Ocean County Listings Surge 25 Percent

Ocean County
January results for Ocean County came in very strong. New listings surged forward over 25% from 2018, from 1,001 to 1,254.

In addition to the number of new listings climbing, closed sales also increased by double digits from 476 to 534, a 12.2% improvement.The median sales price for a single-family home stayed the same, $295,000. 

The inventory in Ocean County seems to be stabilizing and only decreased 3.5% from 2018. This is the first time in over 24 months that the number of homes for sale did not decrease by double digits.In addition, the months supply of inventory dropped to 5.5 months, which is still considered to be the normal rate.

Monmouth County
Monmouth County new listings climbed 4.6% from 804 to 841 listings. The number of closed sales for the month of January remained basically flat.

Meanwhile, the days on market fell by 12.2% from 74 days to 65 days.Where there was additional improvement was in the median sales price, which climbed from $400,000 to $417,000, a 4.4% improvement. Still inventory in Monmouth County is problematic; it fell from 2,647 to 2,254, a 14.8% decrease from 2018.

The number of months supply of single-family homes in Monmouth County right now is 3.8 months, which is a 13.6% decrease. This is of course ridiculously low. We will have to see how the numbers come in for February.

As opposed to most of the rest of the country, Monmouth County continues to be a seller’s market going into the spring season. We’ll see how long that holds out.

As opposed to most of the rest of the country, Monmouth County continues to be a seller’s market going into the spring season. We’ll see how long that holds out.

Ocean County
Single Family January 2019
Key Market Metrics 2018 2019 Change
■ New Listings:         1,001 1,254    +25.3%
■ Closed Sales         477    534   +12.2%
■ DOM*                     86      87      +1.2%
■ Median Px          $295K  $295K  +0.0%
■ % of Px Rec’d   95.5% 96.2%  +0.7%
■ Inventory           3,901   3,764    -3.5%
■ Months of Inventory  6.0 5.5 – 8.3%
* Days on Market Until Sale

Monmouth County
Single Family January 2019
Key Market Metrics     2018    2019    Change
■ New Listings              804      841    +4.6%
■ Closed Sales             452      444    -1.8%
■ DOM*                         74        65     12.2%
■ Median Px              $400.0K  $417K   +4.4%
■ % of Px Rec’d         96.5%    96.8% +0.3%
■ Inventory                 2,647    2,254    -14.8%
■ Months of Inventory     4.4       3.8     -13.6%
* Days on Market Until Sale

 

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