The real estate market is not business as usual but still active in Monmouth County. 3-D virtual tours and videos are now becoming a must in properly marketing a home for sale online.
The most interesting of the Multiple Listing Service (MLS) statistics below are how much new listings to the market have been affected, comparing April 1, 2019-April 14, 2019 to April 1, 2020-April 14, 2020.
There has been a more than 69 percent drop in new single-family homes coming to market. Because the real estate market is driven by supply and demand, this plays a big role in the recent market trends. Highest sale price in MLS Market Update: 15 Saint Clair Avenue in Spring Lake sold on April 9 for $5.5 million.
In above graph, active listings dropped 32.68 percent — almost a third from last year.
New listings to the market dropped 69.12 percent to only 197. This seems to be an ongoing trend. Although buyer demand is down from buyers staying home, inventory is shrinking. For some sellers, they will have limited competition of homes available to any serious buyers in the market.
Year-over-year volume stayed pretty consistent with a change of -2.81 percent.
The number of homes under contract reduced by 44.7 percent, compared to last year.
The number of homes sold dropped by 26.83 percent for a total of 150 homes sold.
The average sales price improved by 32.83 percent, compared to last year.
The median sales price also improved by over 10 percent, year over year.
The days on market improved to 50 days, which shows homes are selling on average 10 days faster.
About the Author
Eddie Szumski is a respected full-time real estate professional at Berkshire Hathaway HomeServices Fox & Roach, Realtors®. He has earned many accolades including being named the #1 Top Producing Solo Sales Associate for both 2018 and 2019 as well as the #2 Top Producing Solo Sales Associate in 2017 at his Spring Lake office.
He has also received the NJ Realtors Circle of Excellence Awards for both 2018 and 2019. With a bachelor of science degree in business administration and entrepreneurial management from the University of Rhode Island, Szumski possesses a superior skill set. His training has given him the necessary tools to market, service and negotiate the best terms for his clients.
Information is deemed to be reliable, but is not guaranteed. © 2020 MLS and FBS. Data Prepared by Edward James Szumski.