Still waiting to sell? Don't wait too much longer. 🚩💵😱
Published: Fri, 05/20/22
In April 2021, 2,017 homes were sold in Ocean and Monmouth County. In April 2022, that number dropped to 1,703. That represents a drop of 15.6% in closed sales between April 2021 and April 2022. Yes, this market is slowing down.
In addition, home prices continue to climb. In April 2021, the average sales price at the Jersey Shore was $501,130. For April 2022, the average sales prices jumped to 554,417, an increase of 10.6%. Values are continuing to rise, but buyers are pausing a bit and they're not exerting as much pressure on the real estate market as they have been for the last 2 years.
Those points are echoed by The Wall Street Journal in this article. The Journal correctly states that high interest rates and high home prices are serving as a "double whammy," pricing some people out of this market.
That's one reason for slowing sales. The other is that single-family home demand measured from the peak of the corona-virus has significantly decreased. People aren't leaving the urban centers in the numbers they were over the past couple years. That urgent need to find the right home has given way to the return of basic normalcy - summer vacations, family events, concerts, sports, etc.
These conditions are also driving residential real estate back to a more normal, balanced market. That shift will be welcomed by many but if you're still waiting to take advantage of this market in order to get the most money for your home, the time is now.
-Cortland Coleman, RE/MAX Bay Point