Ocean County Real Estate Market Update - New for May 2024

The Ocean County real estate scene has been a whirlwind of activity and shifts as we delve into this past month's local market update. The dynamics have shifted, and we are here to decode what these changes mean for you.

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

Ocean County Real Estate Update: April 2024

Are you looking to make a move in the Ocean County real estate market but wondering what the latest trends are? Whether you're considering selling your home, buying a new one, or simply keeping an eye on the market, understanding the current dynamics can help you make informed decisions. In this blog post, we'll dive deep into the latest real estate statistics for Ocean County, covering various segments, including single-family homes, townhouses, condos, and adult community properties. We'll break down what these numbers mean for you and how you can leverage this knowledge in today's market.

Ocean County Single-Family Homes

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Ocean County Single Family Stats for April 2024

April
Apr 2023Apr 2024% (+-)
New Listings 621 693 11.6%
Closed Sales 414 414 0%
Days on Market Until Sale 52 49 -5.8%
Median Sales Price* 500,000 587,000 17.4%
Percent of List Price Received* 99.9 100.1 0.2%
Inventory of Homes for Sale 1,288 1,183 -8.2%
Months Supply of Inventory 2.5 2.6 4%
YTD
Apr 2023Apr 2024% (+-)
New Listings 2,447 2,482 1.4%
Closed Sales 1,597 1,532 -4.1%
Days on Market Until Sale 49 49 0%
Median Sales Price* 485,000 565,000 16.5%
Percent of List Price Received* 98.8 99.6 0.8%
Inventory of Homes for Sale -- -- 0%
Months Supply of Inventory -- -- 0%

*Data pulled from MLS on 5/29/2024

The real estate scene in Ocean County's Single Home Market has become increasingly vibrant, as evidenced by an 11.6% increase in new listings this April, totaling 693 properties. This rise suggests sellers are gaining confidence, possibly due to escalating property values. Although new listings have surged, the number of closed sales has intriguingly held steady at 414, mirroring last year's figures. A particularly notable statistic is the median sales price, which has climbed a substantial 17.4% from the previous year to $587,000, underscoring a market where demand robustly surpasses supply.

Despite the growth in property listings, the inventory of homes for sale has dipped by 8.2%, and the monthly supply of inventory has nudged up slightly to 2.6 months, hinting at a slight easing. Nevertheless, we remain entrenched in a seller's market, with homes almost selling for their asking price—as the percent of list price received has marginally increased to 100.1%.

For sellers, this period could be particularly profitable, given the elevated prices and quick turnovers. Buyers should be ready to move quickly to secure properties in this competitive environment.

Ocean County Townhouses & Condos

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Ocean County Townhouses & Condo Sales in April 2024

April
Apr 2023Apr 2024% (+-)
New Listings 89 80 -10.1%
Closed Sales 66 58 -12.1%
Days on Market Until Sale 52 25 -51.9%
Median Sales Price* 330,000 382,750 16%
Percent of List Price Received* 100.5 101.8 1.3%
Inventory of Homes for Sale 122 146 19.7%
Months Supply of Inventory 1.8 2.3 27.8%
YTD
Apr 2023Apr 2024% (+-)
New Listings 299 336 12.4%
Closed Sales 218 219 0.5%
Days on Market Until Sale 46 35 -23.9%
Median Sales Price* 297,500 362,500 21.8%
Percent of List Price Received* 99.7 100.8 1.1%
Inventory of Homes for Sale -- -- 0%
Months Supply of Inventory -- -- 0%

*Data pulled from MLS on 5/29/2024

In the townhouse-condo segment of Ocean County's real estate market, there's a dynamic shift worth noting. New listings have dipped by 10.1% this April, totaling only 80, compared to last year. Interestingly, year-to-date figures tell a different story, with a 12.4% increase in new listings, suggesting an early-year rush that has since cooled off.

Closed sales have also seen a decline, dropping by 12.1% to 58 this month. However, the year-to-date sales have barely increased, indicating a relatively stable market overall. A significant decrease in the days on the market, from 52 days last year to just 25 days now, reveals that properties are moving twice as fast, driven perhaps by increased buyer urgency or fewer available options.

The median sales price for townhouses and condos has seen an impressive growth of 16% to $382,750 this month and an even more substantial 21.8% increase year to date. Buyers are clearly seeing value here, as evidenced by the rise in the percentage of list price received, which has grown to 101.8%.

Inventory has increased by 19.7%, and the monthly supply of inventory has risen by 27.8% to 2.3 months, indicating a slight move toward a more balanced market. This could be an ideal time for buyers looking for townhouses or condos, as the selection has broadened slightly, but sellers still enjoy favorable conditions due to quick sales and high selling prices.

Ocean County 55+ Communities

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Ocean County Adult Community Sales in April 2024

April
Apr 2023Apr 2024% (+-)
New Listings 381 395 3.7%
Closed Sales 270 317 17.4%
Days on Market Until Sale 46 47 2.2%
Median Sales Price* 270,000 315,000 16.7%
Percent of List Price Received* 98.4 99.0 0.6%
Inventory of Homes for Sale 629 539 -14.3%
Months Supply of Inventory 2.1 1.8 -14.3%
YTD
Apr 2023Apr 2024% (+-)
New Listings 1,446 1,423 -1.6%
Closed Sales 999 977 -2.2%
Days on Market Until Sale 47 50 6.4%
Median Sales Price* 271,063 295,000 8.8%
Percent of List Price Received* 98.2 98.5 0.3%
Inventory of Homes for Sale -- -- 0%
Months Supply of Inventory -- -- 0%

*Data pulled from MLS on 5/29/2024

In Ocean County's adult community real estate sector, there's an interesting mix of trends that prospective buyers and sellers should consider. April saw a modest increase in new listings by 3.7% to 395 properties. However, when we look at the year-to-date figures, there's a slight decrease of 1.6%, indicating a possible stabilization in the number of new properties entering the market.

Closed sales in April experienced a notable surge, up by 17.4% to 317 properties. This indicates a strong demand within this sector despite a slight 2.2% decrease in closed sales year to date. Days on the market have slightly increased by 2.2% to 47 days, suggesting properties are taking a bit longer to sell this month, but not significantly so.

The median sales price has seen a considerable increase of 16.7% in April to $315,000, reflecting substantial growth in property values in this community, likely due to its increasing attractiveness among buyers. This is further supported by a slight increase in the percent of list price received, up by 0.6% to 99.0%, showing that properties are selling close to their asking prices.

Inventory of homes has decreased by 14.3%, with the monthly supply of inventory also dropping by the same rate to 1.8 months, pointing to a tightening market. This could be a great time for sellers to list, as fewer properties on the market combined with high demand could lead to favorable selling conditions. Buyers, on the other hand, may face more competition and may need to act quickly when they find a suitable property.

Is Now the Right Time to Buy and Sell in Ocean County?

Navigating the Ocean County real estate market requires a strategic approach, whether you're buying or selling. With the current trends, sellers might find it an opportune time to list their properties, especially in high-demand sectors like adult communities and townhouses. Buyers, meanwhile, should be prepared to act swiftly, given the fast-moving nature of desirable properties. As we move forward, keeping a close eye on market updates will be crucial for anyone involved in real estate in this region. What steps will you take to ensure your real estate decisions are well-informed and timely in this dynamic market landscape?

