Monmouth County Housing Market Update -- May 2016

The real estate market keeps moving forward in Monmouth County, and we are busy helping buyers buy and sellers sell.  Year to date through the end of April we have seen significant increases in sales of single family detached homes, townhomes, condos, and homes in adult communities.

Lets take a look at the significant market statistics through the end of April 2016, compared to the same period in 2015.  Here's a quick visual to sum it up:

So now lets drill down and look at the actual statistics for single family detached homes, townhomes/condos, and adult community homes.

Monmouth County Single Family Detached Homes

Closed sales were up a whopping 24.8%, from 1,232 closings in 2015 to 1,537 so far this year.  It took on average 86 days to get a home sold, which is down slightly from 92 days in 2015, and the median sale price increased, from $370,000 in 2015, to $380,000 in 2016.  There is currently a 6.6 months supply of inventory, at 3,413 available homes for sale, compared to 3,955 at this time last year.  This represents a significant decrease in available homes -- from a 9 months supply down to a 6.6 months supply.

Monmouth County Townhomes and Condos

Closed sales were up 14.8% so far this year, from 391 sales in 2015 to 449 in 2016.  Median sales prices increased only slightly from $260,000 to $261,750, a 0.7% increase.  Homes took on average 73 days to sell, compared to 86 days last year. There is only a 4.8 months' supply of inventory, at 714 available homes, down from 949 homes at this time last year, which represents a 35.1% decrease.  New listings coming on the market were also down, so as sales increased the limited supply of homes for sale has further decreased.

Monmouth County Adult Community Homes

The median sale price decreased by 7.5% in adult communities, from $240,000 in 2015 to $222,000 so far this year. This is likely an adjustment from the significant price increases of last year. Closed sales rose from 304 to 316, a 3.9% increase, and the time to sell decreased to only 71 days in 2016 compared to 76 days in 2015.  Inventories are low at only a 4.3 months' supply.

In summary, the residential real estate market in Monmouth County is healthy and sales are brisk.  Some homes are selling very quickly and multiple offers are not unusual.  Of course, each community and neighborhood are different and have their own 'local' market statistics.    

To see the complete statistical report, provided by New Jersey REALTORS®:  http://njar-public.stats.10kresearch.com/docs/lmu/x/MonmouthCounty?src=map

If you are planning to sell your home soon, have questions about the real estate market in your neighborhood, or would like to buy a home in Central Jersey, please contact us for award-winning professional service!