August 2020 Belmar Market Review
My August market analysis for Belmar revealed that active listings and average sale prices remained consistent once again as we continued to see steady homebuying activity during the summer months. There were 32 active listings with an average list price of $961,778. The majority of active listings in this popular shore town were again listed above $500,000. We saw a decrease in the number of home sales down to six while the average sale price also decreased to $597,333.
The number of days on the market was similar to the month of July at 48 days. This is almost the same as 2019 when it was 49. This is interesting to see considering the pandemic was expected to disrupt the real estate market. We now see the market performed better over the past several months than anticipated.
Presently, there are 26 homes for sale in Belmar and 18 homes under contract. As we moved through the recovery phase of the pandemic, homebuyers felt more comfortable taking advantage of summer housing opportunities. With low interest rates as a motivating factor, buyers will continue locking in mortgages at record-low percentages as we move into the fall season.
This information was obtained through MORR Flex MLS and according to their service, it is deemed reliable but is not guaranteed.