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Ocean County Real Estate Market Update: March 2024

Are you ready to unlock the potential of Ocean County's real estate market? Whether you're a seasoned investor, a first-time homebuyer, or somewhere in between, understanding the latest trends and numbers is key to making informed decisions. Join us as we delve into the compelling dynamics of this vibrant market, from single-family homes to townhouses, condos, and adult communities. Discover where opportunities lie and how to best navigate the challenges of today's real estate landscape in Ocean County. Read on for a detailed analysis that could help guide your next big move!

Ocean County Single-Family Home Market

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Ocean County Single Family Stats for March 2024

March
Mar 2023Mar 2024% (+-)
New Listings 661 631 -4.5%
Closed Sales 491 407 -17.1%
Days on Market Until Sale 49 49 0%
Median Sales Price* 485,000 574,195 18.4%
Percent of List Price Received* 99.2 99.7 0.5%
Inventory of Homes for Sale 1,301 1,152 -11.5%
Months Supply of Inventory 2.5 2.6 4%
YTD
Mar 2023Mar 2024% (+-)
New Listings 1,822 1,788 -1.9%
Closed Sales 1,183 1,119 -5.4%
Days on Market Until Sale 48 49 2.1%
Median Sales Price* 480,000 554,598 15.5%
Percent of List Price Received* 98.4 99.4 1%
Inventory of Homes for Sale -- -- 0%
Months Supply of Inventory -- -- 0%

*Data pulled from MLS on 4/25/2024

Let’s dive into single-family real estate trends that are shaping your investment decisions. This month, we’ve seen a slight decline in new listings, down by 4.5% compared to last year, reflecting a tightening market. This trend continues from the year-to-date figures, with a modest decrease of 1.9%.

However, the standout news is the significant rise in the median sales price, which surged by an impressive 18.4% to $574,195. This robust growth, consistent with the year-to-date increase of 15.5%, indicates a solid appreciation in property values, presenting an opportune moment for homeowners considering selling. While the number of closed sales has dipped by 17.1%, indicating a slower turnover, the market remains competitive with homes selling nearly at their asking price, evidenced by a 0.5% increase in the percent of list price received.

Inventory has contracted by 11.5%, tightening further to a 2.6-month supply, which hints at a seller’s market. This scenario is perfect for sellers looking to maximize returns on their investments. Buyers, on the other hand, should be ready to act swiftly in this dynamic market. Whether you’re buying or selling, staying informed will help you navigate these exciting times in Ocean County’s real estate scene!

Ocean County Condo & Townhome Market

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Ocean County Townhouses & Condo Sales in March 2024

March
Mar 2023Mar 2024% (+-)
New Listings 72 93 29.2%
Closed Sales 71 57 -19.7%
Days on Market Until Sale 43 43 0%
Median Sales Price* 290,000 343,000 18.3%
Percent of List Price Received* 99.1 100.9 1.8%
Inventory of Homes for Sale 115 133 15.7%
Months Supply of Inventory 1.6 2.1 31.3%
YTD
Mar 2023Mar 2024% (+-)
New Listings 212 253 19.3%
Closed Sales 153 158 3.3%
Days on Market Until Sale 43 39 -9.3%
Median Sales Price* 275,000 347,450 26.3%
Percent of List Price Received* 99.4 100.5 1.1%
Inventory of Homes for Sale -- -- 0%
Months Supply of Inventory -- -- 0%

*Data pulled from MLS on 4/25/2024

Turning our focus to the townhouse-condo market in Ocean County, we're witnessing a contrasting trend compared to single-family homes. Notably, new listings for townhouses and condos have risen significantly, up by a robust 29.2% in March and 19.3% year to date. This increase in availability presents more options for potential buyers and indicates a vibrant market environment.

Despite the uptick in listings, closed sales have decreased by 19.7% in March, though there's a slight year-to-date increase of 3.3%. This might suggest some hesitancy among buyers, possibly due to price considerations or market dynamics. The median sales price for townhouses and condos has seen a remarkable increase, soaring by 18.3% in March to $343,000, with an even more impressive year-to-date rise of 26.3% to $347,450. This price growth outpaces that of single-family homes, highlighting a burgeoning interest in this segment.

The market efficiency remains stellar, with the percentage of list price received climbing to 100.9% in March, showing that sellers are not only achieving but exceeding their asking prices. The inventory of homes has also grown by 15.7%, and the months' supply of inventory has increased significantly by 31.3%, now standing at 2.1 months.

For investors and homebuyers, the townhouse-condo market offers attractive opportunities, especially for those looking to leverage the growing demand. Sellers should feel confident in gaining favorable deals, while buyers need to navigate this competitive landscape with readiness and agility.

Ocean County 55+ Community Market

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Ocean County Adult Community Sales in March 2024

March
Mar 2023Mar 2024% (+-)
New Listings 402 390 -3%
Closed Sales 311 245 -21.2%
Days on Market Until Sale 43 55 27.9%
Median Sales Price* 270,125 305,000 12.9%
Percent of List Price Received* 98.5 98.6 0.1%
Inventory of Homes for Sale 608 518 -14.8%
Months Supply of Inventory 2.0 1.8 -10%
YTD
Mar 2023Mar 2024% (+-)
New Listings 1,066 1,029 -3.5%
Closed Sales 729 660 -9.5%
Days on Market Until Sale 47 52 10.6%
Median Sales Price* 275,000 290,000 5.5%
Percent of List Price Received* 98.2 98.3 0.1%
Inventory of Homes for Sale -- -- 0%
Months Supply of Inventory -- -- 0%

*Data pulled from MLS on 4/25/2024

Moving ahead to the adult community segment in Ocean County, we observe a unique set of dynamics that reflect distinct market pressures and opportunities. New listings have seen a modest decrease of 3.0% in March and 3.5% year to date, suggesting a slight tightening in available properties within this niche. More significantly, closed sales have decreased sharply by 21.2% in March alone, with a year-to-date decline of 9.5%. This downturn in sales activity could be attributed to various factors, including pricing, inventory levels, and perhaps changing preferences within the target demographic.

Despite these challenges, there's a silver lining with the median sales price, which has increased by 12.9% to $305,000 in March, and year-to-date figures also show a healthy rise of 5.5%. This growth in prices indicates a continuing appreciation in property values, underscoring the ongoing demand for homes in adult communities despite the slowdown in sales.

The days on market until sale have increased by 27.9%, suggesting that homes are taking longer to sell. However, the slight increase in the percent of list price received (+0.1%) implies that sellers are still achieving close to their asking prices.

The inventory of homes for sale has decreased significantly by 14.8%, and the months' supply of inventory is down by 10.0%, now at just 1.8 months. This tighter supply scenario could be a factor contributing to the slower sales pace as fewer options may be available to potential buyers. For prospective buyers, the current market conditions in the adult community segment suggest the need for swift decision-making given the limited inventory. Sellers can remain optimistic about their property values, but might need to be patient as homes may take longer to sell. Overall, while the market presents challenges, the enduring value growth offers promising opportunities for both buyers and sellers in Ocean County’s adult communities.

