Ocean County Real Estate Market Update - New for August 2023
Welcome to our monthly real estate update for Ocean County, NJ. As we arrive at the end of summer 2023, are you curious about what's happening in the local housing market? Wondering how the market trends are shifting in the realms of single-family homes, condos, and adult communities? You're in the right place!
Ever wondered what the current real estate market trends are in Ocean County? Are we in a buyer's paradise or a seller's market? How are the property prices moving, and what the inventory is looking like? We'll tackle these questions and more in this blog, shedding light on the ever-evolving property market dynamics. Ready to dive in? Let's unravel the real estate story for August 2023 by analyzing July's stats and figures.
Ocean County Real Estate Market: July 2023
Ocean County's Single-Family Home Market
Hold onto your seats, Ocean County homebuyers and sellers! The real estate landscape is shaping into a mixed bag of ice and fire this summer. First off, let’s talk about the icicles: new listings of single-family homes in Ocean County plummeted by a staggering 27% compared to July 2022, making the year-to-date decrease a significant 23.2%. The frost extends to closed sales too, down 22% in July and almost a quarter fewer year-to-date.
Now, let’s thaw things with some heat: Despite the shrinkage in activity, the market is still appreciating! Median sales price saw a modest hike, up 2.3% to $525,000 in July, and year-to-date figures warmed up by 3.1% to $515,500. Yet, we can't ignore the chilling winds affecting seller expectations. The percentage of list price received has been dialed back by 1.4%, and sellers may have to be a bit more flexible moving forward.
Ah, and don't forget about the clock! Homes are enjoying a longer sunbath on the market, with days until sale increasing by 39.3% to 39 days. Lastly, the inferno of competition still burns, albeit with less fuel. Inventory shriveled by nearly 30%, but don't be fooled—the months supply of inventory sits at a still-low 2.7 months, keeping sellers in the power seat. So, whether you're a buyer navigating this icy terrain or a seller enjoying the residual heat, the stakes remain high, and the game is ever-engaging!
Condos & Townhomes in Ocean County
If you thought the single-family home market was a gripping tale, the Ocean County townhouse and condo market is nothing short of a rollercoaster! Hang on tight because these numbers tell a fascinating story.
Let's start with the dips: new listings are down by a hefty 17.9% compared to last July, contributing to a year-to-date decline of 24.2%. Closed sales have taken a nosedive, too—down by a whopping 32.5% in July and 29% year-to-date. So, fewer properties are entering the market, and even fewer are making it to the finish line. But wait, there’s a twist in the story! Days on market until sale for townhouses and condos have actually dropped by 8.6% to 32 days. In a sluggish market, homes that do get listed are getting snapped up just a bit quicker. However, don’t get too comfortable—the year-to-date numbers show a slight increase to 39 days.
Now, brace for the biggest drop of the ride: the median sales price tumbled down by 8.4% to $320,500 this July. Year-to-date, though, the numbers have a silver lining with a small 3.3% increase. The price landscape is fluctuating, making it hard to predict where we'll land next. Seller expectations are slightly tempering, too; the percent of list price received fell by 0.9%. Inventory is evaporating, down by 38.2%, leaving a measly 1.7 months supply. This shrinkage is a steep 19% drop, putting the seller still (albeit cautiously) in the driver's seat.
Hold on tight, Ocean County! Whether you’re looking to buy a cozy condo or sell a luxurious townhouse, you're in for a wild ride. Fasten your seatbelts; this market isn’t for the faint-hearted!
Ocean County Adult Community Homes
If you're in the 'Golden Years' phase of your life and contemplating a move, the Ocean County Adult Community real estate market is humming a tune you'll want to listen to! This unique market shows resilience and opportunity, unlike other sectors we've reviewed.
Starting off on a high note, let’s celebrate the 2.8% increase in closed sales of Ocean County adult community homes this July! While the year-to-date number shows a 7.4% drop, the recent uptick may signal the start of a positive melody. And oh, the prices are humming along beautifully. The median sales price rose by an applause-worthy 7.3% to $285,000 in July. Year-to-date, we’re looking at a respectable 3.7% increase, making it evident that value in the adult community sector is as robust as ever.
