Monthly market reports
Let’s compare how the real estate market in Monmouth and Ocean counties performed in July compared to last year.
It was hard to predict what impact COVID-19 would have on the real estate market, but if you talk to most agents, no one predicted the current situation after a spring shut down. Houses are selling at a rapid pace, oftentimes with multiple offers and some well over the asking price. The market is flooded with buyers. COVID-19 caused a shift in what people’s housing goals were and the ability to work from home has changed where people want to live. People in New York (and other large cities) want out of their small city homes and into larger townhomes and single-family homes to ride out the rest of the pandemic. People also want to take advantage of historically low-interest rates tempting both buyers and sellers alike.
The video (above) and chart (below) put together by the Monmouth/Ocean County Regional Realtors break it down by county. The number of single-family homes sold had a large increase from what was sold July 2019 despite the fact that inventory is also significantly lower. The market is flooded with buyers, so a high demand and very little inventory continue to have an impact on home prices as well. If you are thinking about buying, it’s best to get pre-approved with a credible lender ASAP because a house you see today will likely not be available a few days later.
If you have questions about the market in your town or development, I can send you a more in-depth analysis about sales in your area. And if you are wanting to start the process to buy or sell, give me a call. I will help you navigate through the Corona craziness!
