Limited Inventory, High Demand Driving Up Prices in Belmar, Lake Como
The 2021 real estate is kicking off with record-breaking momentum in Belmar and Lake Como. This past weekend had many stories showing the strength of the Jersey Shore real estate market.
There were properties listed with more 20 offers in just days and properties with over 30, 40, 50-plus buyer showings and so on.
We are in a limited inventory and high demand market, which has been driving prices up. The stats of the second half of 2019 vs. 2020 (see below) really help paint the picture in answering the question, “How is the real estate market?”
The numbers in this graph are powerful. The volume of homes sold in Belmar increased by over 180.33%, comparing the last six months of 2019 to the same period in 2020.
The volume of homes sold in Lake Como increased by over 173.99%, comparing the last six months of 2019 to the same period in 2020.
If you have been thinking of selling, it may be a great time to do so.
Homes under contract in Belmar more than doubled during the second half of 2020, compared to the same period in 2019.
Homes under contract in Lake Como increased by one-third or 33.33% (five more homes) during the second half of 2020, compared to the same period in 2019.
The number of home sold in Belmar more than doubled during the second half of 2020, compared to the same period in 2019.
The number of home sold in Lake Como also more than double during the second half of 2020, compared to the same period in 2019.
In Belmar, the average sales price went up by 19.48% — or more than $134,000 — year over year during the second half.
In Lake Como, the average sales price went up by 24.54% — or more than $114,500 — year over year during the second half.
The median sales price is better at showing price appreciation by excluding the very high sale and very low sales. The median sales price in Belmar increased by 5.83% during the second half of 2020, compared to the same period in 2019.
The median sales price in Lake Como increased by 29.07% during the second half of 2020, compared to the same period in 2019.
In comparing the second half year over year, the average days on market actually increased by 13 days, which could have been caused by longer sitting inventory, less data or from the slowdowns/shutdowns then quick start back up.
The average days on market decreased in Lake Como, compared to Belmar. On average, homes sold 20 days faster in the second half of 2020 vs. 2019.
If a property is priced correctly it will sell much faster than 30 days. Call Eddie Szumski at 732-859-3751 to discuss the various pricing strategies.
About the Author
2020 was a record year for Eddie Szumski in assisting buyers and sellers at the Jersey Shore. He sold 33 homes for over $29,000,000 in closed volume sales and currently has over $4,000,000 in pending properties with more heading to attorney review with accepted offers.
If you are looking to buy or sell and looking for the best results, give Eddie a call at 732-859-3751, and he would be excited to go over the most recent changes, discuss your goals, and help make it happen! You can also visit his website at www.ReadyWithEddie.com.
Information is deemed to be reliable, but is not guaranteed. © 2021 MLS and FBS. Prepared by Edward James Szumski on Monday, January 18.