sales – Gloria Benaroch Sea Bright NJ Broker Associate

Emerging Housing Trend

Gloria Benaroch — Mon, 08 Aug 2022 16:35:54 +0000

For the first time in two years, weekly data show that homes are taking longer to sell than they did at this time last year. The increase in time on market is just another one of the increasingly common flags that the housing trends that prevailed over the last two years are squarely in the rearview mirror. Market activity is downshifting in response to high prices and rising mortgage rates that mean fewer than one of every four listings on Realtor.com is affordable to the household earning $75,000.

Although home prices have not retreated, they decelerated this week, providing another signal that the market has shifted. Homeowners may be noting these dynamics and responding. The market saw fewer homes newly listed for sale for a fourth week in a row. With fewer fresh listings coming up for sale, active for-sale inventory growth steadied. Shoppers today see 30% more homes for sale than at this time one year ago, the same improvement as last week.

Despite the challenges and opportunities for home shoppers in today’s market, the homeownership rate continued to climb in the second quarter. Meanwhile vacancy rates at or near record lows among both owned and rented homes will keep upward pressure on prices and rents.

Key Findings:

The median listing price grew by 15.6% over last year. The typical asking price of for-sale homes was up from last year by double-digits for a 33rd week. Even though asking prices continue to climb, with the median hitting a new high of $450,000 in June, this week’s data shows a deceleration, or slowing rate of price growth, compared to last week. Growth in the median home listing price remains above the year-to-date average and well above what’s typical, but this deceleration is a sign of shifting balance in the market.
New listings–a measure of sellers putting homes up for sale–were down 8% from one year ago. This week marks a fourth straight week of year over year declines in the number of new listings coming up for sale, suggesting that fewer homeowners are eager to list homes for sale in this rebalancing market. If sellers grow wary of participating in the market, that could slow the housing refresh, and buyers may see more of the same homes week to week rather than new options. Homeowners still on the fence about selling however should consider that with home equity at a record high, potential sellers remain in a fairly good position.
Active inventory continued to grow, rising 30% above one year ago. The rate of improvement has stalled in recent weeks as the number of new listings dwindles, but the jump in active inventory does give today’s shoppers an extra home to consider for every 3 that were on the market at this time last year. Nevertheless, our June Housing Trends Report showed that the active listings count is not yet back to pre-pandemic levels, registering less than half its June 2019 level and just shy of two-thirds its June 2020 mark.
Homes spent one extra day on the market compared to this time last year. This week’s data marks the first year-over-year increase in time on market in over two years, and more slowing could be ahead as the housing market resets. Time on market, like many of the housing indicators we track, signals the abrupt change the housing market has experienced as mortgage rates have climbed in 2022. As recently as February 2022, the Realtor.com Housing Trends report showed that homes sold more than two weeks faster than in the previous year. In the June Housing Trends Report homes spent 4 fewer days on the market than one year ago, and by late summer the monthly data is likely to show the increases in time on market that we’re beginning to see in the weekly data.

Ocean and monmouth county NJ Real Estate Sales

Gloria Benaroch — Mon, 23 May 2022 13:56:13 +0000

Ocean and monmouth county NJ Real Estate Sales

Monmouth Beach

Gloria Benaroch — Fri, 10 Sep 2021 18:49:06 +0000

Monmouth Beach Properties for Sale

Hope is on the Horizon for Today’s Housing Shortage

Gloria Benaroch — Tue, 15 Jun 2021 20:07:49 +0000

Hope Is on the Horizon for Today’s Housing Shortage

The major challenge in today’s housing market is that there are more buyers looking to purchase than there are homes available to buy. Simply put, supply can’t keep up with demand. A normal market has a 6-month supply of homes for sale. Anything over that indicates it’s a buyers’ market, but an inventory level below that threshold means we’re in a sellers’ market. Today’s inventory level sits far below the norm.

According to the Existing Home Sales Report from the National Association of Realtors (NAR):

“Total housing inventory at the end of April amounted to 1.16 million units, up 10.5% from March’s inventory and down 20.5% from one year ago (1.46 million). Unsold inventory sits at a 2.4-month supply at the current sales pace, slightly up from March’s 2.1-month supply and down from the 4.0-month supply recorded in April 2020. These numbers continue to represent near-record lows.”

Basically, while we are seeing some improvement, we’re still at near-record lows for housing inventory (as shown in the graph below). Here’s why. Since the pandemic began, sellers have been cautious when it comes to putting their homes on the market. At the same time that fewer people are listing their homes, more and more people are trying to buy them thanks to today’s low mortgage rates. The influx of buyers aiming to capitalize on those rates are purchasing this limited supply of homes as quickly as they’re coming to market.This inventory shortage doesn’t just apply to existing homes that are already built. When it comes to new construction, builders are trying to do their part to bring more newly built homes into the market. However, due to challenges with things like lumber supply, they’re also not able to keep up with demand. In their Monthly New Residential Sales report, the United States Census Bureau states:

“The seasonally‐adjusted estimate of new houses for sale at the end of April was 316,000. This represents a supply of 4.4 months at the current sales rate.”

Sam Khater, Chief Economist at Freddie Mac, elaborates:

“In the span of five decades, entry level construction fell from 418,000 units per year in the late 1970s to 65,000 in 2020.

