Third quarter inventory in Monmouth County is pretty much flat with about 10% of the houses on the market selling. If you need to sell you need to be in that 10%.
Sales are on the decline after being on the rise for the first half of the year, this is a normal seasonal trend, but shows no sign of a market turn around.
Days on marking is hovering around 94 and we are currently at 14 months inventory. This means that at the current rate of sales it would take 14 months to sell off the current inventory.
The conclusion is that prices are still coming down, so if you are planning to buy this is a great time because interest rates are also low.
If you have to sell, you will need your home to be in good condition and at a lower price than the competition.
Call me and I will help you figure it all out and get the best price in today’s market in the least amount of time, with the least amount of hassle.
*Data is compiled from Monmouth Ocean MLS.