If you have been following the housing market because you are either selling your home or purchasing a home (maybe both?), I’m sure you’ve heard the same line everywhere. “Inventory is low”. I run the same searches day in and day out for prospective buyers throughout Ocean County and can say I’m lucky if I come up with 4-6 homes meeting their search criteria that is not a short sale (which is anything but short) or bank owned homes that have been vacant for 2-3 years that require some work. The problem is, I’m not the only agent running this search for my customers. So exactly what does this mean? Bidding wars, homes being sold at close to list price (if not over!) and not a lot to choose from!
Here is an ocean county nj housing market update straight from NJAR showing you exactly what is going on in the market from April 2017. May reports will be out soon so stay tuned!
Some of my favorite stats:
Single Family Homes:
*Year to date home sale prices are up 6.5%! In Ocean County, the median sales price last April for year to date was $263,000 and the year to date average in 2017 is now $280,000
*Inventory of homes when comparing April 2016 to April 2017 is down 21.5%! Last year there were 5,385 homes on the market in April. In April 2017, there were only 4,230 homes!
Condos & Town Homes:
* Median sales price year to date as of 04/2016 was $175,000 as compared to year to date through 04/17 at $165,000. The prices of condos & town homes has decreased 6.5%!
*Inventory of homes when comparing April 2016 to April 2017 is down 17.6%. Last April there were 731 condos/townhouses. In April 2017 there were only 592!
* Median sales price year to date as of 04/2016 was $124,750 as compared to year to date through 04/17 at $142,000. The prices of homes has increased 13.8%
*Inventory of homes when comparing April 2016 to April 2017 is down 19%. Last April there were 1,352 homes on the market. In April 2017 there were only 1,114!
If you are a seller, now may be a good time to list your home! If you are a buyer- keep actively looking with your agent. Let your agent know your search and allow them to automatically send you updates when there is activity in that search so that you know and can act ASAP! Good luck!