Ocean County Real Estate Market Update: February 2024

Are you ready to navigate Ocean County's real estate market? Whether you're dreaming of a cozy single-family home, a chic townhouse-condo, or the serene lifestyle of an adult community, the latest market trends from February 2024 offer a guide. With each sector of the market having its own differences, opportunities, and subtle shifts, the question remains: How can you, as a buyer or seller, find success? Let's dive into the heart of Ocean County's real estate dynamics and discuss the trends in local housing market.

Ocean County Single-Family Market

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Ocean County Single Family Stats for February 2024

February
Feb 2023Feb 2024% (+-)
New Listings 556 578 4%
Closed Sales 324 337 4%
Days on Market Until Sale 49 51 4.1%
Median Sales Price* 473,000 550,000 16.3%
Percent of List Price Received* 97.5 99.1 1.6%
Inventory of Homes for Sale 1,314 1,117 -15%
Months Supply of Inventory 2.4 2.5 4.2%
YTD
Feb 2023Feb 2024% (+-)
New Listings 1,161 1,152 -0.8%
Closed Sales 692 709 2.5%
Days on Market Until Sale 48 50 4.2%
Median Sales Price* 475,000 547,750 15.3%
Percent of List Price Received* 97.8 99.2 1.4%
Inventory of Homes for Sale -- -- 0%
Months Supply of Inventory -- -- 0%

*Data pulled from MLS on 3/25/2024

In Ocean County's real estate market, the latest trends from February 2024 show signs of growth and opportunity, urging potential buyers and sellers to act now. In February, we saw a slight increase in new listings, up by 4.0% compared to last year, showing an expanding market. However, the slight dip in year-to-date listings suggests selective availability.

Total closed sales saw an increase of 4.0% monthly and 2.5% annually. This reflects thriving demand, which is complemented by the number of days on the market. which nudges buyers to make swift decisions in this competitive landscape.

Surprisingly, the median sales price, which has soared by a stunning 16.3% over the past year, which equates to about $550,000. This leap, paired with the list price received stretching to 99.1%, illustrates a sellers' haven.

Inventory, however, has decreased by 15%, alongside a slight increase in the months' supply of inventory. This suggests a market teetering on the edge of a seller's market but with a chance of balancing out.

Ocean County Condo & Townhome Market

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Ocean County Townhouses & Condo Sales in February 2024

February
Feb 2023Feb 2024% (+-)
New Listings 77 94 22.1%
Closed Sales 42 54 28.6%
Days on Market Until Sale 39 37 -5.1%
Median Sales Price* 266,500 343,750 29%
Percent of List Price Received* 99.1 100.3 1.2%
Inventory of Homes for Sale 137 122 -10.9%
Months Supply of Inventory 1.9 1.9 0%
YTD
Feb 2023Feb 2024% (+-)
New Listings 139 158 13.7%
Closed Sales 82 102 24.4%
Days on Market Until Sale 43 37 -14%
Median Sales Price* 264,950 347,450 31.1%
Percent of List Price Received* 99.6 100.2 0.6%
Inventory of Homes for Sale -- -- 0%
Months Supply of Inventory -- -- 0%

*Data pulled from MLS on 3/25/2024

The Ocean County condo and townhome market has seen a lot of change over February. New listings increased by a striking 22.1% over the month and 13.7% year-to-date. This signals a good opportunity for buyers to find the perfect home.

Closed sales surged by a stunning 28.6% in February, and 24.4% year-to-date. This acceleration not only showcases a high velocity of transactions but also indicates a growing appetite for the townhouse-condo lifestyle within the community.

Median sales prices soared by 29% to $343,750, a testament to the market’s robust health. This uptrend, alongside the percent of list price received surpassing the asking price, shows fierce competition among buyers in Ocean County.

Despite a slight reduction in inventory, the stability in the months' supply of inventory holds the stage for a balanced act, ensuring the spotlight remains on this sector's dynamic performance and potential. This equilibrium suggests a market that, while competitive, still offers room for negotiation and strategic play for both buyers and sellers.

Ocean County 55+ Community Market

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Ocean County Adult Community Sales in February 2024

February
Feb 2023Feb 2024% (+-)
New Listings 335 320 -4.5%
Closed Sales 195 206 5.6%
Days on Market Until Sale 51 53 3.9%
Median Sales Price* 286,000 279,000 -2.4%
Percent of List Price Received* 98.3 98.0 -0.3%
Inventory of Homes for Sale 598 515 -13.9%
Months Supply of Inventory 1.9 1.8 -5.3%
YTD
Feb 2023Feb 2024% (+-)
New Listings 664 640 -3.6%
Closed Sales 418 415 -0.7%
Days on Market Until Sale 49 50 2%
Median Sales Price* 275,000 280,000 1.8%
Percent of List Price Received* 98.0 98.1 0.1%
Inventory of Homes for Sale -- -- 0%
Months Supply of Inventory -- -- 0%

*Data pulled from MLS on 3/25/2024

Turning to the Adult Community sector of Ocean County, we observe a slight decrease in new listings by 4.5% in February 2024, and a modest year-to-date reduction. The landscape subtly hints at a decrease in available properties, creating an atmosphere of high demand.

Closed sales are quite strong, with a 5.6% increase since January. Even though there was a slight increase in days on market, this suggests that buyers are being more deliberate with their purchases.

In an intriguing turn, the median sales price slightly recedes by 2.4% to $279,000 for the month, yet year-to-date figures show a more gradual appreciation. This oscillation in pricing could reflect a market that's delicately balancing between buyer affordability and seller expectations, amidst evolving market dynamics.

The percent of list price received slight decreases, reflecting a market that, while slightly adjusting, remains largely in favor of sellers, where listings closely achieve their asking prices. The decrease in inventory by 13.9%, coupled with a subtle reduction in the months' supply of inventory, paints a picture of a tightening market, where options become more precious, urging potential buyers to act with decisiveness.

For those considering buying or selling a home in an adult community in Ocean County,  the current climate suggests a period of contemplation and strategic planning. Sellers might find it an opportune time to list, capitalizing on the steady demand and slightly reduced competition. Buyers, on the other hand, are encouraged to navigate this market with patience and precision, ready to seize opportunities as they arise, amidst a backdrop of slightly elongated decision windows and a nuanced pricing landscape.

In essence, the Adult Community sector stands as a testament to the enduring appeal and dynamic nature of Ocean County's real estate market, inviting both buyers and sellers to engage deeply, act wisely, and embrace the unique rhythm of this distinctive community.

