The boiling real estate market is not slowing down on the Jersey Shore
Even along the Jersey Shore, where homes valued at $ 1 million and over are in the majority, realtors see their listed properties stolen within days, sometimes hours.
Bidding wars and short breaks in the market are rife throughout New Jersey, and they don’t ease off the closer you get to shore.
New Jersey 101.5 has reported a lot about the wild housing market that has persisted during the coronavirus pandemic, triggered by low inventory that hasn’t grown much as the Garden State continues to recover from the crisis.
“There is still not enough inventory and builders continue to build homes and cannot keep up with the demand,” said Michael Little, licensed broker for Keller Williams Shore Properties in Toms River. “We still see a lot of deals and homes selling very, very quickly on a daily basis. I don’t think it’s going to end anytime soon.”
Little cited a 16% increase in home values from the same time last year, and said values could rise an additional 9% in the coming year.
The price of homes located within a few blocks of each other, he noted, can vary widely in coastal areas. There are “shore houses” in the $ 400,000 or $ 500,000 range, but you won’t find them on the ocean block.
The pandemic is part of the reason for the high demand all around – residents of metropolitan areas are looking to relocate elsewhere. But on land, demand is also being driven by retirees who are done with year-round summer rentals and are ready to drop anchor at the water’s edge for good.
“The Jersey Shore is still hot, hot, hot,” said Robert White, president-elect of New Jersey Realtors.
One of White’s agents posted a house for sale in Ocean Grove on Thursday morning. By late morning she had 12 appointments booked for tours and two offers from people who had not yet visited the property in person.
The inventory, however, is starting to grow a bit in the coastal counties. Around the same time last year, people were more reluctant to open their homes to potential buyers due to the threat of COVID-19.
“Hopefully this will help create a bit more of a standardized market where people don’t have to outbid, allowing more people to get housing,” White said.
In May of this year, the median selling price of a single-family home in Monmouth County was $ 595,000, almost 23% higher than the same month last year. according to data from New Jersey Realtors. In Ocean County, the median selling price jumped 28.4% year-on-year to $ 427,500.
Contact reporter Dino Flammia at [email protected]