The current housing landscape presents greater home values, low interest rates, and high buyer demand. All of these factors point to the strong market forecasted to continue throughout the rest of the year.
In Manahawkin, the housing market absorption rate year to date is at 4.91 months. Absorption rate is the number of months it would take to sell the currently listed homes in the market and anything less than 6 months is considered a “seller’s market.” The median days on market is 42 days – that’s how long it takes for a home to sell (go under contract), though it could take another couple of months to actually close. Currently “new” listings on the market for July are down by over 8 percent. This all points to a seller’s market in Manahawkin.
There is, however, one thing that may cause the industry to tap the brakes: an overall lack of housing inventory. Buyer demand naturally increases during the summer months, but the current supply is not keeping up.
Here is a look at what a few industry experts have to say on national trends:
“Imbalance persists for mid-to-lower priced homes with solid demand and insufficient supply, which is consequently pushing up home prices.”
“Market conditions are ripe for increasing home sales with one glaring exception. The supply of homes for sale remains tight, keeping existing home sales below potential.”
“We’re not seeing as many new listings come up on the market…It was only 18 months ago that the number of homes for sale hit its lowest level in recorded history and sparked the fiercest competition among buyers we’ve ever seen.”
If you’re thinking of selling your Manahawkin home, now may be the time. Demand for your house will be strong during a period when there is very little competition, ideally leading to a quick sale and a great return on your investment.
Karl Hess provides expert real estate services to residential buyers and sellers in Manahawkin and the surrounding communities. Contact us today for more information on Stafford Twp 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, Your Realtor on The Jersey Shore in Ocean County