May Housing Market Suggests a Strong Summer Season for Ocean County

May, historically speaking, is the calm before the storm of summer-fueled home buyers. With warm weather coming and more people making their way to the shore, the housing market can expect a rise in both new listings and closed sales. Although there were some decreases in the number of closed sales, these decreases are minimal and are not cause for concern for the summer selling season.

Townhouse-condos saw a 29.9% increase in the number of new listings, from 127 in May 2014 to 165 in May 2015. Closed sales for townhouse-condos increased dramatically by 77.8%, from 45 in May 2014 to 80 last May. The Single Family Home market saw an 23.7% increase in the number of new listings, going from 1,106 new listings in May of 2014 to 1,368 in May of 2015. Single family homes saw a 13.2% decrease in the number of closed sales, from 455 closed sales in May 2014 to 395 in May 2015. Adult communities also saw a 9.8% rise in the number of new listings—in May of 2014, there were 480 new listings, while May of 2015 saw 527 new listings. Adult communities had 271 closed sales in May 2014 and 244 in May of 2015, resulting in a 10.0% decrease. The total market saw a 19.2% increase in the number of new listings, from 1,794 new listings to 2,138. Closed sales for the total market decreased slightly by 6.5%, from 790 in May 2014 to 739 in May 2015.

Single family home sellers reported receiving 95.5% of the original asking price after an average of 100 days on the market. After an average of 76 days on the market, adult community home sellers received 95.1% of the original asking price. Townhouse-condo sellers, after an average of 91 days on the market, reported receiving 94.8% of the original asking price. The total market reported receiving 95.1% of the original asking price after an average of 92 days on the market.

For more information, visit www.oceancountyrealtors.org.