However, not all is a symphony. Homes are taking a bit longer to perform their final act; the days on market increased by a dramatic 61.5% to 42 days in July. Year-to-date figures harmonize with this trend, up 43.3%. It's slightly more of an ‘adagio’ than an ‘allegro,’ but hey, good things take time! The only slightly off-key note? Sellers are getting a tad less than they were asking for, with the percentage of list price received dropping by 2.1%. But with inventory dipping by just 4.2% and the months of supply at a still-restricted 1.9 months (up 5.6%), sellers are far from facing a finale.
So, to my golden-aged friends, whether you're looking to downsize, upsize, or simply change your life's setting, now is the time to conduct your move. The Ocean County adult community market offers both value and opportunity, and we think it's music to your ears!
WE'RE HERE TO HELP YOU BUY OR SELL
Thanks for joining us on this deep dive into the state of the real estate market in Ocean County. If you're considering buying or selling a home in Somerset 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!
Contact The Robert Dekanski Team
Ocean County's Local Market Update: June 2023
Ocean County Single-Family Homes
Ocean County's single-family real estate market has been a rollercoaster through June 2023. The number of new listings plunged, down 27.7% from the previous year, leading to a notable 22.6% decrease year-to-date. This shrinkage in inventory impacted closed sales, which also dropped by 24%, causing a year-to-date downturn of 25.5%. Buyers are taking longer to make decisions, shown by a 52% increase in days on market.
However, it's not all gloomy skies. The median sales price has seen a healthy rise, going up 7.7% compared to June 2022 and a year-to-date increase of 3%. However, sellers are receiving slightly less of their asking price, indicated by a 3.1% dip compared to the previous year. With inventory falling by 30.1%, it indicates a sellers' market. However, the months' supply of inventory also decreased by 7.4%, showing some easing in this heated market. Overall, it's a competitive landscape for buyers, but with the right strategy, there are still opportunities.
Ocean County Condos & Townhomes
In the Ocean County townhouse-condo market, June 2023 painted a fascinating picture. New listings saw a decline of 31.4% compared to June 2022, reflecting a tighter market for buyers. The contraction in the market was also evident in the 33.3% drop in closed sales. Despite this, properties were moving slightly faster, as seen in the 11.1% decrease in days on market. Interestingly, the median sales price dipped slightly by 1.1% in June, but we've witnessed a positive swing year-to-date, increasing by 6.2%. Sellers received slightly less of their asking price, marking a 1.4% reduction compared to last year.
The tighter squeeze is evident with a 27.9% dip in inventory, reinforcing a seller's market. Nonetheless, the months' supply of inventory contracted by a minor 5.6%, suggesting a more balanced market. Despite a challenging landscape, savvy buyers can still find gems in this market with a meticulous approach.
Ocean County 55+ Community Homes
The adult community real estate scene in Ocean County this June 2023 showcased an interesting mix of dynamics. Despite a 15.5% decrease in new listings compared to June 2022, closed sales surged by 9.3%, hinting at increased demand in this sector. However, the path to sale elongated with a 42.9% increase in days on market.
Good news for sellers came in a 9.5% boost in median sales price for June and a healthy year-to-date increase of 3.7%. But sellers did get slightly less for their properties, with a drop of 2.6% in the percentage of the list price received. The inventory maintained almost the same level, while the months' supply of inventory saw a small 5.9% uptick, hinting at a slight ease for buyers. The diverse dynamics signal an intriguing market full of opportunities for both buyers and sellers.
Ocean County Real Estate Market: May 2023
Ocean County’s single-family real estate market has seen some interesting shifts this past year. While new listings and closed sales decreased by 26.4% and 18.8%, respectively, the days on the market until a sale rose significantly, up by 46.4%. Despite these changes, the resilience of the market is seen in the median sales price, which experienced a growth of 8.7% year-over-year to hit $545,000. However, sellers received slightly less of their asking price, dropping by 3.6%. While inventory slimmed down by 14.5%, the supply increased to 2.6 months, showing a more balanced market. Indeed, a transformative year for Ocean County’s real estate!
Ocean County Condos & Adult Community Homes
The condo market in Ocean County has also undergone remarkable changes this year. There’s been a drop in new listings and closed sales of condos in Ocean County, falling by 33.9% and 24.5%, respectively. Similarly, properties lingered longer on the market, up by 44% from last year. In terms of pricing, we saw a slight dip in the median sales price for May, down 1.5% to $330,000, while year-to-date figures showed a small uptick of 5.3%. Sellers received a bit less of their asking price, down by 2.3%. Inventory has been slimming, but the slight increase in the months’ supply indicates a more evenly matched buyer and seller market.
