. In total, $90,907,526.00 worth of homes sold so far this year. The average price for a Manahawkin home that sold in October was $292,094.00, median price was $276,500.00
Homes spend an average of 74 days on the market in Stafford Twp, which is a significant decrease from September of the previous year. Generally higher prices, limited availability and quick sales of those homes that come up for sale make the Manahawkin Real Estate Market a favorable environment for sellers.
Bottom Line: Manahawkin Real Estate is selling much faster and at significantly higher prices in 2017.
Note: The “average” is the sum of all the numbers in the set divided by the amount of numbers in the set. The “median” is the middle point of a number set in which half the numbers are above the median and half are below. Median values tend to be a better statistical measure as they are less likely to be skewed by very high or very low figures – or an anomaly.)
Karl Hess and Keller Williams Shore Properties provide expert real estate services to residential buyers and sellers in Manahawkin and the surrounding communities. Contact us today for more information on Manahawkin 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