Monmouth County Real Estate Market Update - New for February 2024

Monmouth County Real Estate MarketWelcome to our deep dive into Monmouth County's vibrant real estate market! In a locale famed for its picturesque beaches, rich history, and proximity to New York City, it's no wonder why people are drawn to this slice of the Jersey Shore.

In this market update, we'll dive into the recent statistics of the Monmouth County housing market, comparing key metrics from single-family homes, condos and townhomes, and adult community sectors to their 2023 counterparts. We'll interpret the numbers, track the trends, and reveal what they mean for buyers and sellers in this diverse market.

From significant shifts in new listings and sales to fascinating fluctuations in days on market and median prices, we've got you covered. Whether you're looking to invest, sell, or find your dream home, understanding these trends will provide valuable insights for your journey in Monmouth County real estate. Let's unpack these intriguing stats together!

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

Monmouth County Real Estate: January 2024 Market Trends Unveiled

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Monmouth County Single Family Stats for January 2024

January
Jan 2023Jan 2024% (+-)
New Listings 459 438 -4.6%
Closed Sales 318 325 +2.2%
Days on Market Until Sale 49 45 -8.2%
Median Sales Price* $625,000 $727,000 +16.3%
Percent of List Price Received* 98.3% 99.7% +1.4%
Inventory of Homes for Sale 1,203 887 -26.3%
Months Supply of Inventory 2.6 2.2 -15.4%
YTD
Jan 2023Jan 2024% (+-)
New Listings 459 438 -4.6%
Closed Sales 318 325 +2.2%
Days on Market Until Sale 49 45 -8.2%
Median Sales Price* $625,000 $727,000 +16.3%
Percent of List Price Received* 98.3% 99.7% +1.4%
Inventory of Homes for Sale -- -- --
Months Supply of Inventory -- -- --

*Data pulled from MLS on 2/28/2024

The January 2024 local market update for Monmouth County reveals insightful trends that potential buyers and sellers should pay attention to. Despite a slight dip in new listings by 4.6%, the real estate market is buzzing, with closed sales seeing a modest increase of 2.2%. This indicates a steady demand for homes. Properties are selling faster, as evidenced by a decrease in the days on market until sale, down 8.2% to just 45 days. The most eye-catching detail, however, is the sharp rise in the median sales price, which has jumped by a significant 16.3% to $727,000. This signals a strong seller's market.

Moreover, sellers are getting closer to their asking price than ever, with the percent of list price received at an almost perfect 99.7%, up 1.4% from the previous year. With the inventory of homes for sale down by a striking 26.3%, and the months' supply of inventory also reduced by 15.4%, it's clear that the market is leaning in favor of sellers. For those considering selling their homes, now appears to be an opportune time. Buyers, on the other hand, should be prepared to act swiftly and possibly face competitive conditions, given the current market dynamics.

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Monmouth County Townhouses & Condo Sales in January 2024

January
Jan 2023Jan 2024% (+-)
New Listings 118 154 +30.5%
Closed Sales 88 83 -5.7%
Days on Market Until Sale 30 35 +16.7%
Median Sales Price* $415,000 $470,000 +13.3%
Percent of List Price Received* 98.7% 100.0% +1.3%
Inventory of Homes for Sale 245 270 +10.2%
Months Supply of Inventory 1.8 2.5 +38.9%
YTD
Jan 2023Jan 2024% (+-)
New Listings 118 154 +30.5%
Closed Sales 88 83 -5.7%
Days on Market Until Sale 30 35 +16.7%
Median Sales Price* $415,000 $470,000 +13.3%
Percent of List Price Received* 98.7% 100.0% +1.3%
Inventory of Homes for Sale -- -- --
Months Supply of Inventory -- -- --

*Data pulled from MLS on 2/28/2024

Shifting our focus to the townhouse-condo market in Monmouth County for January 2024, the dynamics offer a different perspective, catering to both buyers and sellers in unique ways. There's a noticeable surge in new listings, up by an impressive 30.5%, suggesting that more owners are ready to sell, potentially easing the competition for buyers in this market segment. However, closed sales have slightly declined by 5.7%, indicating a slight cooling or possibly more selective buyers.

Properties are taking a bit longer to sell, with days on the market until sale increasing by 16.7% to 35 days. Despite this, the median sales price has climbed by 13.3% to $470,000, reflecting the enduring appeal and value of townhouse and condo living in the area. Remarkably, sellers are achieving their list price, hitting the 100% mark, which underscores the market's competitive nature despite the slight increase in supply.

The inventory of homes for sale has risen by 10.2%, and the months' supply of inventory is up by 38.9% to 2.5 months. This shift presents a slightly more balanced market for buyers, offering a greater selection of homes, though still under tight conditions by historical standards.

For buyers, this may be a promising time to explore the market, as the increase in inventory provides more options to find the perfect home. Sellers still hold an advantageous position, especially those whose properties are move-in ready and priced correctly; they can expect to achieve, if not exceed, their listing price. The townhouse-condo market in Monmouth County is robust, reflecting a healthy real estate environment heading into 2024.

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Monmouth County Adult Community Sales in January 2024

January
Jan 2023Jan 2024% (+-)
New Listings 69 66 -4.3%
Closed Sales 41 46 +12.2%
Days on Market Until Sale 46 48 +4.3%
Median Sales Price* $495,000 $500,500 +1.1%
Percent of List Price Received* 98.6% 99.5% +0.9%
Inventory of Homes for Sale 124 98 -21%
Months Supply of Inventory 2.2 1.9 -13.6%
YTD
Jan 2023Jan 2024% (+-)
New Listings 69 66 -4.3%
Closed Sales 41 46 +12.2%
Days on Market Until Sale 46 48 +4.3%
Median Sales Price* $495,000 $500,500 +1.1%
Percent of List Price Received* 98.6% 99.5% +0.9%
Inventory of Homes for Sale -- -- --
Months Supply of Inventory -- -- --

*Data pulled from MLS on 2/28/2024

Turning our gaze to the adult community real estate market in Monmouth County for January 2024, we notice a nuanced trend that could shape potential decisions for both buyers and sellers in this niche market. The slight decrease in new listings by 4.3% mirrors the broader market's tightening inventory, reinforcing a seller's advantage in many respects. Yet, the real story of resilience and demand shines through with a noteworthy 12.2% increase in closed sales. This uptick suggests that despite fewer options on the market, the desire for adult community living remains strong, buoyed perhaps by demographics or the specific amenities these communities offer.

