At nearly 6%, the 30-year fixed mortgage rate hit a 13 year high this month. Have buyers pulled back in our seller’s market?
Average Home Sale Prices
For the second time in history, home sale prices broke $700,000 in Staten Island last month. The average home now sells for $706,557. In New Jersey we see the same thing happening. For Monmouth and Ocean counties, prices came back to record levels at $551,061. Only in September of 2021 did average home prices eclipse that, coming in at $554,307.
Inventory is also still struggling to keep up with demand. Active listings are down from last year in both markets. In New Jersey, active listings fell 26% from last year to 2,553 from 2021’s 3,439. Staten Island inventory also fell. Just 1,390 homes are listed for sale in Staten Island, a 17% decrease from last year’s 1,669 in Richmond County.
The list-to-sell ratio surely deserves a mention here too. At 98.8, Staten Island homes are closing in on 100% of asking price! The Jersey Shore real estate market, though, is the real winner here- homes here fetch an astounding 104% of their asking price!
New listings are also down in both of these markets. This of course further worsens the inventory shortage. Homes in the Jersey Shore area fell 7% from 2,911 in April 2021 to 2,696 last month. Richmond County added 614 new listings for sale compared to 705 one year ago. This marks a larger decrease of 13%.
But there was one surprise deviation. Home sales are down in Staten Island to 353 from last year’s 411 monthly sales for April. This is a moderate decrease of 14%. And on the Jersey Shore, home sales were also down over last year, this time falling 15.5% from 2,011 to 1,669 for both counties combined.
Days on the Market
We would be remiss to not include Days on the Market in this month’s report. Staten Island came in at an impressive 69 days. This is really noteworthy since one year ago it took 101 days to sell the same home. The Jersey Shore market once again takes the cake. 25 days is all it takes to sell a home in Monmouth or Ocean county! This is a substantial decline of 26% from last April’s 34 days, and even from the prior month’s 30 days.