Happy New Year!
To recap, 2021 was another record year for Monmouth County residential real estate with the median sale price up 14% overall. The increasing need for senior housing drove the average prices in adult communities up a whopping 23%! Condominiums were up 12% and single family homes up 14%.
Due to the continued high demand and 12% fewer properties on the market last year we remained firmly in a seller's market. Amazingly properties sold, on average, at full asking price, which was up from 97% of asking price in 2020.
Below is a town-by-town breakdown of 2021 single family home sale prices.
Monmouth Beach +42% Sea Bright +36% Atlantic Highlands +23% Oceanport +23% Colts Neck +18% Fair Haven +14% Rumson +12% Little Silver +9% Holmdel +9% Middletown +8% Shrewsbury +4% Long Branch +3% Red Bank +2% Highlands +0%
What do we have in store for 2022? Goldman Sachs is forecasting U.S. home prices will increase another 16% this year and that the housing market frenzy has a lot more room to run. They believe of all the shortages afflicting the U.S. economy, the housing shortage might las the longest. We're in the middle of the five-year period during which the largest chunk of millennials, those born between 1989 and 1993, are hitting their thirties - the age when first time home buying really kicks into gear. The housing market - which is also benefiting from low mortgage rates - simply doesn't have enough homes available to meet that demand. These high stakes can leave little room for error, making it even more mission-critical to work with an experienced agent who can advise you in your decision making and guide you through the process towards a successful closing.
In closing, the last two years have turned our world upside down and challenged all of us. I's like to wish you and your family a far better 2022, full of much health and happiness!
I'm always here to help or to answer any of your questions, so don't be afraid to reach out!