The Barnegat real estate market has a significant shortage of available homes for sale.
Barnegat Real Estate Market Update:
Median list price and median sale price are both up. The total number of homes sold over the last 5 months of the year is up while pending homes sold (yet to close) has decreased in comparison to the same time in 2019. Reminder: over 600 Barnegat homes have sold in the last 12 months!
Barnegat Real Estate Activity: Year to Date in Comparison to Last Year: (Note – “year to date” is a direct comparison between the first 5 months of 2020 to 2019)
- Median List Price: Up 16.37%
- Median Sale Price: Up 13.88%
- Median Days on Market: 44 (# of days on market before property sells)
- Sold Listings: 223, Up 6.7%
- Pending Sold Listings (this month): Down 10.4%
- Active Listings (this month): Down 51.0%
- New Listings (this month): Down 42.9%
Barnegat 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 3.55%
- Sales Price: Up 22.15%
- List Price: Up 26.47%
Bottom Line: While median list and sold prices have increased since the new year; active listings - that is homes that are on the market in June is down by over 51%, a staggering number. We’re in new territory with the current factors that are driving the market and there are two ways to look at this if you’re thinking about selling your Barnegat home: (1) take a “wait and see” attitude to evaluate when the market returns to normal OR (2) if other sellers are removing or postponing listing their house, your home has a better chance of rising to the top of a buyer's search list and being seen. Keep in mind, most sellers are only planning to delay the process by a couple of months. If you need to sell soon, don't wait for the competition to get back into the market again.
If you have any questions, please contact me at your convenience.
Karl Hess provides expert real estate services to residential buyers and sellers in Barnegat and the surrounding communities. Contact us today for more information on Barnegat 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