The days on market until sale have nudged up slightly by 4.3% to 48 days, indicating a relatively quick turnaround for properties but also hinting at a market that is not overly rushed, allowing buyers a brief moment to deliberate their decisions. The median sales price has seen a modest rise of 1.1% to $500,500, showcasing a stable appreciation in value that is encouraging for sellers contemplating entering the market.

Sellers are nearly getting their asking price, with the percent of list price received climbing to 99.5%, a subtle yet telling increase that underscores the market's competitive edge. However, the inventory of homes for sale has contracted by 21.0%, and the months' supply of inventory has decreased by 13.6% to 1.9 months, highlighting a tighter market that could challenge buyers seeking options but ultimately benefits sellers with less competition and quicker sales.

For individuals looking to sell within the adult community segment, the current market conditions signal a favorable time to list, given the solid demand and appreciating prices. Buyers, on the other hand, should be prepared to act decisively when they find a property that fits their criteria, given the quicker sales cycle and reduced inventory. The market dynamics in Monmouth County's adult communities point to a robust start to 2024, with expectations of continued interest and activity in these specialized housing options.

Overall Market Insights

Across all segments, Monmouth County's real estate market shows signs of robust activity, with particular strengths in different areas. Sellers in most sectors are enjoying the benefits of a market that leans in their favor, with rising prices and strong demand. Buyers, while facing challenges with inventory and competition, have opportunities, especially in the townhouse-condo market where the inventory has slightly increased. The key for buyers across all markets is readiness and decisiveness, given the fast-moving nature of the current real estate landscape. Sellers, particularly in the single-family and adult community segments, should find the market conditions favorable for listing their properties.

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Monmouth County Real Estate Update - December 2023

Hey, Monmouth County Real Estate enthusiasts! December 2023's real estate data is a goldmine of insights, and we are here to break it down for you. The trends are clear and carry vital implications for both buyers and sellers.

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Monmouth County Single Family Stats for December 2023

December
Dec 2022Dec 2023% (+-)
New Listings 254 249 -2%
Closed Sales 387 380 -1.8%
Days on Market Until Sale 40 42 +5%
Median Sales Price* $615,000 $670,000 +8.9%
Percent of List Price Received* 98.7% 100.4% +1.7%
Inventory of Homes for Sale 1,270 877 -30.9%
Months Supply of Inventory 2.7 2.1 -22.2%
YTD
Dec 2022Dec 2023% (+-)
New Listings 8,057 6,658 -17.4%
Closed Sales 6,002 4,825 -19.6%
Days on Market Until Sale 33 39 +18.2%
Median Sales Price* $640,000 $671,750 +5%
Percent of List Price Received* 102.2% 101.1% -1.1%
Inventory of Homes for Sale -- -- --
Months Supply of Inventory -- -- --

*Data pulled from MLS on 1/29/2024

First off, the number of new listings and closed sales dipped slightly, with new listings falling by 17.4% year-to-date and closed sales down by 19.6%. This suggests a tightening market – fewer homes are entering the market, and fewer sales are closing. What does this mean for you? Buyers, it’s competitive out there; be prepared to act swiftly. Sellers, although there’s less competition, pricing and presentation are key to standing out.

The median sales price rose by a notable 8.9% to $670,000 in December, and the year-to-date increase is 5.0%. This price uptick signals a robust seller’s market. If you're selling, it’s likely a good time to maximize returns. Buyers, while prices are climbing, owning a home in Monmouth County remains a valuable investment. Homes spent slightly more time on the market – now 42 days on average, up from 40 last year. This slight increase could indicate a more balanced market, offering buyers a bit more breathing room to make decisions.

The inventory of homes for sale plunged by a staggering 30.9%, and the months supply of inventory is down by 22.2%. This decreased inventory means fewer options for buyers and more competition for available homes.

In summary, Monmouth County’s real estate market is tight and competitive with rising prices. Sellers, this is your market, but don't get complacent; effective marketing and realistic pricing are still key. Buyers, while choices may be fewer, the value of investment in this market remains strong. Be ready to move quickly and negotiate smartly. Let’s make your real estate dreams come true in Monmouth County!

Monmouth County Condos & Townhomes

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Monmouth County Townhouses & Condo Sales in December 2023

December
Dec 2022Dec 2023% (+-)
New Listings 85 67 -21.2%
Closed Sales 125 104 -16.8%
Days on Market Until Sale 27 41 +51.9%
Median Sales Price* $410,000 $457,500 +11.6%
Percent of List Price Received* 100.0% 100.8% +0.8%
Inventory of Homes for Sale 232 242 +4.3%
Months Supply of Inventory 1.7 2.2 +29.4%
YTD
Dec 2022Dec 2023% (+-)
New Listings 2,038 1,774 -13%
Closed Sales 1,696 1,270 -25.1%
Days on Market Until Sale 27 30 +11.1%
Median Sales Price* $415,000 $450,000 +8.4%
Percent of List Price Received* 102.4% 101.4% -1%
Inventory of Homes for Sale -- -- --
Months Supply of Inventory -- -- --

*Data pulled from MLS on 1/29/2024

The townhouse-condo market in Monmouth County for December 2023 reveals a market with its own unique pulse. New listings dropped by 21.2%, suggesting a tighter squeeze for those seeking these sought-after properties. For sellers, this means less competition; for buyers, a signal to act swiftly when the right opportunity arises.

