Let’s compare how the real estate market in Monmouth and Ocean counties performed in March compared to last year.
This time last year (3/21/20), New Jersey issued stay at home orders to try and help fight the spread of the coronavirus. Real estate was deemed an essential business, so realtors were allowed to show houses on a one on one basis, but real estate definitely slowed down greatly during this point as buyers and sellers faced uncertainty, putting their plans on hold. Realtors found themselves conducting more virtual tours and started taking precautions including adding disposable gloves, shoe covers and hand sanitizers for showings, which still continues today.
Check out the infographics I created based on the information supplied by the Monmouth Ocean Regional Realtors.
As was the case in previous months, it is still a seller’s market due to the lack of inventory and surplus of buyers, especially in the single family home market. Affordability remains a top concern for buyers and although it remains to be seen if prices and the frenzy to buy will cool off, most market experts are not predicting that.
“Sustainability of higher prices is likely here to stay for the short-term due to Freddie Mac’s prediction of low mortgage rates for 2021, but talks of a housing bubble lack evidence as today’s market differs greatly in viability from the market correction of 2008.” – InsiderNJ.com Press Release
If you are curious about how much the homes in your area are going for or want to discuss a potential move, call me!
732-508-7402 #BuySellRentWithMC
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