Monmouth County NJ 1st Qtr 2013 Market Report Notes

By
Real Estate Agent with Resources Real Estate

 

With overall New Jersey home sales on a continual upswing for the past year and a half, our Monmouth County market has been experiencing similarly encouraging sales activity  -- clearly a welcome sign that our local housing market is truly in recovery.   Market Report

 

Posting a 14.4% increase in single-family home unit sales for the 12 month period ending in March (compared with the previous 12 month period), Monmouth County real estate is looking forward to ongoing positive growth.  The momentum experienced so far this year has been energizing to both home sellers and buyers alike -- even a few real estate professionals have been seen walking with a new spring in their step. 

Likewise, the inventory of available homes for sale in New Jersey is in equally unfamiliar territory having shrunk to a volume not seen in 8 years. This is a probable result of two things:  homeowners with “seller’s fatigue” – calling it quits after having failed to sell their home due to discouraging market conditions and faulty pricing strategies -- and homeowners who have seen their equity reduced to a level that leaves them with limited incentive to sell.

While this spike in sales combined with low inventory might suggest a trigger for an bump in prices, so far we have not experienced it more than anecdotally, with the median Monmouth County single-family home sale price remaining flat from the end of 2012 thru the end of first quarter. 

This market dynamism joined with reduced prices and historically low mortgage interest rates likely means we’re in for very interesting 2nd & 3rd quarters.  Stay tuned.

Interested in full report?  Contact me and I'd gladly forward to you!

Posted by

Thomas McCormack
Managing Partner - Broker
Resources Real Estate
Rumson, NJ  |  Monmouth Beach, NJ  |  Red Bank, NJ
ResourcesRealEstate.com
732-212-0440

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Rainmaker
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Andrew Mooers | 207.532.6573
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

Thanks for the report, this will do.

May 15, 2013 03:52 AM #1
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