The 2020 real estate market started with a very active January and February. With the recent COVID-19 concerns, the market still continues to be active with pending and sold homes. Some factors playing a role in this are the low interest rates and low inventory.
Although showing demand has slowed down and paused for now, I see some market trends happening. I have put together graphs from the data in the Multiple Listing Service (MLS) for single family homes, comparing March 2020 to March 2019. (March 1, 2019-April 1, 2019 to March 1, 2020-April 1, 2020.)
Also stay tuned for weekly real estate market recaps starting with this column.
You can see by this graph above that the active homes for sale in the market is down 18.1 percent from last year. If there is a serious buyer looking to make a move, they will have significantly less homes available to purchase.
This graph has pretty powerful numbers. Almost one-third less homes are coming to the market compared to last year. This is fairly consistent with conversations I am currently having with home sellers right now. Many sellers want to hold off until this uncertain time passes.
The market had strong momentum heading into the spring market. These sales represent some pending sales in January, February and March officially closing.
There were 17 more pending sales this year for a positive change of 2.62 percent.
Homes sold stayed similar with three less homes sold this year for a difference of .61 percent.
The average sales price increased over 11 percent during the same period last year.
The median sales price increased 2.35 percent to $435,000.
Getting Your Home Market Ready
If you were considering selling before this uncertain event, there are many ways to be proactive and position yourself for a successful sale. The time spent home can be used productively toward organizing your house, decluttering and boosting your home’s curb appeal.
Taylor Hardware in Belmar is open for counter service and just recently took over the Belmar Paint and Decorating, right down the road on Main Street. This is a great opportunity for you to tackle the touch-ups. Call the team directly for details at 732-681-0511.
With safety in mind, marketing a home on line has never been more important. We have officially put into action a full virtual marketing strategy. To learn more, visit www.ReadyWithEddie.com/selling.
About the Author
Eddie Szumski is a Belmar homeowner and a respected full-time real estate professional at Berkshire Hathaway HomeServices Fox & Roach, Realtors®. He has earned many accolades including being named the #1 Top Producing Solo Sales Associate for both 2018 and 2019 as well as the #2 Top Producing Solo Sales Associate in 2017 at his Spring Lake office.
He has also received the NJ Realtors Circle of Excellence Awards for both 2018 and 2019. With a bachelor of science degree in business administration and entrepreneurial management from the University of Rhode Island, Szumski possesses a superior skill set. His training has given him the necessary tools to market, service and negotiate the best terms for his clients.
Information is deemed to be reliable, but is not guaranteed. © 2020 MLS and FBS. Data Prepared by Edward James Szumski.