With just a couple of weeks left before school starts and the lazy, hazy days of summer begin to cool off, a bit of a slowdown in the Ocean County real estate market is not unusual during the summer months. But even with a bit of a slow summer, the overall picture looks pretty good for Ocean County real estate and home sales.
The median sales price of a home in Ocean County this past July was $275,000, up $11,000 from July 2013. In addition, the July 2014 median price of an Ocean County condo-townhome was $182,500 - up $12,500 from July 2013. Not to mention adult community homes sold more an average of 18.8% more this July than July of last year.
Another factor from this past July over July 2013 is single-family home sellers in Ocean County said they received 95.7% of the list price of their homes, which is a 1.1% increase, so homeowners are getting closer to their asking price. And single-family homes sold 9 days faster than they did in July 2013. In July 2014 the number of days on the market for a home was 90 days.
While the housing market has slowed down in July, the U.S. Department of Commerce reported the GDP grew by 4%, while consumer spending rose 2.5%. These two factors are good indications of the housing market getting stronger in the next few months.
The New Jersey real estate market, just like the economy, is still in recovery, and will grow stronger as the economy does. Because positive signs like 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, those in the real estate industry, as well as homeowners, expect an optimistic future for the housing market.
The following video was produced by the New Jersey Association of Realtors: