A few data points jump out at us:
- Prices Up
- Inventory Down
- Days On Market Decrease
Bottom line: homes are being sold faster and for more money than one year ago. Average sale price was up 8.7% in Monmouth County and up 12% in Ocean County. Days on Market (the number of days a home stays for sale before going under contract) was down to 34 in Monmouth County and 30 in Ocean County.
Yes, you read that right. Days on Market at the Jersey Shore is hovering near 1 month. Pre-coronavirus, a home seller and a listing agent would be happy if the home sold within 6 months, the length of a standard home listing contract. That time frame has been shortened to 1 month. To say that sellers are in control of this market is a vast understatement.
As an example, a client of mine recently sold their waterfront home in Forked River. The home was in excellent but it was fairly dated. After listing it, we had multiple offers within just a few days. Ultimately, the home sold for $50,000 over list price and the seller was allowed to remain in the home for a couple months after closing rent-free as they transitioned to their next home. Smart buyers know that in addition to being the top bidder, they must also come
to the table with the best terms. In some cases, that may be a complimentary rent-back period post-closing, waving of inspections or setting a floor to the appraisal.
Interested in potentially similar results for yourself? I'm happy to provide an updated, written, fair market valuation of your home. Just reply to this message with your address and let's begin the conversation.