August marked the third month in a row that inventory levels of Adult Community homes in Ocean County remained balanced. A “balanced market” or “normal market” exists in real estate when there is 5-6 months supply of homes for sale and home prices remain stable.
The average sales price of an Adult Community home in Ocean Count rose slightly in August to $129,000 from $124,000, where it had been for the last three consecutive months of May through July of 2012.
WARNING: It is still too early to say prices of Adult Community homes in Ocean County are rising, as one month does not a trend make.
Ocean County’s Adult Community Market Year-to-Date
What we have here is a “balanced” or “normal” market.
The numbers to keep your eyes on:
- Median Sold Price; currently at $110,000
- Average Sale Price; currently at $129,000
- Sales Price-t0-List Price Ratio; currently at 94.5%
- Average Days on the Market (DOM); currently at 105
- Months Inventory; currently at 4.86
How do we know if/when it is a “Sellers Market” in Ocean County’s Adult Community Market?
- Months Inventory falls below 4 months supply
- Average Days on the Market (DOM) falls under 90
- Sale Price-to-List Price Ratio rises over 95%
- Average Sales Price continues to rise for consecutive months
- Median Sold Price continues to rise for consecutive months
Yes, it looks promising but it still too early to tell for sure if that is the direction in which we are headed. One thing is certain however; every real estate agent in Ocean County worth their salt knows “cash is king” and if “you snooze you lose” in the Adult Communities.
Definitely! In certain adult communities inventory is very low as much as 75% lower than last year We are seeing multiple contracts on well priced homes and beginning to recommend higher list prices.
Thanks, JoAnn. We are making the same recommendation, just not as ‘higher” as many would like…yet.