The lack of housing inventory in Manahawkin is pushing prices even higher.
In Manahawkin, the absorption rate is down to 3.45 months – anything less than 6 months is considered a “seller’s market.” Sold listings is down by over 30%, not because there’s a lack of demand, but because there’s a lack of supply; active listings are down by 10.6% and new listings (added in January) are down by 18.4%. That has resulted in an increase in home prices.
What’s Your Manahawkin Home Worth?
According to CoreLogic’s latest Home Price Index, prices appreciated by 6.9% year-over-year from December 2016 to December 2017 on a national level. This marks the fifth month in a row with at least a 6.9% increase.
Dr. Frank Nothaft, Chief Economist for CoreLogic, gave insight into the reason behind the large appreciation,
“The number of homes for sale has remained very low. Job growth lowered the unemployment rate to 4.1 percent by year’s end, the lowest level in 17 years. Rising income and consumer confidence has increased the number of prospective homebuyers. The net result of rising demand and limited for-sale inventory is a continued appreciation in home prices.”
This is great news for homeowners who have gained nearly $15,000 in equity (on average) in their homes over the last year! Those homeowners who had been on the fence as to whether or not to sell will be pleasantly surprised to find out that they now have an even larger profit to help cover a down payment on their dream homes.
As we near the traditionally busy spring buyers season, there is still hope for buyers as mortgage rates remain low compared to recent decades. The report also predicted that home price appreciation will slow slightly, rising by 4.3% by this time next year.
Bottom Line
If you are looking to enter the Manahawkin housing market, as either a buyer or a seller, let’s get together to go over exactly what’s going on in our neighborhood and discuss your options!
Karl Hess & Keller Williams Shore Properties provides expert real estate services to residential buyers and sellers in Manahawkin. Contact us today for more information on Ocean County 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
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