Over the past year, sales of single-family homes in Ocean County were up 29.5%, along with a 13.1% increase in Monmouth County, according to the New Jersey Association of REALTORS®. Condos and townhome sales were up as well, with a 20.2% increase in Ocean County and 19.7% spike in Monmouth County. And for 2013, closed sales in the Garden State were up 18.15% - their highest levels since 2005.
In January, the median sales price of a single-family home in Ocean County was $240,000, reflecting a 1.55% increase over January 2013. Homes in Monmouth County fetched a bigger selling price at $351,000, compared to $335,000 in 2013. When it comes to days on the market in Ocean County, sellers saw a 15.1% decrease as it took, on average, 107 days to sell a home, compared to 126 days on the market a year ago. In Monmouth County, it was also a win for sellers as it took 86 days to sell, compared to 103 days a year ago.
National Home Prices Rise 12%
In terms of the national housing and real estate market, things continue to look up. CoreLogic's Home Price Index shows home prices across the U.S., including distressed sales, went up 12% in January this year compared to January 2013. For the record, that is the 23rd consecutive month of home prices going up across the country, and it's the biggest year-over-year gain since back in 2006. Now the particularly severe winter meant less people were looking at houses at a time when inventory is generally lower, so that's one reason prices were up. With spring and better weather around the corner, it should be a good one for real estate in Ocean and Monmouth Counties, as mortgages are still relatively low, and the economy continues to steadily regain strength.