The New Jersey Realtor reported townhomes and condos properties for sale decreased by 10% to 9,698, while the inventory supply also dipped by 4.7%.
But the top line indicates that closed sales of about 2,400 for the month of August is just 2% higher than last August and the median sales price came in at $259,000, which is basically equal to that of 2017.
Also the average sales price for a condo or co-op was flat with 2017 at $331,358. There also doesn’t seem to be a price war going on for condos and co-ops, with the percent of price received coming in at 97.5%. Days-on-market also fell to 56 days on market. This is a 12.5% decrease from 2017.
Ocean and Monmouth County
The good news for single-family homes in Monmouth County is that median sales price jumped by 8.8% from 2017 to $460,750.
Ocean County experienced a similar spike in the median sales price for single-family homes in August climbing to $310,000, which is a 6.9% increase from August 2017.
Ocean County seems to be eating-through what had been once a huge supply of inventory, falling to 6.7 months supply of inventory or 4,413 homes for sale in August. A sidebar statistic for Ocean County can be seen in the number of new listings for condos and townhomes, which increased by 18.6% in August 2018 from August 2017. The number of closed townhomes and condo sales increased by a comparable percentage to 16%. The townhome condo market in Ocean County also appears to be red hot, climbing 9.2% year-over-year to $206,250 while the inventory has dropped by 15% to 545 townhouse and condos for sale.
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.