Real Estate Market Trends

Manalapan NJ Real Estate Market Update

We did our periodic review today of the residential real estate market in Manalapan New Jersey, and are happy to share our current update with you.

As of this afternoon, there are 146 homes actively for sale in Manalapan. Of those listings, 9 are listed at over $1 million, 18 between $700,000-$999,999, 47 between $500,000-$699,999, 48 between $300,000-$499,999, and 24 under $300,000.  The average listing price so far this year, through May 31, was $531,866, which is relatively unchanged from last year at this time.

The average sale price for homes sold between January 1 and May 31 of this year was $474,008, which represents a 3.44% increase in average sale prices compared to the same period last year.  Of the 114 Manalapan homes that sold so far this year (through May 31), 44 sold for over $500,000, 32 between $400,000-$499,000, 23 between $300,000-$399,999, and the remaining 15 sold for under $300,000.

Marlboro NJ Housing Market Report May 2018

What's new in the Marlboro NJ real estate market? 

We reviewed the listings, pending and sales statistics as of the end of May 2018 to bring you an up-to-date accounting of the key housing market activities.

Home Prices

  • The Average Listing Price year-to-date is $627,050, compared to $631,541 year-to-date 2017, less than 1% change.
  • The Average Sale Price year-to-date is $520,598, up 6.98% from $486,630 year-to-date 2017.
  • Of the 141 homes sold this year through the end of May, 43.3% sold for over $500,000, 17% between $400-499,999, 17% between $300-399,999, 11.3% between $250-299,999, and 11.4% under $250,000.

Marlboro New Jersey Housing Market Update - March 2018

We have been struggling with low inventories of homes for several years now.  The lack of available homes has affected prices as well as sales and market times, and has been frustrating for buyers competing for their dream home.

In the Single Family Detached category of homes in Marlboro Township new listings have decreased by 11.6% for the first two months of 2018 compared to the same period last year.  Closed sales increased by 3.6%.  It is taking on average 75 days from listing to sale, and the median sales price in Marlboro Township was $400,000.  At the beginning of March there was only a 3.8 months supply of inventory, down by 30.9% at the same time last year.

Monmouth County Housing Market Update

The Monmouth County housing market remained brisk throughout 2017 with continued low inventory, more sales, quicker sales, and moderately rising prices.  

Here is a summary of the housing statistics for last year end compared to 2016 for Single Family Detached Homes, Townhomes and Condos, and Adult Community Homes:

Single Family Detached Homes

  • Low inventory carried through from the previous few years, with only a 1.3% rise in new listings in 2017
  • As of the end of 2017, there was only a 3.8 months supply of available homes on the market
  • In 2017 homes sold in an average of 63 days, 10 days quicker than 2016
  • There were 7,159 closed sales, up 11.1% from 2016
  • The median sales price rose 3%, from $403,000 in 2016 to $415,000 last year

Marlboro Township: More Single Family Detached Homes For Sale in 2017

We have been struggling with low inventories of homes for a long time now.  The lack of available homes has affected prices as well as sales and market times, and has been frustrating for buyers competing for their dream home.

We have a bit of good news in the Single Family Detached category of homes in Marlboro Township . . . new listings have increased by 23.3% for the first four months of 2017 compared to the same period last year.  As a result, closed sales have also increased by 52.7%.  It is taking on average 73 days from listing to sale, down by 10 days from last year, and the median sales price in Marlboro Township (including Morganville) was $508,000.  At the end of April there was 6.1 months supply of inventory, which is considered a 'normal' level of inventory for a healthy real estate market.

Manalapan Single Family Home Sales Up 26.7% in First Quarter 2017

It's good to keep up with what's happening in the real estate market in your community, whether or not you are currently in the market to buy or sell.  Residential and commercial real estate activity affects the overall economic health of the community in many ways.

Here are the most significant single-family detached homes statistics for Manalapan Township's housing market, provided by the New Jersey Association of Realtors®, comparing the first quarter of 2017 to the first quarter of 2016:

What Will Fuel Housing Demand Growth For The Next 10 Years?

A Mortgage Bankers Association study has estimated that between 13.9 and 15.9 million additional households will be formed by 2024, making the next ten years one of the strongest periods of growth in housing in U.S. history.

In their white paper, Housing Demand: Demographics and the Numbers Behind the Coming Multi-Million Increase in Households, the MBA’s researchers conclude that the housing demand surge will be driven by Hispanics, Baby Boomers, and Millennials.  They report that household formation has been depressed recently by unfavorable economic conditions, and that improving employment markets as well as major demographic trends will create strong growth in both owner and rental housing over the next decade.

Monmouth County Housing Market Update -- May 2016

The real estate market keeps moving forward in Monmouth County, and we are busy helping buyers buy and sellers sell.  Year to date through the end of April we have seen significant increases in sales of single family detached homes, townhomes, condos, and homes in adult communities.

Lets take a look at the significant market statistics through the end of April 2016, compared to the same period in 2015.  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.