September shows the housing market waking from its summer snooze

After the summer pause in the housing market due to families taking advantage of the season, September has shown that the market is waking up and ready to get to work.
Single family homes saw a 13.7% increase in new listings from September of 2013. Single family closed sales rose from 474 in September 2013 to 566 in September 2014—an impressive 19.4%. Townhouse-condo listings increased 29%. Townhouse-condo sales, however, did drop from 72 closed sales in September 2013 to 57 closed sales last month. Adult communities saw a 1.1% increase in new listings from last year, and only dealt with a 2.2% decrease in the number of closed sales. The total market saw an 11.2% increase in new listings and a 7.6% increase in the number of closed sales in Ocean County.
Sellers of single family homes reported receiving an average of 95.1% of the original list price. The average number of days on the market rose only slightly from September 2013, from 94 days to 99 days. Townhouse-condo sellers reported an average of 98 days on the market—a 24% decrease from September 2013, in which the average was 129 days. Townhouse-condo sellers reported receiving an average of 94.4% of the original list price. Adult community home sellers received an average of 94.5% of the original list price. The average number of days on the market rose slightly, from 72 days in September 2013 to 73 days in September 2014. The total market saw an average of 94.8% of the original list price. The total market also experienced only a small increase in the average number of days on the market; September 2013 experienced an average of 88 days, while September 2014 experienced 89 days on the market.
With the number of new listings up in all key areas and closed sales are catching up, the housing market continues to show the signs of recovery we started to see in August. Home values continue to rise as well, motivating home owners to enter their properties into the market.