Real Estate Market Trends

Monmouth County Housing Market Update -- January 2016

Steady growth in the Monmouth County housing market is what we should expect in 2016.  Here are some of the fast facts from the latest real estate market statistics report for January 2016, provided by New Jersey REALTORS®.  We have separate statistics for Single Family Detached Homes, Condos & Townhomes, and homes in Adult Communities.  

  ►  Key Metrics for Single Family Detached Homes in Monmouth County - January 2016 compared to January 2015:

  • Closed sales were up 47.1%, from 244 in January of 2015 to 359 in January 2016.
  • The median sales price remained about the same at $370,000, as did the days on market until sale at 91 days.
  • 804 new listings entered the market last month, up slightly from January of 2015.
  • The inventory of available homes for sale was down 14.7%, to 2,883 homes, which represents a 5.9 months' supply.

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:

Monmouth County Real Estate Market Update -- October 2015

The real estate market keeps moving forward in Monmouth County, and the agents are busy helping buyers buy and sellers sell.  

Lets take a look at the significant market statistics through the end of September 2015, compared to the same period in 2014.  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 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.

Ocean County NJ Real Estate Market Update

The real estate market in Ocean County NJ is moving forward at a good pace with more new listings coming on the market, and median sales prices and closed sales on the rise.

Let's look at little closer at how the first six months of 2015 compares with the same period last year in three residential real estate categories:  single family detached homes, townhomes/condos, and adult community homes.

Monmouth County Market Update - June 2015

Let's take a look at the real estate market in Monmouth County for the first half of 2015 compared to the same period last year for our three single-family home categories; detached, attached, and adult communities.  Homes in all categories are selling quickly . . . an average of 83 days for single-family detached, 78 days for single-family attached, and 64 days for homes in adult communities.

Single Family Detached Homes

  • New listings are up by 6.4%, and there is curently an 8.8 months supply of homes on the market.
  • Closed sales up 6.3%, with 2,308 closings for the first half of 2015.
  • The median sales price is nearly unchanged at $390,000.

National Real Estate Market Update May 2015

The news is all good for the real estate industry, which is good for homeowners, home buyers, and the general economy. 
Existing home sales, new home building and sales, and pending contracts are all on the rise.  Watch the video and get all the details.

Real Estate Market Update

Many local housing markets are hot right now, with multiple offer situations and bidding wars in markets that have the strongest house price appreciation and job growth.

Builders are expected to bring more homes to the market this Spring and Summer for the first-time buyer.  Property values are rising, which will help millions of homeowners get out from underwater, emerge from negative equity and enter the “for sale” market. Also, with continued employment growth and an expected increase in family incomes, this could lead to a more active real estate market.

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.