Last week, the Asbury Park Press published this article in their Sunday edition. At the end of the article, I am quoted as saying, “I’ve seen a huge increase in activity so far this year, especially in the single-family market.”
I did not say that. I believe it was an honest mistake and Bill Bowman wrote an otherwise accurate article but that was not what I said.
What I said was, “we’ve seen a huge increase in activity so far this year, especially in the Adult Community marketplace.”
Why is this important?
Ocean County has two distinct and separate marketplaces; Single Family Homes and Adult Community Homes
The Single Family Marketplace in Ocean County has indeed seen an “increase” in activity year-over-year, all be it a “slight increase”; 3418 units versus 3211 units (an increase of just over 6%). I expect activity to continue to “increase” in the Single Family Marketplace as the housing market recovers.
The Adult Community Marketplace in Ocean County is where we saw the “huge increase” in activity year-over-year; 2674 units versus 2161 units (an increase of nearly 20%).
Is the Ocean County Housing Market recovering?
Is it a “Seller’s Market”?
As activity in both of these marketplaces continues to increase over the next few years, we should expect inventory levels (supply of homes for sale) to continue to decrease. When the inventory of homes for sale in Ocean County becomes less than 4 months supply, we will see home prices begin to rise again.
I predict we will see this happen in the Adult Community Marketplace before we see it happen in the Single Family Marketplace here in Ocean County. You are just going to have to check back here to find out when that is about to happen.
Housing Recovery slide courtesy of Keeping Current Matters