What’s Going On
Marvin Gay must have been singing about the current New Jersey real estate market when he sang this song, What’s Going On.
Even though there appears to be more inventory coming on the market, buyers and sellers are a bit confused not knowing which way this market is going to turn.
From a business point of view, there are absolutely more sales today than a few months ago, but it is still about half of what was happening a year ago.
At the same time, the median sales price on homes sold in New Jersey shot up by about 10% year-over-year. And the shortage of inventory is still resulting in multiple offers in certain counties.
Listing prices are being reduced in some cases, but rental demand is climbing as prices keep many would be buyers on the sidelines.
There are a number of new developments under construction in Ocean Township, plus the Monmouth Mall appears to be getting closer to breaking ground to build its units.
Despite the higher mortgage rates, buyers continue to find properties that meet their needs and budgets, which makes agents work even harder to bring both buyer and seller together.
Good news for builders, lumber prices are finally coming back to earth: closing at $414.50 on Monday February 13th.
