This past week in the real estate market has been very active. The combination of the nice weather and loosening of restrictions has buyers out and about.
I personally have had three houses go under contract or into attorney review within the last few days and have submitted many offers that turned into bidding war situations, where there were multiple competing offers.
In many shore markets, we are seeing an increase in northern buyers from Hoboken, Jersey City and New York City. During this time, I am also seeing many people pressing the fast-forward button on their dreams of retiring or relocating down the Jersey Shore.
The inventory continues to remain low in many markets and I have put together the data for Monmouth County below. If you would like to receive a market update specific to your town or a home value consultation, please don’t hesitate to send me an email at Edward.Szumski@foxroach.com with your town as the subject. I will make sure to get you everything you need to stay on top the real estate market.
I look forward to providing you with this value and hearing from you soon.
Active listings are 30.4 percent lower, compared to last year. With fewer homes from which to choose, pent-up demand from buyers and low interest rates, this has played a big role in the recent price increases in many neighborhoods.
This past week was a good sign to see some more inventory hitting the market. Although low inventory is good for a seller market, the buyers are having a harder time securing a property. Many properties that are priced well are having multiple offer scenarios.
The total volume sold was down 3.51 percent — a number I would expect.
Properties that are in contract are up more than 50 percent from last year.This is a big surge in activity in Monmouth County. In many of shore towns, we are seeing buyers from northern parts of the state making a shift out of New York City, Jersey City, Hoboken and many northern counties.
The average sales price is up 11.64 percent year over year. This has a lot to do with the low inventory, low interest rates and high demand.
The median sales price is also up 5.82 percent in Monmouth County.
The days on the market remained around the same, with just one more day on average to sell a home.
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. Most recently, he earned the Chairman’s Circle Gold Award for his excellent sales performance for 2019, placing him in the top 2 percent of all Berkshire Hathaway HomeServices agents nationwide.
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.