Bay Head & Mantoloking Market Update - May 2023
There were two closings in April (both in Bay Head), and inventory remains limited, with a total of 9 homes for sale in the two towns. In comparison, in April of 2022, there were three closings in Bay Head, and one in Mantoloking.
The market remains active, but simply put, there is not enough inventory to satisfy the existing ready, willing and able buyers. At this time, there are 4 homes for sale in the $2,000,000 to $3,000,000 range, and 5 over $4,000,000. Anything under $2,000,000 (and there has been very little) has been flying off the shelf! Interest rates have settled down, and there are cash buyers, but there is almost nothing for them to buy.
Another statistic that we recently looked up - number of homes listed in Bay Head and Mantoloking between Memorial Day and Labor Day (approximately), looking back 5 years:
2018: 16, 2019: 17, 2020: 32, 2021: 18, 2022: 12
The spike in 2020 is no surprise (the pandemic), but the other numbers are pretty consistent!
Hopefully, as we head into summer, inventory will increase, as owners decide that they are ready to sell. Happily, the homes that are available are getting shown, and for the most part, are selling in a reasonable amount of time.
Knowing the most important data such as the average sales price, the number of homes sold, and days on market will help you to better track the pulse of the market.
Note that we are now providing town statistics in a new format. The number before the slash (/) is for Bay Head, the number after the slash is for Mantoloking. This way, we can provide you with more detailed information. NOTE: You may see that some numbers are marked 0 or NA - per the MLS there is no data for that statistic for this time period - eg - no closings, or no new listings.
NEW: If a ↑ or a ↓ accompanies a statistic, that is the direction of the trend from the previous month's number - up or down.
If you would like to talk about the market, your property, or anything else, please let us know. All conversations are confidential.
Statistics are per the Monmouth/Ocean MLS as of 5/8/23, and are provided for the month just concluded.