Ocean County Real Estate Pulse, January 2024: Navigating the Surge in Demand and Prices

Single-Family Homes in Ocean County

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Ocean County Single Family Stats for January 2024

January
Jan 2023Jan 2024% (+-)
New Listings 605 576 -4.8%
Closed Sales 368 371 0.8%
Days on Market Until Sale 47 48 2.1%
Median Sales Price* 480,000 535,000 11.5%
Percent of List Price Received* 98.1 99.3 1.2%
Inventory of Homes for Sale 1,406 1,091 -22.4%
Months Supply of Inventory 2.6 2.4 -7.7%
YTD
Jan 2023Jan 2024% (+-)
New Listings 605 576 -4.8%
Closed Sales 368 371 0.8%
Days on Market Until Sale 47 48 2.1%
Median Sales Price* 480,000 535,000 11.5%
Percent of List Price Received* 98.1 99.3 1.2%
Inventory of Homes for Sale -- -- 0%
Months Supply of Inventory -- -- 0%

*Data pulled from MLS on 2/28/2024

Key Takeaways:

  • The market is heating up with median sales prices jumping to $535,000, a clear signal of strong demand.
  • Inventory is tightening, making now an excellent time for sellers to get top dollar for their homes.
  • Buyers should be ready to move quickly and possibly above asking price in this competitive landscape.

Single-family homes in Ocean County are showing intriguing signs of resilience and growth as we step into 2024. Despite a slight dip in new listings by 4.8%, from 605 to 576 in January, the appetite for homes in this area remains strong. This is evidenced by the median sales price soaring to $535,000, marking a significant 11.5% jump compared to last year. What does this mean for potential buyers and sellers? For starters, homes are almost fetching their asking price, with the percent of list price received increasing to 99.3% - a clear sign of a competitive market.

Moreover, the slight increase in days on market until sale, from 47 to 48 days, is barely a slowdown, indicating that properties are still moving swiftly. However, the most striking number is the 22.4% plunge in inventory, combined with a decrease in the months supply of inventory to just 2.4 months. This tightening of available homes nudges us towards a seller's market, where demand outpaces supply.

For those pondering whether to list their homes, the current trends suggest that now might be an opportune time. Prices are up, and with the inventory shrinking, sellers are in a favorable position. Buyers, on the other hand, should brace for competition but can take solace in knowing that investments made now could appreciate handsomely if these trends continue. Ocean County is proving to be a robust market with potential for both buyers and sellers, but navigating it requires timely action and informed decisions.

Condos & Townhomes in Ocean County

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Ocean County Townhouses & Condo Sales in January 2024

January
Jan 2023Jan 2024% (+-)
New Listings 62 64 3.2%
Closed Sales 39 47 20.5%
Days on Market Until Sale 46 34 -26.1%
Median Sales Price* 269,900 362,500 34.3%
Percent of List Price Received* 100.3 100.2 -0.1%
Inventory of Homes for Sale 127 96 -24.4%
Months Supply of Inventory 1.7 1.5 -11.8%
YTD
Jan 2023Jan 2024% (+-)
New Listings 62 64 3.2%
Closed Sales 39 47 20.5%
Days on Market Until Sale 46 34 -26.1%
Median Sales Price* 269,900 362,500 34.3%
Percent of List Price Received* 100.3 100.2 -0.1%
Inventory of Homes for Sale -- -- 0%
Months Supply of Inventory -- -- 0%

*Data pulled from MLS on 2/28/2024

Key Takeaways:

  • A significant price leap and fast-moving sales highlight a burgeoning demand for more affordable, maintenance-friendly living options.
  • With days on market significantly reduced, buyers interested in townhouse-condos must act swiftly to secure their desired home.
  • Sellers can capitalize on the 34.3% surge in median sales prices, suggesting a ripe market for fetching attractive sale prices.

Shifting our gaze to the townhouse-condo market in Ocean County, the data reveals an even more dynamic segment. New listings slightly increased by 3.2%, indicating a willingness among owners to sell. This market segment also experienced a robust 20.5% surge in closed sales, suggesting a growing interest among buyers for more affordable, low-maintenance living options. The median sales price leap to $362,500, a staggering 34.3% hike, underscores a rapidly appreciating condo market, driven perhaps by first-time homebuyers or downsizers seeking cost-effective alternatives to single-family homes.

The condos are not just selling; they're selling fast, with the days on market plummeting by 26.1% to just 34 days. This brisk pace indicates a hot market, with properties moving quickly from listing to closing. Despite a slight dip in the percent of list price received, the nearly unchanged figure above 100% demonstrates that many condos are selling at or above asking price.

With inventory tightening further, down 24.4%, and the months supply of inventory shrinking to just 1.5 months, the message is clear: demand for townhouse-condos in Ocean County is high, and supply can't keep up. For buyers, acting swiftly and decisively is key in this competitive environment. Sellers, meanwhile, can leverage this demand to negotiate favorable sale terms, making now an optimal time to consider listing. This segment's agility offers unique opportunities for both sides of the real estate equation.

Active Adult Communities in Ocean County

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Ocean County Adult Community Sales in January 2024

January
Jan 2023Jan 2024% (+-)
New Listings 329 319 -3%
Closed Sales 223 209 -6.3%
Days on Market Until Sale 48 47 -2.1%
Median Sales Price* 255,000 280,000 9.8%
Percent of List Price Received* 97.7 98.1 0.4%
Inventory of Homes for Sale 609 524 -14%
Months Supply of Inventory 2.0 1.8 -10%
YTD
Jan 2023Jan 2024% (+-)
New Listings 329 319 -3%
Closed Sales 223 209 -6.3%
Days on Market Until Sale 48 47 -2.1%
Median Sales Price* 255,000 280,000 9.8%
Percent of List Price Received* 97.7 98.1 0.4%
Inventory of Homes for Sale -- -- 0%
Months Supply of Inventory -- -- 0%

*Data pulled from MLS on 2/28/2024

Key Takeaways:

  • Despite a slight dip in sales, the rise in median sales prices indicates a consistent demand for lifestyle-oriented living spaces.
  • The market remains tight with reduced inventory, suggesting that listings could attract significant interest and competitive offers.
  • Buyers valuing community amenities and a tailored lifestyle should be prepared for a market where desirable properties go quickly.

In the active adult communities of Ocean County, the market dynamics reflect a nuanced shift. A slight decrease in new listings by 3% suggests a cautious stance among potential sellers, possibly awaiting further market improvements. However, the sector saw a 6.3% dip in closed sales, hinting at a challenging environment for transactions, despite a notable increase in median sales prices to $280,000, up by 9.8%. This price appreciation indicates a sustained demand for adult community living, valued for its lifestyle and amenities, despite fewer sales.

The days on market saw a marginal improvement, decreasing to 47 days, suggesting that while fewer homes are selling, those that do are moving slightly faster than the previous year. The slight increase in the percent of list price received to 98.1% reflects a market where buyers are willing to pay close to asking prices, appreciating the value these communities offer.

Inventory constraints continue to be a theme across Ocean County, with adult communities experiencing a 14% reduction in available homes and a tightening supply, now at 1.8 months. This tightening inventory underscores the competitive nature of this market segment, urging buyers to act decisively, while sellers might find it a favorable time to list, given the apparent sustained interest in adult community living.


Ocean County Real Estate: A December 2023 Snapshot

Hey there, Ocean County Real Estate enthusiasts! As we wrap up December 2023, let's dive into the local market trends that are shaping our community. It's been a rollercoaster of a year, and the numbers tell a fascinating story!

