Monmouth County for February 2018 showed a reduction in the number of new listings by almost 11%, down to 877 from 892.
These numbers mirror the reduction in total inventory for the County, which fell dramatically by 24.5%, down to just 2310 homes on the market.
The number of closed sales for Monmouth jumped by 6.5%, up to 378 from 355 as compared to February 2017.
Where there was a significant increase was in the median sales price, which climbed by 8.5%, year-over-year, to $400,000 from $370,000 back in February 2017.
As of February 28th, the number of homes for sale in Monmouth County fell to 2310 and the months of supply fell by over 30% to 3.8 months.
For Ocean County there were some differences. The number of new listings climbed by 3.4% to 1182, yet the number of closed sales fell from 429 in 2017 to 405 in 2018.
Also in Ocean County, the number of days on the market until sale fell by 13.4% down to just 84 days, from 97 days in February 2017.
The number of homes for sale in Ocean County also saw a decrease by 14.3% down to 3666; this compares to 4277 for February 2017. The months supply of homes for sale in Ocean County also fell down to 5.7 months from 6.9 months in February 2017.
Also, the median sales price in Ocean County increased 4.6% to $285,000 from $272,000.
OCEAN COUNTY FEBRUARY 2018
Single Family February 2018
Key Market Metrics 2017 2018 Change
■ New Listings 1,143 1,182 + 3.4%
■ Closed Sales 429 405 – 5.6%
■ DOM* 97 84 – 13.4%
■ Median Px $272K $285K + 4.6%
■ % of Px Rec’d 96.2% 96.3% + 0.1%
■ Inventory 4,277 3,666 – 14.3%
■ Months of Inventory 6.9 5.7 – 17.4%
* Days on Market Until Sale
Monmouth County
Single Family February 2018
Key Market Metrics 2017 2018 Change
■ New Listings 982 877 – 10.7%
■ Closed Sales 355 378 + 6.5%
■ DOM* 74 77 + 4.1%
■ Median Px $370K $400K + 8.1%
■ % of Px Rec’d 97.5% 97.4% – 0.5%
■ Inventory 3,059 2,210 – 24.5%
■ Months of Inventory 5.5 3.8 – 30.9%
* Days on Market Until Sale