While in 2020 only 65,000 entry-level homes were completed, there were 2.38 million first-time homebuyers that purchased homes. Not all renters looking to purchase their first home were in the market for entry-level homes, however, the large disparity illustrates the significant and rapidly widening gap between entry-level supply and demand.”

Despite today’s low inventory, there is hope on the horizon.

Regarding existing home sales, Sabrina Speianu, Senior Economic Research Analyst at realtor.com, explains:

“In May, newly listed homes grew by 5.4% on a year-over-year basis compared to the earlier days of the COVID-19 pandemic last year…

In May, the share of newly listed homes compared to active daily inventory hit a historical high of 44.4%, 17.3 percentage points higher than last year and 15.1 percentage points above typical levels seen in 2017 to 2019. This is a reflection of quickly selling homes and, for buyers, it means that while they can expect fresh new listings every week, they will have to be prepared to move quickly on desirable homes.”

As for newly built homes, builders are also confident about what’s ahead for housing inventory. Robert Dietz, Chief Economist at the National Association of Home Builders (NAHB), shares:

“Builder confidence in the market remains strong due to a lack of resale inventory, low mortgage interest rates, and a growing demographic of prospective home buyers.”

Things are starting to look up for residential real estate inventory. As the country continues to reopen, more houses are likely to be listed for sale. However, as long as buyer demand remains high, it will take time for the balance between supply and demand to truly neutralize.

Bottom Line

Although it may be challenging to find a house to buy in today’s market, there is hope on the horizon. Let’s connect to talk about your home search so we can find your dream home this summer.

Tinton Falls Sales for November 2013

tomato — Sat, 07 Dec 2013 15:36:08 +0000

Tinton Falls Sales for November 2013
Address	List Price	Price	DOM
13 JONATHAN DR	215,000	$275,026	24
479 RIVERDALE AVE	399,000	$399,000	23
5 JULIA CT	499,900	$452,000	168
59 SQUANKUM RD	500,000	$490,000	17
7 PEGASUS DR	857,000	$810,000	91

Shrewsbury Sales for November 2013

tomato — Sat, 07 Dec 2013 15:30:10 +0000

Shrewsbury Sales for November 2013
Address	List Price	Price	DOM
26 BORDEN ST	459,000	$410,000	194
174 WHITE ST	625,000	$615,000	14
20 PENBROOK CT	924,900	$870,000	122

Red Bank Single Family Sales for November 2013

tomato — Sat, 07 Dec 2013 15:10:50 +0000

Red Bank Single Family Sales for November 2013
Address	List Price	Price	DOM
12 ST MARYS PL	140,000	$130,000	54
16 CLINTON PL	190,000	$190,000	7
37 LOCUST AVE	285,000	$190,000	71
130 WALLACE ST	254,900	$255,100	2
18 MADISON AVE	299,900	$320,000	27
26 BROWN PL	347,500	$375,400	10
185 MAPLE AVE	449,000	$390,000	77
30 RECKLESS PL	575,000	$560,000	25

Oceanport Single Family Sales for November 2013

tomato — Sat, 07 Dec 2013 15:08:46 +0000

Oceanport Single Family Sales for November 2013
Address	List Price	Price	DOM
27 ONEIDA AVE	275,000	$250,000	11
91 BRIDGEWATERS DR	390,000	$285,000	111
65 MAIN ST	325,000	$300,000	116
44 HORICON AVE	399,900	$375,000	8
24 BURNTMILL CIR	419,000	$410,000	13
474 ADRIAN AVE	524,900	$445,000	218
6 ZOCCO LN	875,000	$805,000	43

If your home is presently listed please disregard. This is not intended as a solicitation.All information is taken from Monmouth Ocean Multiple listing Service.Coldwell Banker does not represent that hits Agency has listed or sold all properties listed above – See more at: http://rumson07760realestate.typepad.com/my_weblog/2013/12/november-2013-atlantic-highlands-sales.html#sthash.rZNr30tr.dpuf

Monmouth Beach Single Family Sales for November 2013

tomato — Sat, 07 Dec 2013 14:58:31 +0000

Monmouth Beach Single Family Sales for November 2013
Address	List Price	Sold Price	DOM
20 COLUMBUS DR	399,999	390000	8
9 HARBOUR WAY	799,000	735000	148
18 JESSICA PL	995,000	960000	35
19 RIVERVIEW RD	1,450,000	1100000	345
9 NAVESINK DR	1,399,999	1225000	245

Long Branch Condo Sales for November 2013

tomato — Sat, 07 Dec 2013 14:54:19 +0000

Long Branch Condo Sales for November 2013
Address	Complex/Subdiv	List Price	Sold Price	DOM
455-5 OCEAN BLVD	SANDPEBBLE	145,000	112,000	85
735-6A GREENS AVE	ARBOR TERRACE	120,000	112,500	383
735-3B GREENS AVE	ARBOR TERRACE	129,900	116,000	204
364-70 WESTWOOD AVE	WESTWOOD VLGE	115,000	125,000	39
340-1 F N OCEAN AVE	OCEANS GLEN	389,900	320,000	153
432-108 OCEAN BLVD	DIAMOND BEACH	625,000	490,000	413
22-302 COOPER AVE	GRAND RESORTS	545,900	500,000	106
8 WATERVIEW AVE	VILLA @ HRBR IS	699,000	585,000	156
61 OCEAN TER	OCEAN VIEWS@BFN	599,900	585,000	20