The buyer momentum picked up over the last couple of weeks. The conversations I am having with buyers and other agents seem to be positive as we head into Memorial Day.

Buyers are safely scheduling showings and I am seeing many agents, including myself, receiving offers and even multiple offers on properties that are priced well. For example, I just listed a property on Seaview Island and within days had multiple showings and multiple offers on the unit.

Buyer showings today include masks, gloves, and in many cases a video tour/virtual tour prior to allowing an official showing. Vacant houses are convenient and easy-to-tour properties.

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Through all of this, I think we have all gained a new perspective of what the value of a home really means for us. It is a place of safety, a place to relax and enjoy with family and friends.

 Stay safe and feel free to reach out if you would like your specific hyperlocal neighborhood update.

New listings to market are down 55.7 percent. Inventory is continuing to shrink with sellers still on the fence about listing.

 


Homes under contract are down 35.46 percent.

 

The volume of homes sold is up 22.39 percent. This shows the impact of the market momentum when this year started.

 

The average sales price is up 22.71 percent, compared to last year.

 

The median sales price is often used since sometimes there are really high sales prices and some really low sales prices. The median sales price increased 14.67 percent, compared to the same period last year. Low interest rates, demand and extremely low inventory could play a role in the supply/demand.

 

Homes sold remained nearly the same compared to last year. This is very interesting given the restrictions and safety concerns in the current marketplace.

 

Days on market improved, and homes are selling three days faster on average, compared to last year.

 

Active listings are down 33.68 percent, compared to last year. Buyers have one-third fewer homes from which to choose, which could be playing a role in the pricing strategies of sellers.

 

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.

 

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