Monmouth County Real Estate Market Update -- August 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 year-to-date through August 2015 to the same period in 2014.

Overall the real estate market has provided many good opportunities for buyers as well as sellers and has kept us all busy helping our clients achieve their goals.

Single Family Detached Homes

The median sales price through August 2015 was $410,000, up 2.5% from 2014's $400,000.  It took approximately 77 days, on average, to sell a home in 2015 versus 82 days last year.  The inventory of available homes for sale in August was down considerably, with 8.3 months supply compared to 10.8 months supply in August of 2014.   Closed sales were up so far this year, with 3,555 sales versus 3,334 in 2014.  The number of new listings that entered the marketplace was also up in 2015, by 7% (8,317 compared to 7,770 in 2014).   

Comparing historical data from January 2010 through August 2015, it's interesting to note that median sales prices of single family detached homes in Monmouth County are hovering at the highest level in 5 years.

Townhouses/Condos

The median sales price for townhomes/condos was also up, from $253,000 in 2014 to $265,000 in 2015, and the average days on the market remained about the same, at 73 days.  There was also a 10.1% increase in closed sales so far this year, and the inventory is down significantly, with August 2015 having only a 5.9 months' supply, compared to 7.9 months in August of 2014. 

Adult Community Homes

The median sales price for homes in adult communities in Monmouth County rose significantly in 2015, from $200,000 year-to-date 2014 up to $256,000 so far in 2015, which represents a 28% increase.  The inventory of homes for sale in August 2015 decreased to only a 4.1 months supply versus a 5.1 months supply in 2014, in spite of the 17.3% increase in new listings that came on the market.  Closed sales were also up 4.2% in 2015.

 

There are many factors that affect short-term real estate market performance.  The trends that have continued in 2015, through August, in all residential real estate categories are:

  1. Increase in the number of new listings
  2. Increase in the number of closed sales
  3. Increase in median sales prices
  4. Decrease in available inventory

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