A notable dip in closed sales (-16.8%) could be a silver lining for buyers, potentially easing off fierce bidding wars. Meanwhile, the increased days on market (up 51.9%) hint at a more relaxed pace, allowing buyers to deliberate more on their decisions – a contrast to the hustle often seen in the single-family market.

Prices are surging, with the median hitting $457,500, a rise of 11.6%. It’s a clear indicator of the value and appeal these properties hold. Sellers, it's time to capitalize; buyers, while prices are climbing, the investment promise remains strong. Inventory levels show a slight increase, offering a glimmer of hope for more options. In this evolving landscape, savvy navigation is key – whether you're aiming to sell at a premium or purchase in a market ripe with potential.

Monmouth County Adult Community Homes

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Monmouth County Adult Community Sales in December 2023

December
Dec 2022Dec 2023% (+-)
New Listings 29 28 -3.4%
Closed Sales 46 33 -28.3%
Days on Market Until Sale 27 38 +40.7%
Median Sales Price* $487,563 $600,000 +23.1%
Percent of List Price Received* 100.5% 101.5% +1%
Inventory of Homes for Sale 125 91 -27.2%
Months Supply of Inventory 2.3 1.7 -26.1%
YTD
Dec 2022Dec 2023% (+-)
New Listings 808 743 -8%
Closed Sales 714 637 -10.8%
Days on Market Until Sale 31 41 +32.3%
Median Sales Price* $470,000 $499,999 +6.4%
Percent of List Price Received* 102.2% 100.1% -2.1%
Inventory of Homes for Sale -- -- --
Months Supply of Inventory -- -- --

*Data pulled from MLS on 1/29/2024

The adult community real estate market in Monmouth County has had a fascinating year-end story for 2023. While new listings have only slightly decreased by 3.4%, the number of closed sales took a more significant dip of 28.3%. This could signal a perfect window for those looking to sell, as the competition among sellers isn't escalating too rapidly.

The days on the market saw a notable increase from 27 to 38 days, a 40.7% jump. This slower pace is a breath of fresh air for buyers who can now take a little more time in making their decisions, a luxury rarely seen in today’s fast-paced market. A striking highlight is the surge in median sales prices, up by a whopping 23.1% to $600,000 in December. This is a strong indicator of the high demand and value placed on properties in adult communities. For sellers, it’s an opportune moment to get a premium on their properties. Buyers, on the other hand, should view this as a call to invest in a market that’s rapidly appreciating.

Inventory has shrunk by 27.2%, reinforcing the idea of a sellers’ market, with fewer options for buyers but greater potential for sellers to attract serious interest. Moreover, the months supply of inventory is down by 26.1%, further emphasizing the current competitive nature of this market segment.

In conclusion, Monmouth County’s adult community real estate market in December 2023 presents an intriguing scenario. Sellers are positioned to leverage the value of their properties in a market with rising prices and reduced competition. Buyers have the advantage of a slower-paced market but face rising prices and limited inventory. Navigating this market smartly is key to making the most of these current trends.


Monmouth County Real Estate Update - October 2023

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Monmouth County Single Family Stats for October 2023

October
Oct 2022Oct 2023% (+-)
New Listings 576 571 -0.9%
Closed Sales 483 441 -8.7%
Days on Market Until Sale 38 36 -5.3%
Median Sales Price* $650,000 $675,000 +3.8%
Percent of List Price Received* 99.8% 100.8% +1.0%
Inventory of Homes for Sale 1,657 1,167 -29.6%
Months Supply of Inventory 3.4 2.8 -17.6%
YTD
Oct 2022Oct 2023% (+-)
New Listings 7,382 5,965 -19.2%
Closed Sales 5,193 4,094 -21.2%
Days on Market Until Sale 32 39 +21.9%
Median Sales Price* $640,000 $669,600 +4.6%
Percent of List Price Received* 102.7% 101.2% -1.5%
Inventory of Homes for Sale -- -- --
Months Supply of Inventory -- -- --

*Data pulled from MLS on 11/20/2023

As autumn colors brighten Monmouth County, the local real estate market presents a fascinating tapestry of trends. In October 2023, new listings slightly dipped to 571, a minor decrease from 576 in 2022, reflecting a cautious approach among homeowners. The year-to-date figures echo this sentiment, with a more pronounced 19.2% drop in new listings. This hesitancy to list properties might be contributing to the shrinking inventory, which has plummeted by 29.6%, intensifying the competition among buyers.

Sales dynamics are equally intriguing. Closed sales in October have seen an 8.7% decline year-over-year, aligning with a broader 21.2% decrease throughout the year. This reduction indicates a cooling phase in the transaction volume, possibly due to the dwindling inventory or shifting market sentiments. However, property values remain resilient. The median sales price climbed to $675,000 in October, up by 3.8% from last year, and there’s a similar uptrend for the year-to-date median price. This rise signifies a robust value appreciation, a silver lining for sellers and a challenge for buyers.

Interestingly, homes are selling slightly faster (36 days on average compared to 38 last year), and for a slightly higher percentage of the list price, indicating that well-priced homes in desirable locations are still in high demand. The decreased supply, illustrated by the fall in months’ inventory to just 2.8, is likely fueling this trend.

In essence, Monmouth County’s real estate landscape in October 2023 paints a picture of a market with tightening supply, resilient prices, and a slightly cooling demand, offering unique opportunities and challenges for both buyers and sellers.

