Our Warren real estate market is still on fire. After we saw a huge increase in demand in 2020 post COVID, 2021 was even higher. This combined with low inventory, which turned out to be more inventory, just selling so fast that inventory couldn’t accumulate, is fueling this strong sellers market!
However, Buyer affordability is the real concern, ultimately.
As prices have increased substantially over the couple of years, and a promise of increased interest rates, home buyers are truly faced with an affordability issue.
This crossroads in the next 12 months will really test the market and I believe we will have to see some correction in pricing.
BUT...even if buyers can't afford to purchase, rentals are scarce as well and prices are increasing at a similar fast pace as home sales.
I see a real lack of housing, mostly at affordable price ranges.
State of the Housing Market 2021
As of January 1st 2022
We have 30 homes for sale in Warren. and 4 of these 30 are in attorney review...leaving a real 26 actual available homes to choose from.
Of these 26 available homes for sale....zero on homes under $500,000.
4 are Toll Brothers new construction still being built
3 homes are 55+, in the Four Seasons Promenade development.
A more normalized market saw about 60-80 homes in the winter months in Warren Township.
19 homes left. 10 under 1M, 9 above $1M
As of Jan 1, 45 homes UC ranging from $435K - $2.975.
2021 monthly breakdown of number of homes that went Under Contract and SOLD
(see chart.)
UC and SOLD Homes for 2021
JANUARY 2021 SOLD HOMES
FEBRUARY 2021 SOLD HOMES
MARCH 2021 SOLD HOMES
APRIL 2021 SOLD HOMES
MAY 2021 SOLD HOMES
JUNE 2021 SOLD HOMES
JULY 2021 SOLD HOMES
AUGUST 2021 SOLD HOMES
SEPTEMBER 2021 SOLD HOMES
OCTOBER 2021 SOLD HOMES
NOVEMBER 2021 SOLD HOMES
DECEMBER 2021 SOLD HOMES
Historical number of sales in 2021 - 256 homes.
Avg LP $1,163,073
Median LP: $999,999
SP/LP = 99.8%
Even with historically low options of supply, the homes we do have are selling fast with no accumulation of inventory.
Sellers who have been on the fence to sell, are doing so to capitalize on these record prices.
I see the issue for low inventory to continue as those who don't have a second home option are fearful to sell and be without a home.
Those accomplishing a move have another option, whether it be at the Jersey Shore, a Florida home or willing to cohabitate with family temporarily.
As purchasing another home is very difficult.
