To best understand Monmouth County real estate values, it would be prudent to view values today with those of 2011 and 2012.
An Example: 2011 vs. 2019
In September 2011, there were 838 new listings and 356 closed sales that month.
Compare this with the 958 new listings and 862 closed sales for July 2019.
These numbers demonstrate the the market in Monmouth was over 120% more active in 2019 than in 2011.
What is even more profound is the inventory of listed homes in Monmouth County from those in 2011 compared to 2019.
If one were to compare 2012 to 2019, one of the most distinct differences would be the inventory of available homes on the market. In July 2019, according to New Jersey Realtors, there were 3,058 homes available on the market. In July 2012, there were 826 homes available for sale and just 480 closed sales.
The median sales price in July 2012 was $384,000 and the percentage of price received was 94.2%. According to the report, there were 12.5 months of supply back in July 2012. This compares with 5.3 month supply and 3,058 homes available for sale in July 2019. Another market distinction is that sellers in 2019 received 98.2% of the list price and the median sales price was $469,000.
This only goes to prove that markets change and so it is important for both buyers and sellers to consider the significance and power of trends within the context of their own homes.