Barnegat Housing Market Trends for the month of April 2018. (See charts below)
Number of Listings Chart: The Number of Listings chart displays listings counts by status.
- Barnegat Active Listings: 257 total as of the end of April, up 31.1%, up 25.3% year to date
- Barnegat New Listings: 85 for the month, up 49.1% for the month, up 16.4% year to date
- Barnegat Sold Listings: 26 for the month, down 7.1% for the month, up 12.3% year to date.
Explanation: Active listings: How many listings were for sale during each month. The number of active listings is a "snapshot" of active listings on the 15th of the month. Rather than showing the number of all listings that were active at any time during the month, this chart displays a representation of the number of listings that were active on one day. A trend upward or downward from month to month can be established by using the same day of every month.
New Listings: How many properties were put on the market during each month. It is the total number of listings newly added to the MLS system during the month. (All listings whose List Date falls within that particular month.)
Sold listings: The total number of listings whose sales contracts were completed, or closed, during the month.
Listing Price Chart: The Listings Prices chart displays median and/or average list prices and sale prices.
- Barnegat Median List Price: $299,990 for the month, up 15.63%. $279,900, up 12.09% year to date
Explanation: A median price is where half the prices are higher and half the prices are lower.* List price refers to the current list price of a listing. Sale price refers to the price a listing sold for, and is available only for sold listings.
Active listings are those which were active on a single day of the month, providing a "snapshot" of a day. A trend upward or downward from month to month can be established by using the same day of every month. The 15th of the month is used.
New listings are all the properties put on the market during an entire month.
Sold listings are all the properties whose sales contracts were completed, or closed, during the month.
* If the quantity of values (prices) is odd, the central value is used. If the quantity of values is even, then there is no single central value. The two central values are averaged (added and divided by 2).
Absorption Rate Chart: The Absorption Rate, in Months chart shows how long the current inventory of properties would last at the current rate of sales.
- Barnegat Absorption Rate: 7.54 months for April, up 23.00%. 7.16 months, up 26.50% year to date
Explanation: If no new properties were added to the market, and sales continued at a steady pace, the Absorption rate indicates the number of months required to sell all the properties on the market.
Absorption rate is based on two numbers: The number of active listings and the average number of listings sold per month for the previous n months. The number of active listings is a "snapshot" of listings active on a single day (the 15th of the month).
Important: Anything LESS than 6 months shows a lack of inventory and is generally considered a “seller’s market.” Anything more than 7 months can be considered a “buyer’s market.” But there are caveats to this statistic - especially when there are more and more new construction homes entering the market. A lot of the homes that are listed have not been built yet.
Sold to List Ratio: The Sold to List Ratio chart displays the average ratio of sale price to original list price, in percentage.
- Barnegat Median Sold Price: The median sold price for a Barnegat home is up 25.42% year to date.
Explanation: This ratio shows how the sale prices of properties compare to their original list prices.
Numbers below 100% indicate that, on average, properties sold for less than their original list prices. Numbers above 100% indicate that, on average, properties sold for more.
The ratio is calculated by dividing the sale price by the original list price.
Sale Price ÷ Original List Price
Days on Market: The Days on Market chart displays the average number of days that sold listings were on the market.
- Barnegat Median Days on Market: 62 days, up 58.97% for the month. 80 days, up 9.59% year to date.
Explanation: The number for each month is the average days on market for all of the listings whose sale contracts were closed that month.
DOM is Days On Market, the number of days from the listing's begin date until it was pended.
Price Volume: The Price Volume chart shows the total value of all listings for each status.
- Barnegat total dollar volume of sales during the year is up by 27.3%. In total, $32,566,472 worth of single-family homes sold so far this year.
Explanation: Active list volume is the total list price value for all listings that were active on the 15th of each month. It is a "snapshot" view of active listings, and a trend upward or downward can be established from month to month.
New list volume is the total list price value for all listings that were newly added to the market during each month.
Sold sale volume is the total sale price value of all the properties whose sales contracts were completed, or closed, during the month.
The Price Volume chart shows the total value of all listings for each status.
Active list volume is the total list price value for all listings that were active on the 15th of each month. It is a "snapshot" view of active listings, and a trend upward or downward can be established from month to month.
The above statistics, especially the absorption rate, point to a “neutral market,” with caveats; Sold listings are up so far this year, and pending (homes that have sold, but have not closed yet) are up significantly. Though the number of homes for sale has increased considerably, a lot of those homes are in the new “adult” communities and new construction. The median sale price is also up quite significantly, which indicates a seller’s market, regardless of the amount of homes that have recently been introduced to the market.
Karl Hess & Keller Williams Shore Properties 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, Keller Williams Shore Properties - #1 Real Estate Office in Ocean County
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