No, really; how is the real estate market in Ocean County, NJ?
Instead of being told we may be in the beginning phase of a “housing recovery” here in Ocean County, I thought you might appreciate being shown.
The Median Sales Price of Homes in Ocean County
As we can see, the “median” sales price for a single family home in Ocean County has risen from around $310,000, at the beginning of the year, to just under $345,000 now, at mid-year. That means today; half of the homes sold in Ocean County sold for OVER $345,000 and half sold for UNDER $345,000.
Now, Altos Research does not separate Adult Community homes from Single Family homes in Ocean County, so we did…
Adult Community Home Sales in Ocean County
As you can see, there were 1293 Adult Community homes sold in Ocean County, so far this year; as opposed to 1009 at the same time last year. That is an increase of +22%! The average sales price of these homes dropped from $125, 981 to $115, 127 but look at the Months Inventory.
The supply of Adult Community homes in Ocean County is currently at just over 5 months. That means we currently have a “Balanced Market” in our Adult Community market. If the supply of homes drops further, their prices will begin to RISE!
Ocean County’s Residential Resales; Now That’s Another Story
As far as the Single Family Home market in Ocean County goes, we’re still in a “Buyers Market” with just under 12 months supply of homes for sale but there are some encouraging numbers!
The number of homes sold is UP over the same time last year; 1665 vs 1589, a difference of +5%. And, the average sales price in Ocean County fell slightly -2.25% ($324,443 vs $331,938) from the same time last year. Home prices just may be at or near the “bottom” in the Single Family market.
So, how’s the market in Ocean County, NJ? Depends on whether you are buying, selling or “just looking”? If you would like to SEE MORE about your local market, CLICK HERE!