The Jersey Shore by Karl Hess: S. Ocean County Housing Inventory Plummets

S. Ocean County Housing Inventory Plummets

Lanoka Harbor, Forked River, Barnegat and Manahawkin homes available for sale has plunged at the end of the 1st Quarter of 2020.

It should not come as a surprise that homes available for sale in Southern Ocean County has dropped significantly during the coronavirus pandemic and we can confidently predict a further downward trend into late April and May in comparison to the same time last year as “social distancing” and the inability to show homes results in seller’s thinking they should wait for more clarity in the housing market to list.

For the first quarter of 2020, median list price and median sale prices are up. The total number of homes sold over the first 3 months of the year is up while pending homes sold (yet to close) has increased in comparison to the same time in 2019. As a reminder, over 2000 homes have sold in Southern Ocean County in the last 12 months.

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Lacey Real Estate Market Activity: March 2020 in Comparison to Last Year

Lanoka Harbor Real Estate Market Activity: March 2020 in Comparison to Last Year 

Forked River Real Estate Market Activity: March 2020 in Comparison to Last Year

Barnegat Real Estate Market Activity: March in Comparison to Last Year:

Manahawkin Housing Market Summary: March 2020 in Comparison to Last Year:

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 April, is down by almost 47% in some places - 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: (1) take a “wait and see” attitude to evaluate when the market returns to normal and then put your home on the market 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 right now, don't wait for the competition to get back into the market. 

Contact us today for more information on Ocean County Real Estate and for professional assistance navigating this complex housing market.

 

 

 609-553-7926

Find Your Dream Home on The Jersey Shore in Ocean County!

www.TheJerseyShoreHomeFinder.com

 

 Licensed in New Jersey.  Keller Williams Shore Properties 

770 Lighthouse Dr. Barnegat, NJ Phone: 732-797-9001

 

 

 

Comment balloon 2 commentsKarl Hess • April 16 2020 08:43PM

Comments

Ocean Countyhome buyers and sellers are sure to value your real estate market reports, Karl!

Posted by Myrl Jeffcoat, Greater Sacramento Real Estate Agent (GreatWest Realty) 3 months ago

Thanks for sharing the information on this community, I hope you sell many of these homes

Sara 

Posted by Sara Wagner, Stevens Point Rentals (The Woodland Companies) 3 months ago

Participate