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Monmouth County Townhouses & Condo Sales in October 2023

October
Oct 2022Oct 2023% (+-)
New Listings 135 172 +27.4%
Closed Sales 141 107 -24.1%
Days on Market Until Sale 22 27 +22.7%
Median Sales Price* $425,000 $499,999 +17.6%
Percent of List Price Received* 101.0% 101.5% +0.5%
Inventory of Homes for Sale 293 307 +4.8%
Months Supply of Inventory 2.1 2.8 +33.3%
YTD
Oct 2022Oct 2023% (+-)
New Listings 1,846 1,574 -14.7%
Closed Sales 1,460 1,043 -28.6%
Days on Market Until Sale 27 29 +7.4%
Median Sales Price* $418,700 $450,000 +7.5%
Percent of List Price Received* 102.8% 101.5% -1.3%
Inventory of Homes for Sale -- -- --
Months Supply of Inventory -- -- --

*Data pulled from MLS on 11/20/2023

October 2023 unveils an intriguing story in the townhouse-condo market in Monmouth County. There's a vibrant increase in new listings, up by 27.4% compared to October 2022, signaling a renewed confidence among sellers or a response to market demands. Despite this, the year-to-date figures still show a 14.7% decline, indicating a more cautious approach over the longer term.

However, the market faces challenges in sales activity. Closed sales have dropped significantly by 24.1% in October, aligning with a deeper 28.6% decline throughout the year. This could suggest buyer hesitation or affordability challenges, especially as median sales prices have surged impressively by 17.6% to nearly $500,000. The year-to-date increase in median price also reflects a robust upward trend.

Homes are lingering a bit longer on the market, now taking an average of 27 days to sell, up from 22 days last year. Yet, sellers are still receiving a slightly higher percent of their asking price, a testament to the continued demand in specific market segments. Interestingly, the inventory of homes has slightly increased, and the months’ supply of inventory has risen by 33.3%, hinting at a more balanced market. This shift could provide more options for buyers, potentially easing the competitive pressure seen earlier in the year.

Overall, the townhouse-condo market in October 2023 shows a dynamic shift with more listings, rising prices, and a slightly more relaxed pace, offering nuanced opportunities for both buyers and sellers in this segment.

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Monmouth County Adult Community Sales in October 2023

October
Oct 2022Oct 2023% (+-)
New Listings 76 66 -13.2%
Closed Sales 76 58 -23.7%
Days on Market Until Sale 35 42 +20.0%
Median Sales Price* $525,000 $557,000 +6.1%
Percent of List Price Received* 102.8% 98.9% -3.8%
Inventory of Homes for Sale 132 114 -13.6%
Months Supply of Inventory 2.3 2.1 -8.7%
YTD
Oct 2022Oct 2023% (+-)
New Listings 723 670 -7.3%
Closed Sales 611 559 -8.5%
Days on Market Until Sale 30 41 +36.7%
Median Sales Price* $462,000 $499,999 +8.2%
Percent of List Price Received* 102.3% 100.0% -2.2%
Inventory of Homes for Sale -- -- --
Months Supply of Inventory -- -- --

*Data pulled from MLS on 11/20/2023

As we delve into the autumn of 2023, Monmouth County's adult community market presents a mixed bag of trends. A notable shift is seen in new listings, which have decreased by 13.2% in October compared to the previous year. This tightening of available properties is consistent throughout the year, as evidenced by a 7.3% drop in new listings year-to-date. The market also experiences a downturn in closed sales, down by 23.7% in October, mirroring a year-to-date decline of 8.5%. This suggests a cooling in the market's activity, possibly due to the reduced inventory or changing buyer sentiments.

Despite these trends, property values are holding strong. The median sales price in October rose to $557,000, marking a 6.1% increase from last year. Year-to-date, prices have climbed by a notable 8.2%, indicating that while the market may be cooling in terms of sales volume, the value of homes in adult communities remains robust. However, properties are taking longer to sell, with days on market increasing to 42 days in October, a significant jump from 35 days in 2022. This slowdown could be a sign of buyers taking more time to make decisions in a changing market landscape.

Additionally, the percentage of the list price received by sellers has dipped slightly, suggesting that buyers are gaining a bit more leverage in negotiations. Inventory levels have also contracted, further emphasizing the market's tightening, though the months’ supply of inventory shows a slight decrease, indicating a relatively stable balance between supply and demand.

In summary, as we navigate through the later stages of 2023, the adult community market is characterized by a decrease in listings and sales activity, stable yet slowly increasing prices, and a slight shift towards a more balanced market, offering intriguing prospects for both buyers and sellers.


Navigating the Shifts: Monmouth County Real Estate Update for September 2023

As autumn leaves begin to paint Monmouth County in vibrant hues, the local real estate market is showcasing its own spectrum of change and resilience. September 2023 has unfolded unique patterns across different housing sectors, from single-family homes and townhouses to adult communities, each telling a story of adaptation and market dynamics. But what do these patterns mean for potential buyers, sellers, and real estate enthusiasts?

In this blog, we delve into the Local Market Update, interpreting the numbers and trends to give you a clear view of what’s happening in Monmouth County’s property landscape. Whether you’re contemplating a new investment, planning to put your property on the market, or simply curious about the current state of real estate, join us as we unravel the intricacies of this month’s market update, providing insights and analysis to navigate the shifts and turns of Monmouth County's real estate scene.

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Monmouth County Single Family Stats for September 2023

September
Sep 2022Sep 2023% (+-)
New Listings 624 574 -8%
Closed Sales 587 445 -24.2%
Days on Market Until Sale 32 33 3.1%
Median Sales Price* 640,000 670,000 4.7%
Percent of List Price Received* 101.1 101.9 0.8%
Inventory of Homes for Sale 1,657 1,115 -32.7%
Months Supply of Inventory 3.2 2.7 -15.6%
YTD
Sep 2022Sep 2023% (+-)
New Listings 6,806 5,392 -20.8%
Closed Sales 4,710 3,648 -22.5%
Days on Market Until Sale 31 39 25.8%
Median Sales Price* 640,000 667,500 4.3%
Percent of List Price Received* 103.0 101.2 -1.7%
Inventory of Homes for Sale -- -- 0%
Months Supply of Inventory -- -- 0%

*Data pulled from MLS on 10/30/2023

The Monmouth County real estate landscape has undergone notable changes in September 2023, as illustrated by the Local Market Update. The single-family home segment has seen an 8.0% decrease in new listings and a 24.2% drop in closed sales compared to September 2022, signaling a significant slowdown in market activity. This trend is also evident in the year-to-date data, with a 20.8% decrease in new listings and a 22.5% drop in closed sales.

