Monmouth County Market Update -- January 2015

Lets take a look at the Monmouth County real estate market statistics for Single Family Detached Homes, Townhouses/Condos, and Adult Community Homes comparing January 2015 with January 2014.

Single Family Detached Homes

The median sales price in January 2015 was $360,000, up slightly from January 2014's $358,250, and it took approximately the same amount of time to sell a home (93-95 days) this year as last year.  The inventory of available homes for sale was down in January 2015 with 6.7 months supply compared to 7.6 months in January of 2014.   Closed sales were also down for the month of January 2015, from 306 in 2014 to 242 this year, and the number of new listings that entered the marketplace was about the same.  

Townhouses/Condos

The median sales price for townhomes/condos was also up slightly, from $256,250 in January 2014 to $272,000 in January of 2015, but the average days on the market rose to 84 from 70, which is still a relatively short market time.  Months supply of inventory is down significantly, with January 2015 having only a 5 months' supply, compared to 6.7 months in January of 2014.  

Adult Community Homes

The median sales price for homes in adult communities in Monmouth County decreased to $219,000 in January 2015 compared to $235,000 in January 2014.  The inventory of homes for sale also decreased from 200 in 2014 to 177 this year, and the months supply of inventory remained the same at 3.8 months.  There were significantly more (+57.4%) new listings that entered the marketplace in January 2015, days on the market until a sale also increased significantly (+59.e%), from 59 days in 2014 to 94 days in 2015, and closed sales were down slightly.

Although it is important for us to stay on top of our market statistics, one really can't predict trends from comparing one month with the same month the previous year.  There are many factors that affect short-term real estate market performance.  There is one trend that has continued through all residential real estate categories, and that is the low inventory of homes for sale.  

To see the statistics and details, including a graph of the 5 year historical median sales prices, visit the New Jersey Association of REALTORS® Local Market Update.