Homes are selling faster in Ocean County

Home values continued to rise through August, and homes are spending less time on the market, which illustrates a high demand for housing in Ocean County. Autumn is approaching, parents have prepared their children for a new school year, and the housing market remains dedicated to recovery.

Adult communities also saw a 6.5% rise in the number of new listings—in August of 2014, there were 444 new listings, while August of 2015 saw 4473 new listings. Adult communities had 298 closed sales in August 2014 and 309 in August of 2015, resulting in a 3.7% increase. The Single Family Home market saw 1,093 new listings in August of 2014 and 1,096 in August of 2015, resulting in a 0.3% increase in the number of new listings. Single family homes saw a 13.7% increase in the number of closed sales, from 467 closed sales in August 2014 to 531 in August 2015. Townhouse-condos saw a 4.9% decrease in the number of new listings, from 163 in August 2014 to 155 in August 2015. Closed sales for townhouse-condos increased by 6.1%, from 66 in August 2014 to 70 this August. The total market saw a 0.1% increase in the number of new listings, from 1,793 new listings to 1,794. Closed sales for the total market increased by 23.8%, from 867 in August 2014 to 1,073 in August 2015.

Single family home sellers reported receiving 95.9% of the original asking price after an average of 87 days on the market. Townhouse-condo sellers, after an average of 76 days on the market, reported receiving 95.7% of the original asking price. After an average of 74 days on the market, adult community home sellers received 95.3% of the original asking price. The total market reported receiving 95.7% of the original asking price after an average of 83 days on the market. The total market reported that the affordability index reached 183 for August 2015, which means individuals are making an average of 1.83 times the amount needed to afford a home with the August 2015 median sales price $230,000.

For more information, visit www.oceancountyrealtors.org.