Single-Family Home Sales in Ocean County

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Ocean County Single Family Stats for December 2023

December
Dec 2022Dec 2023% (+-)
New Listings 348 313 -10.1%
Closed Sales 502 394 -21.5%
Days on Market Until Sale 44 44 0%
Median Sales Price* 487,250 549,900 12.9%
Percent of List Price Received* 99.2 99.2 0%
Inventory of Homes for Sale 1,441 1,017 -29.4%
Months Supply of Inventory 2.6 2.2 -15.4%
YTD
Dec 2022Dec 2023% (+-)
New Listings 9,170 7,309 -20.3%
Closed Sales 7,129 5,431 -23.8%
Days on Market Until Sale 34 44 29.4%
Median Sales Price* 500,000 535,000 7%
Percent of List Price Received* 101.8 100.0 -1.8%
Inventory of Homes for Sale -- -- 0%
Months Supply of Inventory -- -- 0%

*Data pulled from MLS on 1/29/2024

The number of new single-family home listings in Ocean County dipped by 10.1% in December and a significant 20.3% for the year. What does this mean for you? Simply put, fewer homes are hitting the market. If you're considering selling, it's still a great time, as the supply is tight.

Closed sales decreased by 21.5% this December compared to last year, with a 23.8% drop year-to-date. Buyers, this could be your moment! There's less competition out there, giving you more room to negotiate and find your dream home.

Here's a fascinating constant—the Days on Market remained steady at 44 days. Homes are still moving at the same pace as last year, indicating a stable market. The real head-turner is the median sales price, which leaped by 12.9% to $549,900 in December and saw a 7.0% increase over the year. Homeowners, your property's value is likely appreciating, and potential sellers, you might get more than you expect for your home.

Despite these rising prices, the percentage of list price received remains rock solid at 99.2%. This suggests that homes are selling very close to their asking prices—great news for sellers! Finally, the inventory of homes for sale has shrunk by a striking 29.4%, coupled with a 15.4% decrease in the months' supply of inventory. This trend points to a market leaning more towards sellers, offering them a competitive edge.

Ocean County's market is dynamic. Sellers, capitalize on your property's value. Buyers, navigate this market with a keen eye on opportunities. The tides may be shifting, but with the right strategy, you can sail smoothly through these real estate waters!

Townhouse & Condo Sales in Ocean County

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Ocean County Townhouses & Condo Sales in December 2023

December
Dec 2022Dec 2023% (+-)
New Listings 44 45 2.3%
Closed Sales 68 68 0%
Days on Market Until Sale 38 35 -7.9%
Median Sales Price* 281,250 353,100 25.5%
Percent of List Price Received* 98.4 100.7 2.3%
Inventory of Homes for Sale 140 111 -20.7%
Months Supply of Inventory 1.9 1.7 -10.5%
YTD
Dec 2022Dec 2023% (+-)
New Listings 1,113 918 -17.5%
Closed Sales 973 728 -25.2%
Days on Market Until Sale 35 37 5.7%
Median Sales Price* 295,000 330,000 11.9%
Percent of List Price Received* 101.8 100.9 -0.9%
Inventory of Homes for Sale -- -- 0%
Months Supply of Inventory -- -- 0%

*Data pulled from MLS on 1/29/2024

Now, let's shift our focus to the townhouse-condo market in Ocean County, which has its own unique story to tell in December 2023. Interestingly, new listings in this sector showed a slight uptick of 2.3% in December, a refreshing change compared to the single-family market. However, year-to-date, there's a 17.5% decrease, suggesting a long-term trend of fewer listings, much like the single-family homes.

Closed sales stood their ground, remaining unchanged from last December. But, don't let this fool you. There's been a significant 25.2% drop in sales over the year, indicating a market that's cooling off, potentially offering more options and less competition for buyers. Days on Market saw a slight decrease to 35 days. Properties are moving a bit faster than last year, a hint that demand in this sector remains resilient.

The median sales price for townhouses and condos soared by a whopping 25.5% to $353,100 in December, with a yearly increase of 11.9%. This is a clear signal that these property types are gaining in value rapidly, making them attractive investments. The percent of list price received moved beyond the 100% mark to 100.7%. Sellers, rejoice! This means many of you are getting more than your asking price.

Inventory challenges continue here as well, with a 20.7% decrease in available homes and a 10.5% dip in the months' supply of inventory. This tightening market could mean competitive conditions for buyers and advantageous scenarios for sellers. In summary, for those eyeing the townhouse-condo market in Ocean County, the moment is ripe with opportunity. Sellers, your properties are in high demand. Buyers, while choices may be fewer, the potential for finding a valuable asset is significant. Dive in and make your mark in this vibrant market!

Active Adult Community Sales in Ocean County

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Ocean County Adult Community Sales in December 2023

December
Dec 2022Dec 2023% (+-)
New Listings 213 183 -14.1%
Closed Sales 272 265 -2.6%
Days on Market Until Sale 38 46 21.1%
Median Sales Price* 270,000 300,000 11.1%
Percent of List Price Received* 98.6 98.3 -0.3%
Inventory of Homes for Sale 608 504 -17.1%
Months Supply of Inventory 2.0 1.7 -15%
YTD
Dec 2022Dec 2023% (+-)
New Listings 4,448 4,260 -4.2%
Closed Sales 3,795 3,519 -7.3%
Days on Market Until Sale 31 42 35.5%
Median Sales Price* 270,000 287,500 6.5%
Percent of List Price Received* 100.8 99.0 -1.8%
Inventory of Homes for Sale -- -- 0%
Months Supply of Inventory -- -- 0%

*Data pulled from MLS on 1/29/2024

Finally, let's explore Ocean County's active adult community real estate landscape. This segment of the market, catering to a more mature demographic, reveals some unique trends for December 2023. The number of new listings in adult communities has seen a reduction of 14.1% in December, aligning with the overall trend of fewer properties entering the market. The year-to-date figures echo this sentiment with a 4.2% decrease. For those considering selling in these communities, this might be a prime time, given the less crowded marketplace.

Closed sales show a slight decline of 2.6% in December, and a more noticeable 7.3% drop over the year. This suggests a slightly cooling market, potentially offering a more relaxed buying experience. One significant change is the increase in the Days on Market, up by 21.1% to 46 days in December. Properties are taking longer to sell than they did last year, indicating a shift towards a more buyer-friendly market.

The median sales price has grown by a robust 11.1% to $300,000 this December, with a yearly rise of 6.5%. This is great news for homeowners and sellers in adult communities, as it points to healthy property value appreciation. The percent of list price received has seen a marginal dip to 98.3%, but this slight adjustment still indicates that homes are selling close to their asking prices.

Inventory in adult communities is also tightening, with a 17.1% decrease in homes for sale and a 15.0% drop in the months' supply of inventory. This could mean a competitive environment for buyers but advantageous for sellers due to limited options. In conclusion, for those in Ocean County's adult communities, the market presents mixed signals. Sellers, your property values are rising, making it a potentially lucrative time to sell. Buyers, while you might face less competition, the market requires a strategic approach to find the right home at the right price. Navigating this sector calls for a blend of timing, patience, and savvy decision-making!


