Low Housing Inventory Drives Up New Construction Prices

When housing inventory is low, buyers feel a lot of pressure and frustration. Finding the right home for their family can be difficult.  So, even though they may not have considered new construction in a more 'normal' market, many more buyers are now looking at a newly-constructed or nearly-completed home as their best choice.

The reality is that if you need a home because yours is sold, or you are new to the area, you need to pick from the current available inventory of homes for sale.

This situation is driving up the prices of new and existing homes, and is also creating an uptick in sales for new home builders.

There are currently over 250 listings in Monmouth County for newly-constructed, soon-to-be-constructed, or otherwise 'available' opportunities to build a new home.  Here is how they break down:

We've Received the Prestigious CENTURY 21® President’s Hall of Fame Award

The CENTURY 21® President’s Hall of Fame Award for Exceptional Service and Sales was presented to us during a special ceremony at the CENTURY 21 Global Conference. The award recognizes our exceptional track record of quality service and sales production, and represents our agents' long-standing commitment to our customers.

Receiving this award is truly an honor.  We are proud and humbled.  Each and every day our sales affiliates strive to provide the highest level of service to our clients while helping them to make informed real estate decisions. This award is a testament to all of the hard work and commitment we have put forth over the years.

The CENTURY 21® President’s Hall of Fame Award honors those independent offices that have earned the CENTURY 21 President’s Award each year for a minimum of 10 out of the past 12 years. The President's Award requires that offices meet stringent sales production and customer service goals, and that the office achieve the CENTURION® Award and Quality Service Pinnacle Award in the same calendar year.

Congratulations to all CENTURY 21 Mack Morris Iris Lurie associates!  You are truly Smarter, Bolder & Faster!

Housing Affordability in Monmouth, Ocean & Middlesex Counties NJ

Want to know what the housing cost share of income is in Monmouth, Ocean, and Middlesex Counties compared to other New Jersey counties?  

Check out this interesting map.  For our 3-county area residents spend, on average, 22-27% of their income on total housing costs, which includes their mortgage principal and interest, taxes, and insurance.

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.  

Mortgage Interest Rates Increased for the Second Straight Week

Interest rates remained at near record lows in January, but have increased for the second straight week, following a better-than-expected January employment report.

According to the Mortgage Bankers Association, the average interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 3.93 percent from the average of 3.625 percent two weeks ago.

Over the past few years interest rates have bounced back and forth, but have remained near historic lows . . . and a mortgage with an interest rate of under 4% is a real bargain.  

Want more details?  Mortgage apps plunge as rates hit highest level of year - Mortgage interest rates rose to their highest level of the year, and mortgage volume reacted in the opposite direction. [Real Estate CNBC]