What is the state of the Asbury Park real estate market? If you are a seller or property owner you seem to be in store for prosperity in 2017; but I predict another tough year ahead for buyers.

As of December, 2016, there were only 5 single family homes for sale priced $300,000 or higher and only one of those homes was located East of Main Street. For buyers looking for a large east side victorian, the inventory level is at zero.

I am constantly asked if I think inventory will increase in the 2nd quarter of this year, and I do not believe it will. Typically as you see prices rise more sellers become tempted by the higher numbers and then list their homes. That has not been the situation this past year and I do not feel it will change anytime soon. The simple theory of supply and demand means home prices will continue to rise if inventory remains at such low levels.

While inventory remains tight in all of our surrounding towns too, I continue to see Asbury buyers that cannot find the home they are looking for expanding their search into Wanamassa, Ocean Grove, Interlaken and West Allenhurst. Adding these Asbury buyers into the neighboring towns is leading to a tighter market throughout the region.

Only time will tell where 2017 will take us but with more and more people trying to move to town and less people leaving, it should be an interesting year.