The Long & Foster Market Minute

FOCUS ON: OCEAN COUNTY HOUSING MARKET MAY 2024

Units Sold
842
Active Inventory
1,649
Median Sale Price
$450,000
Days On Market
36
Up 8%
Vs. Year Ago
Down -8%
Vs. Year Ago
Up 11%
Vs. Year Ago
Up 3%
Vs. Year Ago

Units Sold
There was an increase in total units sold in May, with 842 sold this month in Ocean County Real Estate versus 717 last month, an increase of 17%. This month's total units sold was higher than at this time last year, an increase of 8% versus May 2023.

Active Inventory
Versus last year, the total number of homes available this month is lower by 151 units or 8%. The total number of active inventory this May was 1,649 compared to 1,800 in May 2023. This month's total of 1,649 is higher than the previous month's total supply of available inventory of 1,605, an increase of 3%.

Median Sale Price
Last May, the median sale price for Ocean County Homes was $405,000. This May, the median sale price was $450,000, an increase of 11% or $45,000 compared to last year. The current median sold price is 7% higher than in April.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
1,173
Current Contracts
869
Sold Vs. List Price
98.8%
Months of Supply
2.0
Up 8%
Vs. Year Ago
Up 2%
Vs. Year Ago
No Change
Vs. Year Ago
Down -15%
Vs. Year Ago

Months of Supply
In May, there was 2.0 months of supply available in Ocean County, compared to 2.3 in May 2023. That is a decrease of 15% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 1,173 homes newly listed for sale in Ocean County compared to 1,087 in May 2023, an increase of 8%. There were 869 current contracts pending sale this May compared to 853 a year ago. The number of current contracts is 2% higher than last May.

Sale Price to List Price Ratio
In May, the average sale price in Ocean County was 98.8% of the average list price, which is similar compared to a year ago.

Days on Market
This month, the average number of days on market was 36, higher than the average last year, which was 35, an increase of 3%.

The Long & Foster Market Minute
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by MOMLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of MOMLS or Long & Foster Real Estate, Inc.