At a quick glance, the number of new listings in Monmouth County’s Adult Community real estate sector appear to show little change within the overall growing real estate market in New Jersey.
Closed sales for the month of April 2017 increased by only 8 more sales. BUT that 8 is a 20% increase from 40 in 2016. This alone might not appear to be significant; but everything in this market requires closer scrutiny.
Take for instance the other measurable statistics such as the ‘days on market until sale’ which shrank by nearly 11% from 66 days to 58 days comparatively from 2016.
Then look at the spike in median sales price received, and you begin to see a true picture: there was a 56% jump in the median sales price received from 2016, climbing from $204,500 to $319,000 in 2017.
Two other categories which bode well for the adult community niche: the available inventory of homes on the market, which fell by 14.4% from 243 in 2016 to 208 in 2017.
Where the numbers give a clearer picture in the market is the months supply of inventory, which, according to New Jersey Realtors, has fallen by over 20% to 3.8 months from 4.8 months in 2016. Compared to the single family home sector in New Jersey, that fell from 7.4 months in 2016 to 5.1 months in 2017, a 31% drop-off, it is not as severe.
The adult community inventory is ‘a listing desert’ and a seller’s paradise. It is very clear that the adult community niche in Monmouth County, New Jersey, is a very attractive seller’s market.
The full-page report is found here: http://njar-public.stats.10kresearch.com/docs/lmu/x/MonmouthCounty?src=map