In the heat of summer most people are more likely to be choosing between beach or pool rather than move or stay and with 2nd quarter now behind us we can understand why the frazzled competition to find a new home this past spring might make the prospect of lounging in the deep end with a frozen margarita a distinctly more satisfying choice.
In much of our market we find available inventory significantly depleted: increased sales in 75% of our market survey towns (as well as county-wide) have been followed by little more than the sound of flip flops running to the ice cream truck rather than the sight of new homes coming on market.
Inventory is down —sometimes way down (down 53% in Oceanport!)— down in all but one of these surveyed markets. This has proven to be a somewhat frustrating process for some homebuyers who are eager to move but are tired of losing out in multiple bid situations.
And while many think that the seller’s side of the patio is more desirable, price point is still a key factor. Two thirds of markets surveyed showed increases in median sale prices since last year and in those areas where the median sale price was $550,000 or less, sales have been brisk. However, towns with median prices above that range saw their average days on market actually climb relative to a year ago.
Some of these higher priced markets may need to adjust — while sales in Fair Haven continue to astound (up 60% with a modest 1.9% price increase), Rumson sales were flat and Monmouth Beach was significantly down, both with declining median sale prices.
Our perspective: Sellers reluctant to jump into the pool should see an opportune moment right now as long as they price right. Buyers should not give up hope but rather make sure their ability to perform is attractive and contingency-free as possible.
As always, we’re here to advise, to guide and to help you negotiate the journey (no running around the pool!) We can even make a mean mojito.
Happy Summer!
