As the fall season settled in, October 2024 saw a slight dip in real estate activity compared to September, but the market remained strong. Here’s an in-depth look at how Ocean County performed last month.

 Market Performance Overview 

  • Total Monthly Sales:
    Ocean County recorded 720 closed sales in October, a small decrease from September’s 777 sales. This slight drop aligns with typical seasonal patterns as we head toward the year’s end.

  • Monthly Sales Volume:
    The total sales volume reached $391.4 million, reflecting continued demand despite fewer transactions.

 Home Prices and Sale Trends

  • Average List Price: $547,471

  • Average Sale Price: $543,680
    The sale-to-list price ratio remained at 99%, showing that sellers are still achieving close to their asking prices.

  • Median Sold Price:
    The median sold price was $450,000, slightly lower than September’s $460,000. This could indicate a shift toward more moderately priced homes closing during the month.

 Market Efficiency 

  • Average Days on Market (DOM):
    Homes spent an average of 35 days on the market, just one day longer than in September. This minor increase is typical for the season but still represents a quick turnaround for sellers.

  • Average Continuous Days on Market (CDOM):
    CDOM matched DOM at 35 days, suggesting that most homes sold without re-listing.

Inventory Levels and Market Balance 

  • Current Inventory:
    October ended with 1,935 active listings, a slight increase from 1,839 in September, offering more options for buyers.

  • Months of Inventory:
    At 69 months, inventory edged closer to a balanced market but still favored sellers. A market is typically considered balanced at 5-6 months of inventory, so Ocean County remains competitive.

Key Takeaways for Sellers 

The market remains favorable for sellers, with homes selling quickly and close to asking prices. However, as inventory rises slightly, strategic pricing and presentation are critical to attract serious buyers. Highlighting fall-friendly home features, such as cozy indoor spaces and energy efficiency, can give your listing an edge.

Opportunities for Buyers 

For buyers, the slight increase in inventory presents a broader range of choices. With the market still competitive, it’s essential to stay pre-approved and act swiftly when the right home comes along. October’s slight dip in median home prices may also offer opportunities for those looking for more affordable options.

Looking Ahead 

As we move into the final months of 2024, the market is expected to follow typical seasonal trends with potentially fewer new listings. However, demand remains steady, and Ocean County continues to be a sought-after destination for homebuyers. Mortgage rate trends and buyer confidence will play key roles in shaping the market dynamics in the coming months.

Whether you’re planning to buy or sell, our team at Home Alliance Realty is here to help you navigate the market. Contact us today for expert guidance tailored to your real estate needs!