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Monmouth/Ocean County Real Estate Update: Demand Remains Strong As Summer Hits The Jersey Shore

June 7, 2023

By Susan Heckman



Is the sellers' market cooling off as summer heats up? Not a chance!



The biggest takeaway in the sales data is that there were about 24% fewer listings for sale in both counties, compared to May of 2022. In fact, many reports point out that the current real estate market looks a lot like it during the pandemic years of 2020-2021, even with 30-year fixed mortgage rates hovering just under 7%. This shortage of homes continues to drive the sellers' market and is certainly a factor in the recent increase we have seen in buyer turnout and bidding wars.


YEAR-TO-DATE NEW LISTINGS

Monmouth County:

2023 —> 3799

2022 —> 4783

% CHANGE —> -20.6


Ocean County:

2023 —> 4881

2022 —> 5923

% CHANGE —> -17.6

So what is driving the seller shortage? Many sellers hesitate to put their homes on the market, worried they won't find their next home in a reasonable time frame, and are unwilling to face that possible uncertainty. However, sellers do have options, such as short-term rentals and contracting for a sale-leaseback, where the home is sold and then leased back to the sellers.

BOTTOM LINE:

If you’re considering a move, take advantage of strong market conditions and the summer season and list as soon as possible! As sellers, you have choices and it's smart to explore all available options with a Realtor.

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

732-449-4646

TheGalleryNJ.com

Sources: FlexMLS, mortgagenewsdaily.com

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