It's the most wonderful time...of the year! Not only is it jingle belling time, but it's our last YOY market stat for the year! Comparing November 2021 to November 2022. This year has been a doozie; we've seen the market span from hot cakes, to cold cakes, and everything in between. We've seen how low rates can move a market single handedly, and how those same rates normalizing can slow down 30% of our GDP (the housing market).
All things considered, this year has been solid for the realm of real estate. Let's look below!
Larger version posted at the bottom.
Out of the gate, we saw approximately 200-250 fewer single family units transfer this November than we did last. That's a pretty sizable cool down, 32% to just over 37% in Monmouth and Ocean Counties, respectively.
Interestingly, days on market shortened in Monmouth, while slightly elongating by 5 days in Ocean County.
Cash sales logically fell as well, making up for about 20-25% less than one year ago. Isn't that crazy? Higher cash sales when rates were incredibly low. That's competition for you!
Moving down to condo/attached units, we saw a per capita slowdown higher in Monmouth than in Ocean...38% down in Monmouth compared to a paltry 18% change in Ocean, but it is worth noting that November 2022 saw almost double the attached units sold in Monmouth (110 units closed) than Ocean (66 units closed). Days on market (DOM) stayed the same in Ocean in regards to attached units, holding strong at 30 days, but decreased in Monmouth from 30 down to 23.
All in all, the inventory in Monmouth and Ocean counties have stayed relatively stationary, with the highest growth being 12% in Monmouth county single family homes. Next week we are going to talk about absorption rate, which is going to be a key cornerstone for any housing market projections in 2023.
Thanks for following us along in 2022, and we thank you for the amazing year we had. We look forward to working with you in 2023 to help you Upgrade Your Shell!