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Community Corner

Ocean County's housing market slowly catches up

Ocean County is still making its way on the upward slope of the housing market. Although the market is showing slow progress, it is providing positive results, and the little victories need to be celebrated. The data is pointing to a stronger market in the future.

            June, like May, showed the market that homes are selling, and selling quickly. Single family homes saw a 7.3% decrease in the number of days on the market; June of 2013 had an average of 109 days, while June of 2014 experienced an average of 101 days. The townhouse-condo market had a 3.5% increase; however, this increase is only the difference of four days, from 113 in June of 2013 to 117 in June of 2014. Adult communities saw the most drastic change between June of 2013 and June of 2014: the average dropped from 75 to 66 days, making an overall 12% decrease in the number of days on the market. Overall, Ocean County showed a 6.3% decrease, with the average number of days dropping from 96 to 90 days.

            Adult communities in Ocean County have seen a 6.6% decrease in the number of closed sales in the last twelve months—in June of 2013, the twelve-month number of closed sales was 3,830 homes, while the twelve-month period as of June of 2014 was 3,578. Despite the decrease, the average percent of the list price received by the seller stayed at an average of 94.9%. The number of closed townhouse-condo sales experienced a dramatic 27.9% increase; in June of 2013, the twelve-month number of closed sales was 509 homes, while the twelve-month period in June of 2014 was 651. Sellers of townhouse and condos reported receiving an average of 95.6% of the original list price in June of 2014. The number of closed single family home sales also increased in the last twelve months: through June 2013, the number of closed sales was 4,967 home, and through June 2014, the number was 6,058. Of the original list price, sellers received an average of 95.4%.

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            The market, just like the economy, is still in recovery, and will grow stronger as the economy does. Because of the downward trend of days on the market and the high percentage sellers are receiving for their homes, along with the currently low unemployment rate in New Jersey, we can expect an optimistic future for the housing market.

            Charts and information provided by 10K Research and Marketing and reflect the statistics for Ocean County.

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