Today let’s talk about the Ocean County Adult Community Real Estate market.
Adult Community Market Ocean County
So, what’s going on these days? Are home prices holding steady, are they declining or are they appreciating? I looked at the numbers and here’s what they’re telling me.
Let’s start with the fact that there are 62 active adult communities in Ocean County with over 57,000 homes. As of today, 4/23/19, there are 1,294 homes available in these communities. Now this may seem like a lot of available homes, but it’s actually only a little more than 2% of the total. And this isn’t really a lot. There are 511 homes which are under contract. This means they’re sold but just haven’t closed yet. And, in the past 6 months, 1,601 homes in Ocean County adult communities have been sold. If you combine the closed sales and the under contract sales, a total of 2,112 homes have sold in the past 6 months. This means an average of 352 homes were sold per month. As a result, there is currently a 3.67 month supply of available homes. Actually, this is almost the exact percentage as Monmouth County’s adult community homes. Historically, a sellers market is when there’s anything less than a 6 month supply of homes. As a result, we’re in a sellers market.
If selling your adult community home is in your future, you should be able to sell it quickly. And even though there’s a lot of adult community homes available in Ocean County, the demand is also high. However, if you’re looking to buy, there’s a lot of buyers out there that will be trying to buy the same home you want to buy. And the prices seem to be considerably higher than they were last year. If you’re ready to either buy or sell a home, give us a call. We’ve helped hundreds of other people find their new home, and we’d like to help you too.
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