The October sales numbers for Monmouth County came in a few days ago. Even though much of the nation is showing a slowdown not only in the price of homes but also in the number of transactions and sales, Monmouth County continues its upward trend in new listings, closed sales, median sales price and even percent of price received. 
The months supply of inventory fell as published by the National Association of Realtors indicates that total inventory for sale during the month of October fell from 3,198 to 2,784. This represents a 13% decrease in the number of homes for sale. The seller’s market continues unabated in Monmouth County.
In addition to the inventory available in Monmouth County, it appears that the months supply of homes on the market has also dipped by 13% from 5.4 months to 4.7 months.
In the Townhouse/Condo sector in Monmouth County, the numbers are also positive. New listings increased by 12.7% over 2017. Also closed sales increased by nearly 2% in October from those numbers in 2017. The mean sales price for a townhome in Monmouth County jumped dramatically from $256,000 to $291,000, an increase of 13.5%. There is also a significant shortage of condos available on the market, which fell to just 3.1 months of inventory available, represented by just 500 condos available on the market.
The adult community also increased in the median sales price jumping from $260,000 to $316,000, an increase of 21.5% year-over-year. The inventory of adult community homes on the market also fell down to three point two months.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.
