With overall New Jersey home sales on a continual upswing for the past year and a half, our Monmouth County market has been experiencing similarly encouraging sales activity -- clearly a welcome sign that our local housing market is truly in recovery.
Posting a 14.4% increase in single-family home unit sales for the 12 month period ending in March (compared with the previous 12 month period), Monmouth County real estate is looking forward to ongoing positive growth. The momentum experienced so far this year has been energizing to both home sellers and buyers alike -- even a few real estate professionals have been seen walking with a new spring in their step.
Likewise, the inventory of available homes for sale in New Jersey is in equally unfamiliar territory having shrunk to a volume not seen in 8 years. This is a probable result of two things: homeowners with “seller’s fatigue” – calling it quits after having failed to sell their home due to discouraging market conditions and faulty pricing strategies -- and homeowners who have seen their equity reduced to a level that leaves them with limited incentive to sell.
While this spike in sales combined with low inventory might suggest a trigger for an bump in prices, so far we have not experienced it more than anecdotally, with the median Monmouth County single-family home sale price remaining flat from the end of 2012 thru the end of first quarter.
This market dynamism joined with reduced prices and historically low mortgage interest rates likely means we’re in for very interesting 2nd & 3rd quarters. Stay tuned.
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