We are just over 2 months into 2011 and about to enter the traditional â€œSpring Real Estate Marketâ€ here in Ocean County, NJ.Â So, how is the market in Ocean County looking so far?
Looking back at January and February of this year, Ocean County saw 199 and 194 Single Family Homes sell (respectively).Â The median sales price averaged $260,000 for both months and the sales to list price ratio averaged 93%.Â We currently have over 21 months of inventory available in Ocean County, which means; at the current pace of sales, if no other homes were to come on the market, it would take over 21 months to sell off the existing supply of homes for sale!
Slide courtesy of Keeping Current Matters!
As we can see, based on the chart above, we are experiencing an Extreme Buyerâ€™s Market here in Ocean County.Â Home prices will continue to fall as inventory levels continue to increase (not including the Shadow Inventory wild card).Â Last year, at this time, the HomeBuyer Tax Credit was driving demand.Â What factors may affect this yearâ€™s â€œSpring Marketâ€ in Ocean County?
Well, according to some industry experts, 2011 could be the end of the housing crash!Â What are the economic factors in play signaling this possibility?Â Letâ€™s take a look:
- Mortgage Interest Rates remain at Historic Lows
- Housing â€œAffordabilityâ€ is the best it has been in decades
- Unemployment reached its lowest level in 2 years
- Consumer Confidence is growing
- The Stock Market is re-bounding
- Inflation is looming
Any, and or all, of these factors may be behind the recent â€œspurtâ€ of buyer activity we are currently experiencing here in Ocean Countyâ€¦not to mention the snow finally melted!
In a nutshell; if you are in the market to buy a home in Ocean County, BUY NOW!Â If you are in the market to sell a home in Ocean County this spring, DO IT NOW!Â If you donâ€™t WANT to buy and donâ€™t NEED to sell, please stay off of and out of the market in Ocean County!Â Thank you.