As of February 2019, the average days on market for single-family homes came in at just 80 days. That is down by almost 40% from the time reported in 2011. Properties are selling significantly faster than they were back in 2011. Plus, sellers are getting approximately 5% more on the actual list price than they were back in 2011. The appreciation isn’t huge, but as properties sell quicker, the appreciation will reflect the higher demand.
As we look at the numbers from nearly 10 years ago compared to today, there are other significant changes:
■ Back in September 2011 there were 787 new listings. This compares somewhat to February 2019, where there were 1,225 new listings. This marks a significant increase in new listings and closed sales.
■ Closed sales have tracked with the jump in listings, with 361 closed sales in September 2011 vs 432 for February 2019.
But some numbers speak louder than others. I found the big difference between then and now was back in September 2011 the number of homes on market was 5,547. This compares with 3,989 for February 2019.
Another significant metric when comparing what was happening in 2011 versus what is happening in 2019 is the months of supply of inventory. Back in September 2011 the months supply of inventory was calculated to be 16.7 months. This compares with a new low for February 2019, which came in at 5.8 months.
The difference in the median sales price back in September 2011 was $258,000, which compares with February 2019 of $285,000. That’s roughly a $30,000 difference. But where the real change can be found is in the days on market. Back in 2011 that was 125 days; now it’s only 80 days.
All this translates into a stronger and healthier Ocean County real estate market, which took longer than many expected but is now showing itself to be on very solid ground.