Despite this decline in activity, home values have shown resilience, with the median sales price witnessing a 4.7% increase in September 2023 compared to the previous year, reaching $670,000. This appreciation is also reflected in the year-to-date figures, showing a 4.3% increase. Homes are spending more time on the market, with days on market until sale increasing by 3.1% in September and 25.8% year-to-date.

Interestingly, sellers are receiving a slightly higher percentage of their asking price, with a 0.8% increase in September and a slight decrease of 1.7% year-to-date. The inventory of homes for sale has dramatically decreased by 32.7%, leading to a tight market with a 15.6% decrease in months' supply of inventory, standing at 2.7 months.

This data paints a picture of a transforming market, where home values remain strong despite a decrease in activity, and homes take longer to sell. Sellers seem to have the upper hand in negotiations, benefiting from higher sales prices and receiving a good percentage of their asking price. For buyers, the competitive landscape demands patience and readiness to act promptly.

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Monmouth County Townhouses & Condo Sales in September 2023

September
Sep 2022Sep 2023% (+-)
New Listings 202 179 -11.4%
Closed Sales 163 111 -31.9%
Days on Market Until Sale 24 29 20.8%
Median Sales Price* 418,000 505,000 20.8%
Percent of List Price Received* 101.7 101.9 0.2%
Inventory of Homes for Sale 326 299 -8.3%
Months Supply of Inventory 2.2 2.7 22.7%
YTD
Sep 2022Sep 2023% (+-)
New Listings 1,711 1,401 -18.1%
Closed Sales 1,319 936 -29%
Days on Market Until Sale 27 29 7.4%
Median Sales Price* 415,000 445,000 7.2%
Percent of List Price Received* 103.0 101.5 -1.5%
Inventory of Homes for Sale -- -- 0%
Months Supply of Inventory -- -- 0%

*Data pulled from MLS on 10/30/2023

The townhouse-condo sector in Monmouth County is undergoing a captivating transformation this September. While there's a noticeable 11.4% drop in new listings and a significant 31.9% decline in closed sales compared to last September, the market's pricing strength is undeniable. The median sales price has surged impressively by 20.8%, hitting $505,000, showcasing a robust yearning for quality properties despite the contracting sales volume. This price appreciation is consistent, reflected in a 7.2% increase in the year-to-date figures.

Properties are taking a bit longer to change hands, with days on the market until sale up by 20.8% for the month and a slight 7.4% increase over the year. Sellers are still managing to receive a commendable percentage of their asking price, slightly higher than last year, though there has been a slight dip in the year-to-date comparison. Inventory is tighter, down by 8.3%, and yet there's a 22.7% increase in the months’ supply of inventory, now at 2.7 months. It's a market that's adjusting, with fewer options but strong pricing, demanding swift and decisive action from buyers, while sellers enjoy the fruits of price appreciation.

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Monmouth County Adult Community Sales in September 2023

September
Sep 2022Sep 2023% (+-)
New Listings 78 57 -26.9%
Closed Sales 75 49 -34.7%
Days on Market Until Sale 32 31 -3.1%
Median Sales Price* 561,613 480,000 -14.5%
Percent of List Price Received* 102.3 101.6 -0.7%
Inventory of Homes for Sale 126 95 -24.6%
Months Supply of Inventory 2.1 1.7 -19%
YTD
Sep 2022Sep 2023% (+-)
New Listings 647 603 -6.8%
Closed Sales 535 501 -6.4%
Days on Market Until Sale 29 41 41.4%
Median Sales Price* 459,900 485,000 5.5%
Percent of List Price Received* 102.3 100.2 -2.1%
Inventory of Homes for Sale -- -- 0%
Months Supply of Inventory -- -- 0%

*Data pulled from MLS on 10/30/2023

In Monmouth County's adult community sector, September 2023 has been a period of noteworthy transition, evident from the latest Local Market Update. The market has seen a 26.9% reduction in new listings and a significant 34.7% decline in closed sales compared to the previous September. However, the year-to-date statistics show a more modest decrease in activity, with a 6.8% drop in new listings and a 6.4% fall in closed sales.

Despite these changes, the pricing landscape presents a mixed picture. The median sales price experienced a substantial 14.5% dip in September, settling at $480,000. Yet, on a year-to-date basis, there’s a 5.5% increase, indicating some resilience in property values over the longer term. Homes are selling slightly quicker in September, with a 3.1% decrease in days on market until sale. However, the year-to-date data reflects a 41.4% increase, suggesting that while the market has sped up in the short term, it has generally slowed down over the year.

The inventory of homes has contracted by 24.6%, leading to a tighter market with a 19.0% reduction in the months’ supply of inventory, now at 1.7 months. This data illustrates a market in transition, navigating through decreased activity, shifting prices, and evolving selling times, creating a nuanced landscape for both buyers and sellers in the adult community sector.

Historical Median Sales Price by Property Type in Monmouth County, NJ


Monmouth County Local Market Update: August 2023

As the summer sun dips and the early hints of autumn arrive, the housing market is undergoing its own seasonal transformation. From single-family havens to chic townhouses and serene adult communities, each niche brings its own tale of evolution. Wondering how the numbers have stacked up this August and what the trends indicate for the rest of 2023? Look no further. We've crunched the data, sifted through the stats, and are here to unveil the real estate story of Monmouth County. Dive in with us!

