Monmouth County Real Estate Market Statistics Year-End 2015

Let's take a quick look at what happened in the real estate market in Monmouth County for the year 2015 compared to 2014.  

Across all residential property types -- Single Family Detached Homes, Townhomes/Condos, and Adult Community Homes -- there were consistencies of note.  All three categories had increases in new listings, closed sales, and median sales prices.  All three categories also had decreases in days on market and inventories.  

We're entering into 2016 with low inventories and moderately-increasing prices.  Buyers looking for homes in Monmouth County should not hesitate to view and make offers on homes that meet their requirements as we expect clean, well-maintained homes that are priced fairly will continue to sell quickly and the best homes will often receive multiple offers.

Let's take a closer look at what happened in each of the residential real estate categories:

Single Family Detached Homes

More New Listings entered the market in 2015 than in 2014 (10,445 in 2014 and 11,137 in 2015).  This increase in available homes led to an 8.8% increase in Closed Sales (5,535 in 2015 compared to 5,089 in 2014).  There was a modest increase in the Median Sale Price, from $396,000 to $401,000.  Homes sold a little faster in 2015 . . . 78 days, down from 83 days in 2014.  At the end of 2015 there was only a 5.8 months' supply of homes on the market, down 27.5% from an 8 months' supply at the end of 2014.

Townhomes & Condos

New Listings were up 10.9% and Closed Sales were up 10.4%, with the Median Sale Price up slightly from $258,000 in 2014 to $265,000 in 2015.  Inventories are quite low, with only a 4.1 months' supply of homes, down 28.1% from last year.  

Adult Community Homes

New Listings were up 15.6% and Closed Sales up 9.2% from last year.  It took only 60 days to sell a home, on average, and the Median Sale Price was up significantly, from $205,500 in 2014 to $268,950 in 2015.  The months' supply of inventory is only 3.3, down 23.3% from last year.

The primary selling season will be starting soon.  If you are planning to sell your home, it is very important to prepare your home for the market, and discuss all the ins and outs of the current marketplace with your agent.  If you are planning to buy, it's important to get pre-approved for your mortgage ahead of time and talk to your agent about your priorities.  In a fast-paced market, the better prepared you are, the more successful you will be.

Please contact us any time with your questions or requests for service.  We're experts in customer care, and in Monmouth County real estate.  See what our clients say about our service.