Monmouth County Real Estate Market This Past Month During COVID-19
*Last updated April 22, 2020. As per FlexMLS.This graph tracks the New, Under Contract, and Closed Listings day-by-day in Monmouth County, New Jersey. This way, you can see how COVID-19 has impacted sales on a daily basis. New listings refer to new homes coming on the market. Under contract listings are homes that are currently selling. Closed listings are homes that may have gone under contract a month or more ago, and have just officially sold. In order to assess how the market is performing in terms of supply and demand, it is better to look at new and under contract listings. From this chart, we can see that around the last week of March, there were significantly more homes going under contract than there were new homes coming on the market. This indicates a strong seller’s market. As we continue through April, we can see the new and under contract listings becoming more equal. This indicates that we are now in a balanced market, as homes are selling at approximately the same rate that they are coming on the market. Also, if you disregard the few outliers that occurred near the end of March in terms of closed listings, you can see that closings have remained relatively constant. This means that houses are both selling and closing at a fair rate relative to new inventory. However, please keep in mind that all of this information is on a very broad scale. This could differ from town to town, neighborhood to neighborhood, and amongst different price points within each town. For information specific to your situation, feel free to reach out to me directly. Stay safe!
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