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Monmouth County Single Family Stats for August 2023

August
Aug 2022Aug 2023% (+-)
New Listings 810 618 -23.7%
Closed Sales 623 459 -26.3%
Days on Market Until Sale 24 32 33.3%
Median Sales Price* 675,000 770,000 14.1%
Percent of List Price Received* 102.3 102.4 0.1%
Inventory of Homes for Sale 1,728 1,202 -30.4%
Months Supply of Inventory 3.3 2.9 -12.1%
YTD
Aug 2022Aug 2023% (+-)
New Listings 6,183 4,804 -22.3%
Closed Sales 4,124 3,197 -22.5%
Days on Market Until Sale 31 40 29.%
Median Sales Price* 638,250 665,000 4.2%
Percent of List Price Received* 103.3 101.1 -2.1%
Inventory of Homes for Sale -- -- 0%
Months Supply of Inventory -- -- 0%

Potential home buyers might have noticed fewer 'For Sale' signs around. New listings for single-family homes have fallen by 23.7% compared to August 2022, and an overarching drop of 22.3% year to date. Sales followed suit, with closed deals dropping by a sizable 26.3% for the month and 22.5% for the year so far.

Selling your home? Be prepared for a tad more patience; homes now linger on the market an average of 32 days, up by 33.3%. But here's a silver lining: the median sales price surged to $770,000, a robust 14.1% jump from last year, and the annual uptrend sits at a steady 4.2%. The pricing strategy remains on point, with sellers receiving 102.4% of their asking price in August, slightly higher than last year. However, it's worth noting a slight dip in the year-to-date figure by 2.1%. Lastly, with a 30.4% shrink in inventory and a tighter 2.9-month supply, it's evident: Monmouth County is transforming into a hotter seller's market. If you're considering listing, now may be a golden moment!

Monmouth County Condos & Townhomes

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Monmouth County Townhouses & Condo Sales in August 2023

August
Aug 2022Aug 2023% (+-)
New Listings 174 185 6.3%
Closed Sales 167 106 -36.5%
Days on Market Until Sale 22 26 18.2%
Median Sales Price* 425,000 473,000 11.3%
Percent of List Price Received* 102.9 102.6 -0.3%
Inventory of Homes for Sale 313 288 -8%
Months Supply of Inventory 2.1 2.7 28.6%
YTD
Aug 2022Aug 2023% (+-)
New Listings 1,507 1,206 -20%
Closed Sales 1,155 816 -29.4%
Days on Market Until Sale 28 29 3.6%
Median Sales Price* 415,000 437,000 5.3%
Percent of List Price Received* 103.2 101.5 -1.6%
Inventory of Homes for Sale -- -- 0%
Months Supply of Inventory -- -- 0%

New Monmouth County condo and townhouse listings in August experienced a breath of fresh air, marking a rise of 6.3%. However, a broad glance at the year shows a surprising contraction, with new listings down by a solid 20%. Is this a short-term revival or a sign of things to come? Time will tell.

While new listings have seen some uptick, closed sales tell a contrasting story. August saw a steep drop in transactions, down by 36.5%, and the year-to-date isn't painting a rosier picture, down by 29.4%. This suggests buyers are treading cautiously or perhaps facing constraints. If you're gearing up to sell, expect your townhouse or condo to grace the market for around 26 days in August, slightly longer than last year. Nevertheless, sellers have reason to smile as median sale prices climbed by 11.3% to $473,000 in August, and they’re up 5.3% year to date.

Price negotiations remain close to the list price, with sellers receiving 102.6% of their asking price in August. But be wary of the slight dip in the year-to-date figure, down by 1.6%. With the inventory of condos and townhouses dropping 8.0% and the months' supply inflating by 28.6%, we're seeing a tightening market. A hint for sellers: it might just be an opportune window to make your move!

Monmouth County 55+ Community Homes

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Monmouth County Adult Community Sales in August 2023

August
Aug 2022Aug 2023% (+-)
New Listings 62 64 3.2%
Closed Sales 61 61 0%
Days on Market Until Sale 27 52 92.6%
Median Sales Price* 459,999 555,000 20.7%
Percent of List Price Received* 101.8 99.6 -2.2%
Inventory of Homes for Sale 112 109 -2.7%
Months Supply of Inventory 1.8 2.0 11.1%
YTD
Aug 2022Aug 2023% (+-)
New Listings 570 544 -4.6%
Closed Sales 461 451  -2.2%
Days on Market Until Sale 29 42 44.8%
Median Sales Price* 450,000 485,000 7.8%
Percent of List Price Received* 102.3 100.0 -2.2%
Inventory of Homes for Sale -- -- --
Months Supply of Inventory -- -- --

*All Data pulled from MLS on 10/2/2023

The Monmouth County Adult Community housing scene has its unique dynamics this August, and we're here to shed light on it. The whispers of new listings might have reached you; indeed, there's been a slight uptick of 3.2% this August compared to last year. However, a peek at the larger picture reveals a modest 4.6% decline year to date. Sales remain steady, though, with August matching last year's figure and just a gentle 2.2% decrease observed over the year.

If you're considering a sale, anticipate a longer showcase time. Homes are on the market for nearly double the days they took last year, standing at 52 days in August. The annual trend also shows a 44.8% extension. Despite this, the news isn't all about waiting; the reward seems worth it! Median sale prices are blossoming, showcasing a robust 20.7% boost for August at $555,000, and the yearly raise stands at a respectable 7.8%.

Though the sales prices are growing, there's been a subtle shift in negotiations. Sellers, on average, secured 99.6% of their asking price this August, slightly down by 2.2% from last year. The year-to-date figures mirror this pattern. Inventory remains relatively stable, experiencing a small 2.7% dip. With a slight 11.1% increase in the month's supply, there's a modest expansion in the available homes for buyers.

