Oceanport is just across the Shrewsbury River from Little Silver. It has a good school system and a mixture of medium to large homes, many of which are waterfront properties. Here are the median prices for single family homes at the end of the 3rd quarter for the past seven (7) years:
Year Median Selling Price # of Sales (9 Mos YTD)
2005 $529,000 47
2006 $510,000 43
2007 $542,500 30
2008 $580,000 36
2009 $362,500 22
2010 $525,000 32
2011 $505,000 37
In Oceanport only 22 single family homes were sold in 2009, and only for a median price of $362,500 (the “median” is the price at which 50% of the homes sold for a higher value and 50% sold for a lower value). However, other than that year, home prices have remained relatively constant, with medians staying in the low- to mid-five hundred thousand dollar range.
The number of homes sold in the first 9 months of this year has increased from last year, and is markedly higher than the number that sold in the same period in 2009. However, although prices are back to where they were in 2005 and 2006, fewer homes were sold so far this year than in the first 9 months of 2005 or 2006.
So, just as we asked for Little Silver last week, is this a good time or a bad time to sell a home in Oceanport? The answer is the same one that I gave last week: the answer is that “it depends”. If you bought your home 10 or more years ago you’ve seen the value of your property increase over time and you might want to sell your home and downsize to a smaller house (or condo) with lower taxes and lower maintenance costs. Or you might want to sell your house and move to Florida or one of the other parts of the country where home prices are severely decreased and where you might find really good value for the money.
For those of you who are moving to New Jersey, or if you’re relocating from northern New Jersey or looking for an investment property, this might be a perfect time to buy a house in Oceanport. The rates for 30- or 15- year fixed mortgages are at or near their all-time lows, and everyone predicts that they will move higher in the next year or two. If you wait to buy and the mortgage rate goes up by 1.0% in the next year, your monthly mortgage payment will be a lot higher.
I’d love to be your trusted real estate advisor. If you’re looking to move to Oceanport or any of the towns in our area, I’d be glad to find the house that’s perfect for you. If you’re thinking about selling your house in the next few years, please start planning for it now. I’d be glad to give you some ideas on what to do in the next few months or years while you’re getting ready to put your home on the market.