Ocean County Real Estate Update - October 2023

Single-Family Homes in Ocean County

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Ocean County Single Family Stats for October 2023

October
Oct 2022Oct 2023% (+-)
New Listings 672 588 -12.5%
Closed Sales 600 474 -21%
Days on Market Until Sale 38 44 15.8%
Median Sales Price* 507,500 575,000 13.3%
Percent of List Price Received* 99.7 100.2 0.5%
Inventory of Homes for Sale 1,869 1,306 -30.1%
Months Supply of Inventory 3.2 2.8 -12.5%
YTD
Oct 2022Oct 2023% (+-)
New Listings 8,278 6,506 -21.4%
Closed Sales 6,112 4,593 -24.9%
Days on Market Until Sale 33 44 33.3%
Median Sales Price* 500,000 534,950 7%
Percent of List Price Received* 102.2 100.1 -2.1%
Inventory of Homes for Sale -- -- 0%
Months Supply of Inventory -- -- 0%

*Data pulled from MLS on 10/30/2023

As we dive into Ocean County's real estate trends for October 2023, a captivating narrative emerges. The market is contracting, with new listings down by 12.5% and closed sales decreasing by 21%, reflecting a more cautious approach from both sellers and buyers. However, this contraction isn't dampening property values. The median sales price for single-family homes has climbed to $575,000, a notable 13.3% year-over-year increase, hinting at the enduring attractiveness of the area's real estate.

Homes are lingering a bit longer on the market, now taking an average of 44 days to sell, up by 15.8%. This slower pace suggests buyers are weighing their options more carefully in a less frenzied market. Despite this, sellers are seeing slight gains, with properties selling at or just above asking price. In essence, Ocean County's market in October 2023 is evolving into a more balanced arena, offering intriguing opportunities for discerning buyers and sellers in a less hectic, value-appreciating environment.

Condos & Townhomes in Ocean County

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Ocean County Townhouses & Condo Sales in October 2023

October
Oct 2022Oct 2023% (+-)
New Listings 86 68 -20.9%
Closed Sales 63 65 3.2%
Days on Market Until Sale 32 34 6.3%
Median Sales Price* 310,000 362,000 16.8%
Percent of List Price Received* 99.6 100.5 0.9%
Inventory of Homes for Sale 188 141 -25%
Months Supply of Inventory 2.4 2.2 -8.3%
YTD
Oct 2022Oct 2023% (+-)
New Listings 997 790 -20.8%
Closed Sales 829 610 -26.4%
Days on Market Until Sale 35 38 8.6%
Median Sales Price* 295,000 321,500 9%
Percent of List Price Received* 102.4 100.9 -1.5%
Inventory of Homes for Sale -- -- 0%
Months Supply of Inventory -- -- 0%

*Data pulled from MLS on 10/30/2023

The October 2023 real estate market for townhouses and condos presents an intriguing landscape marked by contrasts and evolving trends. Let's unpack what this means for potential buyers and sellers. A significant decline in new listings, dropping by 20.9% compared to last year, indicates a tighter market. This trend mirrors the year-to-date decrease, underscoring a consistent pullback in available properties. Despite this, closed sales saw a slight uptick of 3.2% in October, suggesting a resilient demand for these types of homes.

Prices reflect this demand, with the median sales price jumping to $362,000, a robust 16.8% increase from 2022. This growth, coupled with a year-to-date rise of 9%, showcases the increasing value of townhouses and condos in the area. Interestingly, homes are taking slightly longer to sell, with days on market increasing to 34. This minor shift might suggest buyers are taking extra time to make decisions in a less saturated market.

Sellers are still achieving favorable outcomes, with the percentage of list price received rising to 100.5%, indicating that homes are generally selling at or above the asking price. The inventory of available homes has decreased by 25%, coupled with a small reduction in the months supply of inventory. This combination points towards a market that favors sellers, albeit one that's becoming more balanced.

In summary, October 2023's townhouse-condo market in the area is characterized by fewer listings but stable demand, increasing prices, and slightly longer selling times. It's an evolving market that offers opportunities for both buyers looking for value and sellers seeking favorable returns.

Age-Restricted Communities in Ocean County

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Ocean County Adult Community Sales in October 2023

October
Oct 2022Oct 2023% (+-)
New Listings 372 389 4.6%
Closed Sales 319 316 -0.9%
Days on Market Until Sale 32 41 28.1%
Median Sales Price* 285,000 302,500 6.1%
Percent of List Price Received* 100.4 99.6 -0.8%
Inventory of Homes for Sale 663 672 1.4%
Months Supply of Inventory 2.1 2.3 9.5%
YTD
Oct 2022Oct 2023% (+-)
New Listings 3,935 3,808 -3.2%
Closed Sales 3,226 2,959 -8.3%
Days on Market Until Sale 30 42 40%
Median Sales Price* 270,000 287,000 6.3%
Percent of List Price Received* 101.2 99.0 -2.2%
Inventory of Homes for Sale -- -- 0%
Months Supply of Inventory -- -- 0%

*Data pulled from MLS on 10/30/2023

The adult community real estate market in October 2023 reveals a dynamic yet stable landscape. Let's delve into what these changes mean for those interested in this unique sector. Firstly, the market is seeing a slight increase in new listings, up by 4.6% compared to last year, suggesting a small but positive movement in available properties. However, a marginal year-to-date decrease indicates a general steadiness in the number of new listings entering the market.

Closed sales have almost held steady, with a negligible decrease of 0.9%. This slight dip, alongside an 8.3% year-to-date decrease, may reflect a more cautious approach by buyers, but overall, the sales activity remains robust. The median sales price has seen a healthy increase, rising to $302,500, a 6.1% growth from 2022. This consistent appreciation in value, echoed by a 6.3% year-to-date increase, highlights the ongoing demand for adult community properties.

A notable change is observed in the days on the market, which has increased to 41 days. This 28.1% rise suggests that properties are taking longer to sell, potentially due to buyers taking more time to make decisions or seeking the perfect fit in this specialized market. The percent of list price received has slightly decreased, indicating that while properties are selling close to their asking price, there's a bit more room for negotiation compared to last year. The inventory of homes for sale shows a marginal increase, providing a bit more choice for buyers. Similarly, the months supply of inventory has risen slightly, suggesting a more balanced market that slightly favors buyers.

In conclusion, the adult community real estate market in October 2023 is characterized by a slight increase in available properties, steady sales, rising prices, and a bit more time on the market. It's a market that offers opportunities for buyers seeking value and stability while sellers can still expect good returns, albeit with a bit more patience.


