Monmouth County Housing Market Update -- January 2016

Steady growth in the Monmouth County housing market is what we should expect in 2016.  Here are some of the fast facts from the latest real estate market statistics report for January 2016, provided by New Jersey REALTORS®.  We have separate statistics for Single Family Detached Homes, Condos & Townhomes, and homes in Adult Communities.  

  ►  Key Metrics for Single Family Detached Homes in Monmouth County - January 2016 compared to January 2015:

  • Closed sales were up 47.1%, from 244 in January of 2015 to 359 in January 2016.
  • The median sales price remained about the same at $370,000, as did the days on market until sale at 91 days.
  • 804 new listings entered the market last month, up slightly from January of 2015.
  • The inventory of available homes for sale was down 14.7%, to 2,883 homes, which represents a 5.9 months' supply.

  ►  Key Metrics for Condos and Townhomes in Monmouth County - January 2016 compared to January 2015:

  • Closed sales were up 8.1%, from 86 in January 2015 to 93 last month.
  • The median sales price remained about the same at $270,100
  • In January of 2015 it took 85 days from listing to sale, and last month it only took 78 days.
  • The inventory of available homes dropped significantly (21.2%) from 740 in January 2015 to only 583 last month.  This number represents only a f months' supply of homes.

  ►  Key Metrics for Adult Community Homes in Monmouth County - January 2016 compared to January 2015:

  • Closed sales remained the same as last year at 36 homes.
  • The days on market until sale was down by 24.2%.  In January 2015 it took on average 91 days, and last month it only took 69 days.
  • The median sales price was down from $228,950 in January 2015, to $220,000 last month.
  • There were only 191 homes for sale last month, representing only a 3.8 months' supply.

Consistently across the single-family home categories, inventories of homes for sale are low, which should continue to contribute to rising sale prices and quick sales.

If you are planning to sell your home sometime within the next several months, contact us for the best advice to get your home ready for the market.