Lacey Twp. Housing Supply Continues to Plummet
It should not come as a surprise that homes available for sale in Lacey continues to drop significantly during the coronavirus pandemic and we can confidently predict a further downward trend due to pent-up demand as potential buyers look for either second homes or a full-time move out of more population dense areas of New Jersey, New York and Pennsylvania.
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For the first eight months of 2020, median list price and median sale price is up. The total number of homes sold over those first 8 months of the year is down since there’s just not enough homes on the market to satisfy demand; this is especially true for waterfront properties. Even so, over 600 Lacey Twp. homes have sold in the last 12 months.
Lanoka Harbor Real Estate Market Activity: Year to Date in Comparison to Last Year: (Note – “year to date” is a direct comparison between the first 8 months of 2019 to 2020)
- Median List Price: Up 12.35%
- Median Sale Price: Up 6.60%
- Median Days on Market: 23 (# of days on market before property sells)
- Sold Listings: 89, No Change
- Pending Sold Listings (this month): Up 84.6%
- Active Listings (this month): Down 58.1%
- New Listings (this month): Up 6.7%
Lanoka Harbor Housing Market Summary: The Market Activity Report is a snapshot of all the changes in a local real estate market over the last 24 months
- Estimated Home Values: Up 3.4%
- Sales Price: Up 36.35%
- List Price: Up 22.55%
Forked River Real Estate Market Activity: Year to Date in Comparison to Last Year: (Note – “year to date” is a direct comparison between the first 8 months of 2019 to 2020)
- Median List Price: Up 3.57%
- Median Sale Price: Up 10.10%
- Median Days on Market: 22 (# of days on market before property sells)
- Sold Listings: 294, Down 15.0%
- Pending Sold Listings (this month): Up 3.4%
- Active Listings (this month): Down 56.5%
- New Listings (this month): Down 21.7%
Forked River Housing Market Summary: The Market Activity Report is a snapshot of all the changes in a local real estate market over the last 24 months
- Estimated Home Values: Up 3.4%
- Sales Price: Up 36.35%
- List Price: Up 22.55%
Bottom Line: To clarify; the increase in list and sales price doesn’t necessarily mean your home’s value has grown by that percentage, it can also mean that there are more expensive homes on the market (like waterfront) and a reduction in more affordable homes for sale or being sold.
Note: Move-up buyers, you’re in luck! If you’re ready to trade in your home for something more luxurious, you may get the best of both sectors. We’re still witnessing strong demand for “less expensive” homes, giving sellers the upper hand. At the same time, buyers of high-end homes are finding a greater selection (and more negotiating power) than they’ve had in years… except waterfront, where demand far exceeds supply.
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If you have any questions, please contact me at your convenience.
Karl Hess provides expert real estate services to residential buyers and sellers in Lanoka Harbor, Forked River and the surrounding communities. Contact us today for more information on Lacey Twp Real Estate and for professional assistance navigating this complex home market.
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