In conclusion, Monmouth's adult communities are evolving. Sellers might have to practice patience but can expect favorable sale prices. Buyers, a wider choice awaits! Navigate this dynamic market with wisdom and reap its benefits. Cheers to an elegant living experience in Monmouth's finest adult communities!


Local Market Update for July 2023 – Monmouth County

Monmouth County Real Estate Market: July 2023

Monmouth County's housing market is ablaze but not without its set of paradoxes! If you were waiting to put your home on the market, now is the time. Let's dive into what the data from July 2023 reveals.

First, fewer homeowners are selling. New listings are down a whopping 23.9% compared to July 2022. Year-to-date, we're seeing a similar trend, with a 22.1% drop in new listings. Yet despite this scarcity, median sales prices have modestly risen by 5.0% to $708,925 this year. Clearly, demand remains robust, driving up prices, albeit at a slower pace.

But it's not all sunshine for sellers. Homes are taking a bit longer to sell, with the average days on market ticking up by 7.7% to 28 days. Plus, sellers are receiving slightly less than their asking price compared to last year — 102.8% vs. 103.8%.

Perhaps the most startling statistic? Inventory has plummeted by 33.6%, and the months supply of inventory is down 16.1% to just 2.6 months. This is a classic seller's market with dwindling options for buyers. The message is clear: Monmouth County is experiencing a buyer's rush in a shrinking market. If you're a seller contemplating the perfect time to cash in, consider making your move now. And buyers, arm yourselves with patience and flexibility; you'll need it!

Condos & Townhomes in Monmouth County

Switching gears to the townhouse and condo market, the situation is equally captivating. If you're looking to snag a condo or townhome for sale in Monmouth County, brace yourselves for a wild ride. New listings have dipped by 19.4% in July 2023, and year-to-date, we're seeing a substantial 23.6% reduction. Clearly, the scarcity narrative extends here too. But hang on — the drop in closed sales is even more drastic at 28.3% for July and 28.0% year-to-date. Buyers seem to be holding their cards close, waiting for that perfect deal.

Interestingly, the median sales price has skyrocketed by 12.1% to $467,450 this July, substantially outpacing the single-family home market. Year-to-date growth stands at 3.6%, signaling that the July price bump is a rather recent phenomenon. Could this be a bellwether for even higher prices to come?

Despite the fierce competition and fewer choices, homes aren't flying off the shelves as quickly as last year. Days on market until sale have nudged up to 21 days — a 10.5% increase. Moreover, the inventory of homes has shrunk by nearly a quarter (23.8%), although the months supply of inventory has curiously increased by 4.8%.

Here's the kicker: sellers are still getting nearly what they ask for, with the percent of list price received slightly ticking up to 103.6%.

So, what's the takeaway? The Monmouth County townhouse and condo market is like a pressure cooker right now. Sky-high prices and dwindling inventory are setting the stage for an intense battle among buyers. And sellers, you're still in the driver's seat but don't expect to coast; the pace has slowed down a smidgen. The market is pulsating with opportunities and challenges — it’s all about timing and strategy now!

Monmouth County Adult Community Homes

Adult community homes in Monmouth County are experiencing a tug of war between supply and demand that can only be described as "extreme." If you're in this niche market, hold on tight!

First, brace yourself for this: new listings in July 2023 plummeted by a staggering 40%! However, the year-to-date figure shows a softer decline of 5.5%. It appears that this segment is facing a severe inventory crisis, especially in recent months. The drop in closed sales is relatively modest at 9.1% for July and 2.8% year-to-date. However, buyers are taking their sweet time; the days on market until sale have soared by a jaw-dropping 61.9% to 34 days in July. Clearly, the buying frenzy has somewhat cooled off.

Let's talk numbers. The median sales price has surged by an impressive 12.6% to $537,500 in July. Year-to-date, we’re looking at a healthy 7.2% bump. So, despite the longer decision-making process, buyers are willing to pay a premium for these adult-community homes.

That said, it's not all rosy for sellers. The percent of list price received has declined by 2.8% to 100.1%. So while prices are rising, you might not get as much over the asking price as last year. Inventory has dipped by 17.9%, and the months supply is slightly down at 1.8, reinforcing the narrative of a high-stakes seller's market with limited choices for buyers.

The verdict? The adult community market is a place of anomalies right now — sky-high prices, declining sales pace, but most notably, a shrinking pool of available homes.

If you've been considering selling your adult-community property, it looks like the market is tipping in your favor. And for buyers, get ready to pay a premium and be prepared for slim pickings!


Monmouth County Real Estate Market Update: June 2023

The Monmouth County housing market witnessed some fascinating shifts this June 2023. A remarkable 27.9% decrease in new listings, compared to June 2022, has brought a sense of scarcity to the market, with year-to-date figures also down by 21.7%. This trend is echoed in closed sales, which fell by 16% compared to last June, and by 21.4% year to date.

Monmouth County Real Estate Market: June 2023

Interestingly, houses are spending more time on the market before being sold; the figure climbed by 34.6% to 35 days this June, reflecting a slower-paced market. The median sales price saw a modest rise, up 2.2% to $690,000, a sign that despite reduced activity, the value of property in Monmouth County remains robust.

However, sellers might be feeling the pinch. They're receiving a slightly lower percentage of their listing price, down 2.5% from last year. Inventory of homes for sale dropped significantly, a massive 30% decrease, tightening the market further. These trends indicate that while buyers may have more time and choice, they'll need to act fast when they find their dream home in Monmouth County.

Condos & Townhomes in Monmouth County

Condos and townhomes in Monmouth County have also been experiencing intriguing changes. New listings in June 2023 slipped by 18.6% from the previous year, translating to a sizable 24.2% decrease year-to-date, indicative of a tightening supply. Similarly, closed sales dropped by 15.5% in June and a significant 27.9% year-to-date, reflecting lower transaction volumes.