Ocean County Real Estate Market: September 2023

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Ocean County Single Family Stats for September 2023

September
Sep 2022Sep 2023% (+-)
New Listings 792 623 -21.3%
Closed Sales 677 504 -25.6%
Days on Market Until Sale 31 40 +29.0%
Median Sales Price* $506,500 $575,444 +13.6%
Percent of List Price Received* 100.5% 100.8% +0.3%
Inventory of Homes for Sale 1,804 1,280 -29.0%
Months Supply of Inventory 2.9 2.8 -3.4%
YTD
Sep 2022Sep 2023% (+-)
New Listings 7,604 5,921 -22.1%
Closed Sales 5,509 4,120 -25.2%
Days on Market Until Sale 32 44 +37.5%
Median Sales Price* $500,000 $530,000 +6.0%
Percent of List Price Received* 102.5% 100.1% -2.3%
Inventory of Homes for Sale -- -- --
Months Supply of Inventory -- -- --

*Data pulled from MLS on 10/30/2023

Starting with new listings of Ocean County single-family homes, there's been a noticeable contraction, as listings plummeted by 21.3% compared to September last year. Year-to-date figures also paint a similar story, with a 22.1% dip, clearly indicating that homeowners are holding onto their properties. This reduced flow of new properties to the market has affected closed sales too, witnessing a substantial 25.6% fall in September and a 25.2% decrease in the year-to-date analysis. These homes also take longer to sell, with days on the market until sales stretching by 29%, landing at an average of 40 days.

However, it's not all a downward trend. The median sales price tells a different story, showcasing a robust 13.6% increase to $575,444 in September and a 6% rise in the year-to-date figures. Homeowners are fetching a good value for their properties, with the percent of list price received slightly inching upwards by 0.3%. Despite this positive trend in pricing, it’s worth noting that the percent of list price received has seen a slight dip of 2.3% in the year-to-date comparison, indicating a bit of a leveling off.

Interestingly, buyers seem to be taking a breather too. Closed sales in August plummeted by 31.0%, and the decline extended to a 25.6% drop year-to-date. Meanwhile, patience is becoming a crucial currency for sellers; homes are lingering a tad longer on the market. They're now taking an average of 38 days to find a buyer, marking a 22.6% surge from last year.

With a tighter inventory, down by a significant 29%, and months supply of inventory slightly reduced by 3.4%, we are navigating through a seller’s market. However, the trends suggest that while sellers are achieving strong prices, the market is becoming more balanced, taking a bit longer for transactions to conclude. In this evolving landscape, understanding these trends is crucial, whether you are looking to buy or sell in Ocean County.

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Ocean County Townhouses & Condo Sales in September 2023

September
Sep 2022Sep 2023% (+-)
New Listings 100 74 -26.0%
Closed Sales 80 65 -18.8%
Days on Market Until Sale 23 30 +30.4%
Median Sales Price* $277,200 $318,000 +14.7%
Percent of List Price Received* 100.9% 101.4% +0.5%
Inventory of Homes for Sale 185 129 -30.3%
Months Supply of Inventory 2.3 2.0 -13.0%
YTD
Sep 2022Sep 2023% (+-)
New Listings 909 720 -20.8%
Closed Sales 766 541 -29.4%
Days on Market Until Sale 35 38 +8.6%
Median Sales Price* $295,000 $319,000 +8.1%
Percent of List Price Received* 102.6% 100.9% -1.7%
Inventory of Homes for Sale -- -- --
Months Supply of Inventory -- -- --

*Data pulled from MLS on 10/30/2023

Diving into the Ocean County townhouse-condo real estate market for September 2023 reveals interesting trends and patterns. The narrative here is quite compelling as we analyze the numbers to understand the pulse of the market.

Starting off with new listings, the market has seen a sharp contraction, with a 26% dip compared to the same month in the previous year. This trend is consistent when looking at the year-to-date figures, which also show a 20.8% decrease. Sellers seem to be more reluctant to put their properties on the market, resulting in fewer choices for potential buyers. When it comes to closed sales, the decrease is also apparent, with an 18.8% drop in September and a stark 29.4% fall in the year-to-date analysis. Properties are taking longer to change hands, with days on market until sale increasing by 30.4%, though the impact is less pronounced in the year-to-date figures, with an 8.6% increase.

However, it’s not all about contraction in the market. The median sales price has experienced a significant boost, soaring by 14.7% in September to reach $318,000, and showing an 8.1% increase in the year-to-date figures. Sellers are receiving a higher percentage of their asking price, with the percent of list price received ticking up by 0.5%. Nevertheless, there’s been a slight cooling down in the year-to-date comparison, as this percentage decreased by 1.7%. The inventory of homes for sale has tightened substantially, shrinking by 30.3%, and the months supply of inventory has decreased by 13%. This clearly indicates that we are in a seller’s market, although the properties are taking a bit longer to sell.

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Ocean County Adult Community Sales in September 2023

September
Sep 2022Sep 2023% (+-)
New Listings 398 401 +0.8%
Closed Sales 357 342 -4.2%
Days on Market Until Sale 34 37 +8.8%
Median Sales Price* $264,000 $285,000 +8.0%
Percent of List Price Received* 99.5% 99.1% -0.4%
Inventory of Homes for Sale 622 636 +2.3%
Months Supply of Inventory 1.9 2.2 +15.8%
YTD
Sep 2022Sep 2023% (+-)
New Listings 3,563 3,417 -4.1%
Closed Sales 2,907 2,640 -9.2%
Days on Market Until Sale 30 42 +40.0%
Median Sales Price* $270,000 $285,000 +5.6%
Percent of List Price Received* 101.3% 99.0% -2.3%
Inventory of Homes for Sale -- -- --
Months Supply of Inventory -- -- --

*Data pulled from MLS on 10/30/2023

Ocean County's adult community real estate market has painted a unique picture in September 2023, showcasing trends that are both encouraging and noteworthy. As we dissect the key metrics, a story unfolds, providing valuable insights for both buyers and sellers in this specialized market segment.

A glimmer of positivity shines through in new listings, with a slight increase of 0.8% in September 2023 compared to the previous year. However, when we extend our gaze to the year-to-date figures, a subtle contraction of 4.1% becomes apparent, hinting at a cautious approach from potential sellers. Closed sales have also experienced a dip, decreasing by 4.2% in September and a more pronounced 9.2% in the year-to-date comparison. Properties are lingering a bit longer in the market, with days on market until sale experiencing an 8.8% increase in September and a substantial 40% surge in the year-to-date analysis. This indicates that while there is interest, transactions are taking a tad longer to finalize.

On the pricing front, the adult community sector stands resilient, with the median sales price escalating by a robust 8% in September to $285,000, accompanied by a 5.6% increase in the year-to-date figures. Despite this upward trajectory in prices, there's a slight recalibration in the percent of list price received, decreasing by 0.4% in September and a more noticeable 2.3% in the year-to-date comparison. Interestingly, the inventory of homes for sale has seen a slight uptick of 2.3%, and months supply of inventory has increased by 15.8%, providing a bit more breathing room in the market.

In essence, the adult community real estate market in Ocean County is displaying signs of stability with a gentle increase in listings and prices, though the pace of transactions and the final sales price as a percentage of the listing price have experienced a slight adjustment. This landscape presents opportunities for both buyers and sellers to navigate the market with a strategic approach, ensuring they make informed decisions in this unique and vibrant community. Stay connected, stay informed, and make your move with confidence in Ocean County's adult community real estate market!


