OCEAN COUNTRY AUGUST 2017
Ocean County Sales of Single Family homes also grew by 7.7% year-over-year in August. An encouraging sign came in the new listing category which increased by 2.8% year-over-year despite the fact that inventory fell by 21% from 2016. Inventory of homes for sale shrank to just over 6.7 months’ supply, a 31% drop from 2016. Also, the median sales price improved by 1.5% from August 2016.
Single Family
Key Market Metrics 2016 2017 Change
New Listings 1,164 1,197 + 2.8%
Closed Sales 749 807 + 7.7%
DOM* 85 76 – 10.6%
Median Px $290,5K $295K + 1.5%
% of Px Rec’d 96.9% 96.7% – 0.2%
Inventory 5,458 4,311 – 21.0%
Months of Inventory 9.3 6.6 – 29.0%
* Days on Market Until Sale
MONMOUTH AUGUST 2017
Monmouth County Sales of Single Family homes surged by over 15.5% in August. This bucks the national trend which reported existing home sales stalled by 1.7% to a seasonally adjusted annual rate of 5.35 million in August from 5.44 million in July. Last month’s sales pace is 0.2% above last August, and is the lowest since then.
Monmouth County also posted good numbers for new listings, days on market and percentage of price received. All of this was achieved despite a dwindling inventory which fell by a dramatic 23%, leaving agents with approximately 5 months’ supply of homes for sale.
Single Family August 2017
Key Market Metrics 2016 2017 Change
New Listings 952 970 + 1.9%
Closed Sales 717 828 + 15.5%
DOM* 64 61 – 4.7%
Median Px $420K $429.5K + 2.3%
% of Px Rec’d 97.2% 97.7% + 0.5%
Inventory 3,926 3,028 – 22.9%
Months of Inventory 7.5 5.1 – 32.0%
* Days on Market Until Sale
ABOUT COUNSELLORS TITLE AGENCY
Since 1996, Counsellors Title Agency had provided swift, proven and knowledgeable title insurance settlement and search expertise for thousands of New Jersey’s attorneys, loan officers, Realtors, borrowers and purchasers. CTA’s detail-oriented team of professionals streamlines the complexities of a real estate transaction to make each one stress and glitch-free.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.