The adult community sector in Ocean County has seen its own unique fluctuations. New listings and closed sales experienced slight decreases of 6.8% and 12.5% respectively. However, adult community homes in Ocean County took a longer time to sell, with an increase of 52% in days on the market. Interestingly, the median sales price in May fell by 6.8% to $275,000, but year-to-date figures showed a slight increase of 2.1%. Sellers received marginally less of their asking price, down 2.8%. But, the most notable trend was a substantial 29.2% rise in inventory, leading to a larger supply of 2.2 months and signaling a transition towards a buyers’ market.
Ocean County Real Estate Market: May 2023
Facts & Figures for Ocean County Real Estate
So, let’s dive in, shall we? In the single-family homes market, we saw fewer new listings and a slower sales pace. But with homes staying on the market a little longer, buyers can capitalize with more time to choose! And while median prices showed a slight dip, a rise in inventory levels pointed towards a more balanced market.
Similarly, the townhouse-condo sector saw a decrease in new listings and closed sales, while properties lingered slightly longer on the market. And here's the twist: despite a dip in the median sales price, the year-to-date figure still managed to inch upwards. Sounds like a great deal for potential buyers, doesn't it?
The adult community market brought its own unique shifts. Fewer new listings and slower sales might have you worried, but hold on. Homes are spending more time on the market before sale. Does this hint at a less frenzied buying pace? Possibly. While the median sales price saw a little slump, there was an encouraging increase in inventory and supply, making this a potentially more favorable market for buyers.
So, what's your next move in this evolving market landscape? Stick with us to stay ahead of the curve in Ocean County real estate!
Single-Family Homes in Ocean County
Ocean County's housing market experienced some significant changes in April 2023. Notably, there was a 29.6% decrease in new listings of single-family homes in Ocean County compared to April 2022, resulting in a 19.5% reduction year-to-date. This contraction in supply is likely to affect buyers, who have fewer options to choose from. Interestingly, the market witnessed a 27.7% decrease in closed sales compared to the same period last year. The slowdown in sales activity could be attributed to an increase in the average days a property spends on the market, rising from 34 days in April 2022 to 51 days in April 2023—a jump of 50%.
As for pricing, the median sales price slightly dipped by 0.5% to $500,000, despite a yearly increase of 1.0%. Sellers received 99.8% of their listing price, reflecting a slight decrease in their bargaining power compared to last year. However, there's a silver lining for home buyers. The inventory of homes for sale increased by 4.4%, and the months of supply rose by 45.0%. These trends indicate a shift towards a more balanced market, taking some pressure off buyers and providing them with more choices. Keep an eye on these emerging trends as we navigate through 2023.
Ocean County's Attached Homes
The Ocean County townhouse-condo market experienced a unique shift in April 2023. New listings fell by 7.3% compared to last year, resulting in a 19.3% year-to-date decrease. Closed sales, too, reflected a slower pace, dropping by 18.1%. Condos and townhomes in Ocean County lingered slightly longer on the market, with a 15.9% increase in days until sale. Surprisingly, the median sales price saw a downward trend—declining by 8.9%—despite a year-to-date increase of 10.2%. Sellers received slightly less of their asking price compared to last year, a dip of 1.5%.
However, buyer choices expanded as inventory grew by 11.9%, and the months of supply increased by 50%, suggesting a subtle shift towards a more balanced market.
Ocean County's Adult Community Homes
Ocean County's adult community housing market experienced some interesting shifts in April 2023. New listings decreased by 7.6% compared to April 2022, with a negligible 0.2% reduction year-to-date. The slight contraction in new listings might have affected the number of closed sales, which also decreased by 16.2%. However, homes spent significantly more time on the market before selling, with a dramatic increase of 70.4% to 46 days, reflecting a less frenzied buying pace. Despite a decrease in the median sales price of Ocean County adult community homes, to $270,000 (-2.5%), the year-to-date figure tells a different story, showing a 4.6% increase. Sellers received 98.4% of their listing price, a dip from last year, hinting at more negotiations happening between buyers and sellers.
On a brighter note for buyers, there was a significant uptick in inventory, which increased by 57.0%, and the supply of inventory rose by 78.6%, making this market more favorable to buyers than it has been in the past.