Monmouth/Ocean County Real Estate Update: Are We Feeling The January Thaw?
February 9, 2023
By Susan Heckman
Home sellers, are you wondering what’s going on in real estate? How have mortgage rates affected the market? Is it still a sellers market? Are there benefits to selling now instead of in the spring or summer?
Let’s review the numbers and answer these questions!
1️⃣ What’s happening in our local real estate market?
The number of homes sold, compared to January of last year, has dropped (like, really dropped!) in both Monmouth and Ocean counties, by about 30%, while average days on market has increased by about 20% over the same period. Prices have continued to climb, however, and that’s good news.
2️⃣ How have mortgage rates affected the market?
That drop in number of homes sold is largely due to buyers pulling back in response to spikes in mortgage rates and inflation worries. Mortgage rates have recently fallen to more palatable levels and buyers are certainly taking advantage.
3️⃣ Is it still a sellers market?
Yup. The absorption rate (or number of months of inventory) in Monmouth County is 1.7 months and 1.8 months in Ocean County. Anything below 3 months is considered a sellers market. But we also know it’s still a sellers market because inventory is still low, and demand is still high.
4️⃣ Are there benefits to selling now instead of in the spring/summer?
Boy, do we love to answer this question. Every January 1, we see the real estate market activity start to kick up, well before the weather warms up. Sellers that list during the winter have the following advantages: less competition, more serious buyers, better sale prices, and faster selling times. And since the market seems to be transitioning to a buyers market, sellers who list now may be getting their best results possible.
If you’re considering a move this year, your best bet is to sell as soon as possible!
Send us a message or call our office at 732-449-4646 for more information and to schedule a consultation with home pricing analysis.
Always here to serve you.
The Gallery Residential Brokerage