Monmouth and Ocean Stats Report for October скачать в хорошем качестве

Monmouth and Ocean Stats Report for October

The real estate market in Monmouth and Ocean Counties is showing signs of stabilization as we approach the end of 2023. Days on the market remain steady year-over-year at 34 days, with a slight month-over-month increase due to recent interest rate fluctuations. September saw a temporary dip in rates, but a spike in the 10-year Treasury bond caused mortgage rates to climb to a three-month high. This has influenced buyer behavior, slightly slowing market activity and keeping inventory levels at a moderate pace. The months of inventory are up nearly 12% year-over-year, although they’ve dipped marginally month-over-month, reinforcing that the area remains a strong seller’s market. Price trends reflect a cooling market, with the sales-to-list price ratio continuing to decline both year-over-year and month-over-month, signaling that homes are selling closer to their asking prices. Median sold listing prices have decreased 2.2% month-over-month but are still up 7% year-over-year. Pending listings, however, are showing resilience, rising 23% year-over-year and 3% month-over-month, indicating that demand persists despite the challenges posed by higher interest rates. Active listings have also surged 133% year-over-year, suggesting more sellers are entering the market, although buyer activity has become more price-sensitive. Looking ahead, the market is expected to remain stable but sensitive to changes in interest rates. If rates decline as projected in 2024, inventory could rise, potentially driving prices up again. For now, the rapid price growth of 2021-2022 has leveled off, with homes selling at a more predictable pace. These trends suggest a balanced market heading into the new year, where both buyers and sellers may need to adjust expectations to align with evolving conditions. Social media engagement and community interaction remain key tools for real estate professionals in navigating these shifts and staying connected with clients. (718)-701-5626 https://www.realestatesiny.com/ https://prodigyre.com/ Home Value Report: https://www.realestatesiny.com/report/