Properties lingered slightly longer on the market before closing, with days on market ticking up by 8.3% to 26 days in June, suggesting a softer demand. However, the property value saw a solid 6.7% increase in the median sales price to $480,000 this June, indicating the market's resilience amidst changing conditions.

Sellers are receiving a little less than their asking price, a decline of 2.3% from last year. Meanwhile, the inventory shrank by 21.9%, constricting the market further. However, the month's supply of inventory saw a small increase of 5.3% to two months, providing a slight relief for prospective buyers.

These trends portray a market with lower inventory and slower sales, but enduring value.

Adult Community Homes in Monmouth County

June 2023 ushered in a unique dynamic for Monmouth County's adult community real estate market. Bucking the broader market trends, new listings increased by 8.5% from last year, showing a slight growth in available properties. Similarly, closed sales surged by a robust 18.3% in June, while the year-to-date figure slid slightly by 2.1%, indicating a temporary uptick in sales activity. However, properties stayed on the market significantly longer, with a 54.5% increase to 34 days in June.

Notably, the median sales price dipped by 7.9% to $492,500 this June, a departure from the other sectors' growth trend. Sellers received slightly less for their properties, with the percentage of list price received dropping by 1.5%. Meanwhile, the inventory saw a surge of 21.9%, providing a much-needed boost in options for potential buyers. The month's supply of inventory also increased by 37.5% to 2.2 months, indicating more balanced market conditions.

All in all, adult community real estate in Monmouth County offers increasing opportunities for buyers amidst shifting market dynamics.

Monmouth County Real Estate Market Update: May 2023

Welcome to our latest Monmouth County real estate market update, where we dissect the fascinating dynamics and trends shaping the housing scene in May 2023. Our focus this time is on two unique property types—townhouses/condos and 55+ community homes. These sectors reveal intriguing shifts that could influence your buying or selling decisions. Whether you're an investor trying to tap into profitable opportunities, a first-time buyer navigating the real estate maze, or an adult community aspirant eyeing a serene retirement abode, our analysis will equip you with essential market insights.

So, let's unravel what May 2023 had in store for the Monmouth County real estate market.

Condos, Townhomes & 55+ Communities in Monmouth County

Monmouth County Real Estate Market: May 2023

The Monmouth County real estate market experienced a significant contraction in May 2023, underlined by a 25.7% drop in new listings compared to May 2022. Despite a 3.3% year-to-date increase in median sales prices, the sluggish pace of closed sales and a dramatic leap in days on the market reflects the market's somewhat lethargic performance. Reduced competition might have played a part, but sellers, don’t celebrate just yet—homes are selling at 101.6% of the listing price, down 3.7% from last year. The trends depict an intriguingly balanced market.

In May 2023, Monmouth County's townhouse-condo market took some captivating turns. Despite a sharp fall in new listings and closed sales, sellers rejoiced as median sales prices jumped up by 10.7% to $465,000, compared to 2022. Properties were also quicker to leave the market, with a 10% decrease in days until sale. However, sellers secured slightly less of their asking price than last year. With an increased months' supply of inventory by 31.3%, the market might be adjusting toward equilibrium. Given these trends, future pricing could witness some stabilization, making it an exciting space to watch!

Monmouth County's adult community housing market demonstrated interesting dynamics in May 2023. New listings rose by 14.5% compared to May 2022, indicating a slight surge in availability. However, closed sales dipped marginally, and properties lingered longer on the market. Sellers, though, are reaping the benefits of a solid 17.1% increase in the median sales price, up to $497,500. Interestingly, the percentage of the list price received fell slightly to 100.6%. A dramatic increase in inventory and months' supply of inventory suggests the market is tilting towards buyers, creating potential opportunities for those considering a move to an adult community.

Monmouth County Real Estate Market: April 2023

Monmouth County Real Estate Market: April 2023

Increasing Prices in Monmouth County

April's real estate statistics for Monmouth County tell an intriguing story of a market that seems to be easing its pace while remaining robustly bullish. New listings have taken a considerable dip, falling by 28.3% in April and 18.3% year-to-date compared to 2022. The reduction in new offerings of single-family homes in Monmouth County appears to be pushing buyers to close deals at a slower rate, with closed sales down 32.3% for the month and 24.1% year-to-date. 

Meanwhile, homes are spending slightly more time on the market before sale, increasing by nearly a week both in April and year-to-date. However, this cooling activity isn't dampening prices. The median sales price surged a notable 12.8% in April and 4.2% year-to-date, suggesting demand continues to outstrip supply.

In a slight shift, sellers received a slightly smaller proportion of their asking price, dropping by 3.6% for the month and 2.8% year-to-date. Inventory and supply modestly expanded, but the market remains skewed toward sellers. A captivating dance between buyer patience and seller optimism is shaping Monmouth County's market narrative in 2023.

Monmouth County Condos & Townhomes

The Monmouth County townhouse-condo market this April experienced a calming breeze. We observed fewer new listings and closed sales, with a year-on-year decrease of 30.9% and 31.6%, respectively. The market pace slackened slightly, with condos and townhomes for sale in Monmouth County lingering a day longer on the market compared to April 2022.

But don't be fooled by the slower tempo. Prices still experienced a subtle uptick. The median sales price nudged upwards by 2.4%, while year-to-date growth gently rose by 1.6%. Sellers received slightly less of their asking price compared to last year, indicating a shift towards a more balanced market. Interestingly, the inventory of townhouses and condos swelled by 19%, accompanied by a significant 64.3% increase in the months' supply of inventory. Despite the slowdown, Monmouth's townhouse-condo market remains resilient as it gently sails towards more balanced waters.

If you’re thinking of buying or selling a home in Monmouth County’s dynamic real estate market, The Robert Dekanski Team is ready to help: contact us today for any and all of your real estate needs!

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

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