ASBURY PARK, N.J., May 21, 2019 /PRNewswire/ -- Memorial Day Weekend is the Jersey Shore's summer kick-off and The Gallery Residential Brokerage predicts a strong real estate season for buyers and sellers in the counties of Monmouth and Ocean, New Jersey.
With a combined total of 7,304 sales and a housing inventory supply of less than four months, the summer of 2018 was the hottest season since the height of the market in 2005. However, indicators point to an even more dynamic summer this year for the region.
Jessica Petraccoro, The Gallery Residential Brokerage's Director of Analytics, Data and Economics and author of The Gallery Report, its proprietary market trends publication, points to three factors driving strong growth:
- General state-wide economic conditions such as low unemployment and steadily growing wages have increased over last year.
- Mortgage rates are about 50 basis points lower than they were a year ago, giving buyers approximately $25,000 more in purchasing power.
- Developer and investment activity in towns that are finally roaring back from Super Storm Sandy are creating demand and housing stock. Examples in Monmouth County include Keyport, Belmar, Spring Lake, and Keansburg; and in Ocean County, Brick, Jackson, and South Toms River. All are exhibiting strength as the market enters the summer.
Petraccoro states "Inventory continues to be tight in Monmouth County. Entry-level buyers are moving into more affordable Ocean County suburban towns. This same trend also occurred at the height of the market in 2005/2006."
But housing demand is just part of the Jersey Shore's real estate acceleration. The increasing entertainment and lifestyle offerings in towns such as Red Bank and Asbury Park are driving new luxury building developments -- with some passing the million-dollar asking price, a new milestone for the region.
"Reasonable taxes, great schools, highway access, and an unbeatable lifestyle has been the undeniable appeal for the area for years," says Joe McMullen, The Gallery Residential Brokerage's Director of New Construction and Development. "Now, lifestyle amenities such as retail and restaurants, are creating areas of hyperlocal growth in both counties."
"With this expanding infrastructure, we are seeing not only summer home purchasers, but more and more people relocating to the area from western and northern New Jersey and making it their primary residence," continues McMullen. "This summer is a powerful and unique time to both buy and sell."
About The Gallery Residential Brokerage
The Gallery Residential Brokerage was co-founded by John Meechan and Jeffrey Kniffin in 2017. With three office locations and nearly 70 agents, The Gallery is one of New Jersey's fastest growing independent brokerages. Office locations include: Manasquan/Wall, Asbury Park, and Red Bank.
The Gallery and its publications can be found online at:
Kelly O'Brien, Director Marketing
SOURCE The Gallery Residential Brokerage