Spring Lake March 2020 Market Review
Updated: Apr 9, 2020
My research of the Spring Lake market in March shows that it essentially performed well despite the rapid developments in the Coronavirus pandemic that took place over mid-month. There were ten homes that sold this month, which is an increase over last month.
The number of days on the market increased since February, rising up to 107 days. This is about two months shorter than last year when the average number was 170 days. It was to be expected that as we progressed into the spring market there would be an increase in active listings from the prior month. Fortunately, this occurred in Spring Lake with 16 new listings and 48 homes in total for sale in March.
Spring Lake is well known as one of the most desirable places to live in New Jersey. The properties hold significant value compared to other areas of the state. The average list price last month held steady above three million dollars at $3,275,056.00 while the average sold price increased slightly to $1,763,600.00.
There are currently 58 listings for sale and 27 homes under contract, pending sale.
It should be noted that the Spring Lake market analysis above also includes Spring Lake Heights.