Ocean County Real Estate Market: August 2023

Welcome to our deep dive into the diverse housing market of Ocean County. From the bustling scene of single-family homes, the modern allure of townhouse-condos, to the serene ambiance of adult communities, each sector narrates a unique tale. As we dissect August's statistics and what they herald for homeowners, sellers, and potential buyers, one can't help but notice the blend of opportunities and challenges inherent in each category.

But before we delve into the specifics, here's a question to pique your curiosity: Which housing sector do you think witnessed the most significant surge in median sales prices this year, and what does that mean for you? Dive in, and let's discover together!

Ocean County Real Estate Market: August 2023

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Ocean County Single Family Stats for August 2023

August
Aug 2022Aug 2023% (+-)
New Listings 860 717 -16.6%
Closed Sales 641 442 -31.0%
Days on Market Until Sale 31 38 +22.6%
Median Sales Price* $500,000 $560,000 +12%
Percent of List Price Received* 101.1% 101.5% +0.4%
Inventory of Homes for Sale 1,803 1,394 -22.7%
Months Supply of Inventory 2.9 3.0 +3.4%
YTD
Aug 2022Aug 2023% (+-)
New Listings 6,813 5,290 -22.4%
Closed Sales 4,831 3,594 -25.6%
Days on Market Until Sale 33 44 +33.3%
Median Sales Price* $500,000 $525,000 +5.0%
Percent of List Price Received* 102.7% 100.0% -2.6%
Inventory of Homes for Sale -- -- --
Months Supply of Inventory -- -- --

*Data pulled from MLS on 10/2/2023

August has unfurled some intriguing trends in the market for single-family homes in Ocean County. Firstly, there's a conspicuous cooling with a significant 16.6% drop in new listings compared to August 2022. Year-to-date figures resonate similarly with a 22.4% slump, suggesting sellers might be holding off, perhaps betting on future value hikes or other market nuances.

Interestingly, buyers seem to be taking a breather too. Closed sales in August plummeted by 31.0%, and the decline extended to a 25.6% drop year-to-date. Meanwhile, patience is becoming a crucial currency for sellers; homes are lingering a tad longer on the market. They're now taking an average of 38 days to find a buyer, marking a 22.6% surge from last year.

But it's not all about waits and slowdowns. Home prices are flexing their muscles, showing resilience and upward momentum. The median sales price in August leaped by 12.0%, resting at a robust $560,000. The yearly uptick of 5.0% further cements the fact that home values remain buoyant. Sellers, take note: while you're nearly clinching your full asking price with homes selling at roughly 101.5% of the list price, there's a subtle rise from last year.

On the flip side, potential buyers might find the landscape a tad challenging. Inventory has slimmed down by 22.7%, offering fewer choices. Yet, a slight nudge in the month's supply from 2.9 to 3.0 suggests the market still favors sellers, albeit gently.

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Ocean County Townhouses & Condo Sales in August 2023

August
Aug 2022Aug 2023% (+-)
New Listings 89 99 +11.2%
Closed Sales 93 52 -44.1%
Days on Market Until Sale 30 39 +30.0%
Median Sales Price* $290,000 $340,000 +17.2%
Percent of List Price Received* 102.9% 101.9% -1.0%
Inventory of Homes for Sale 177 127 -28.2%
Months Supply of Inventory 2.2 1.9 -13.6%
YTD
Aug 2022Aug 2023% (+-)
New Listings 809 643 -20.5%
Closed Sales 686 473 -31.0%
Days on Market Until Sale 36 39 +8.3%
Median Sales Price* $298,500 $318,900 +6.8%
Percent of List Price Received* 102.8% 100.8% -1.9%
Inventory of Homes for Sale -- -- --
Months Supply of Inventory -- -- --

*Data pulled from MLS on 10/2/2023

August has cast an intriguing spotlight on the Ocean County townhouse and condo market, revealing distinctive patterns that differ from its single-family counterpart. For starters, we're seeing a resurgence in new listings. This August witnessed a sprightly 11.2% rise compared to last year. However, the year-to-date statistics hint at a more conservative picture, recording a decline of 20.5%.

Now, here's a curveball: while more condos and townhouses are entering the market, their sales are experiencing a significant slump. August showcased a substantial 44.1% drop in closed sales, and the year-to-date narrative is no brighter, with a dip of 31.0%. The extended time properties are spending on the market corroborates this trend. Both monthly and year-to-date figures, 39 days on average, suggest that buyers are either biding their time or being selective.

Financially, sellers have reasons to cheer. The median sales price in August has swelled by 17.2%, ringing in at $340,000. The cumulative figure for the year also highlights a 6.8% uptick. Properties are selling just a tad above the asking price, with homes going at approximately 101.9% of the list price, a slight decrease from the previous year.

Potential buyers should brace for a tighter market. Inventory has seen a 28.2% contraction. This, combined with a decline in the months supply of inventory (down 13.6% to 1.9 months), insinuates a seller-leaning market.

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Ocean County Adult Community Sales in August 2023

August
Aug 2022Aug 2023% (+-)
New Listings 425 394 -7.3%
Closed Sales 375 277 -26.1%
Days on Market Until Sale 27 39 +44.4%
Median Sales Price* $277,500 $297,500 +7.2%
Percent of List Price Received* 100.6% 100.0% -0.6%
Inventory of Homes for Sale 600 610 +1.7%
Months Supply of Inventory 1.9 2.1 +10.5%
YTD
Aug 2022Aug 2023% (+-)
New Listings 3,165 3,011 -4.9%
Closed Sales 2,550 2,293 -10.1%
Days on Market Until Sale 29 43 +48.3%
Median Sales Price* $270,000 $285,000 +5.6%
Percent of List Price Received* 101.6% 99.0% -2.6%
Inventory of Homes for Sale -- -- --
Months Supply of Inventory -- -- --

*Data pulled from MLS on 10/2/2023

Ocean County’s adult community sector in August offers a blend of caution and opportunity. The influx of new homes entering the market has slightly softened, as showcased by the 7.3% decline in new listings compared to August 2022. The overall year paints a similar picture, with new listings down by 4.9%.

While new listings temper, closed sales have notably receded, dropping by a significant 26.1% in August. The year-to-date decline of 10.1% reinforces a trend of slower sales. Adding to this narrative, homes in the adult community are enjoying a longer stay on the market, with a marked 44.4% increase in August and a 48.3% surge year-to-date.

On the brighter side, sellers can appreciate the uptick in property values. August saw the median sales price climb 7.2% to $297,500, and the year-to-date growth of 5.6% attests to this upward trajectory. However, sellers, a word of caution: Ocean County adult community homes are fetching nearly their asking price, but with a slight pullback. Homes sold in August garnered approximately 100.0% of the list price, down 0.6% from last year.

In Summary: For those eyeing the adult community in Ocean County, sellers can be optimistic about growing home values but should remain attuned to slight pricing adjustments. Buyers, while sales are slower, the slight inventory growth might offer you a wider array of choices. Navigate this market with an informed lens, and you're set to make the most of your investment!


Ocean County Real Estate Market: July 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 NJ Market Update 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!


Ocean County's Local Market Update: June 2023

Ocean County NJ Market Update July 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 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: April 2023

Middlesex County Real Estate Market: April 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.

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

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