Thought I would check in once again check in and see how the market in Monmouth County is doing and was pleased to see we're still in positive territory relative to last year for the same period. Single-Family home sales are up 10% from last year with a particularly large comeback for the above $1.5 million bracket.
As you can see, the $1.5 - $1.99 million range is up over 48% and $2 million and above is up 53%! Solid gains were also seen in the $550,000 - $700,000 range, each showing a more than 30% increase.
Perhaps most interestingly, the range with the least impressive results - largely flat or with slight decreases from last year's numbers - is the $250,000 - $450,000 range. I find this somewhat surprising given all the attention paid to the first home buyer credit which ended earlier this year... this price range would likely have seen signficant increases if the tax credit was a factor in our market this year. This bears out my experience which was that the tax credit was not playing a major role in getting buyers to take action, at least in my neck of the woods.
Modest gains? Perhaps. Moving in the right direction? Absolutely.
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