Marlboro NJ | Market Update

Cori Dunphy
Published on January 4, 2021

Marlboro NJ | Market Update

December Market Recap for Marlboro Township, NJ

Congratulations everyone, we have officially made it to January 2021.  While normally that doesn’t feel like much of an accomplishment, this year it sure does.  It means we’ve survived!  2020 was a crazy one to say the least.  So, I think we should celebrate!  And how do I celebrate, well besides with a glass of wine or and entire pizza????? I celebrate by talking real estate and what better way to kick off the year than looking at the latest Marlboro Township, NJ  real estate stats. 

My name is Cori and I’m a real estate agent here in Marlboro, NJ located in Monmouth County.  If you want to know just about everything there is to know about the area from living, working, playing, eating, drinking, shopping and enjoying life Jersey Style, click the subscribe button and join me here each week.  Don’t forget, tap that little bell icon and you’ll be notified when I put out some new content each and every monday!

As if 2020 couldn’t get any more bizarre, the real estate market here in Monmouth County and Marlboro township has been insane!  What the heck has been going on here and why? How should home buyers and sellers feel in this current market?   

Talk about confusion and anxiety????? So many questions and nobody really has the answers. For example:

Do you try and take advantage of these crazy low interest rates?  Should you hold out and see how the market reacts in 2021?  Should you wait for the spring to sell hoping to get more for your home?  What if the market crashes?  What if interest rates go up? What if? What if? What if!  So before I get into the actual Stats of the December Market here in Marlboro, NJ, Let’s take a quick stroll along memory lane.  

January of 2020.  The market in Marlboro Township was fabulous.  29 homes closed in Marlboro Township in January and that was before we even heard of covid!  Remember January is not a stellar month here in NJ for real estate.  Many of us are out there shoveling snow most of the time.  

Our inventory was already pretty low in january.  2019 was a really good year for Real Estate here in New Jersey. The economy was strong and there were many people even out looking for a second home at the Jersey Shore! Things were looking pretty good,  for awhile. 

We were all moving along and as realtors we thought we’d have a really strong spring market here in New Jersey and then we’d see a bit of slow down during election time.  That’s pretty normal in real estate during an election year.  

Whoa were we wrong.  Even with the initial lockdowns and stay at home orders the real estate market not only kept going here in NJ, oddly enough it got stronger.  And, to add to the sheer madness of 2020, around the beginning of April, I found out as a realtor I was considered an essential worker!!!  

So why was the market here in Marlboro Township so crazy?

People were fleeing, literally fleeing Manhattan and other parts of the city in droves.  Families were looking to come out here to Jersey,  where there was more room, and they could have a few more options regarding space if the lockdowns and covid continued.  (and as well now know, they continued)

Here’s a quick example,  in April of 2020,  35 properties closed in Marlboro and 19 additional properties went Under Contract.  That is NOT too bad during a worldwide pandemic.  People were a bit hesitant in the early stages of covid to make a move.  And then………..

So let’s jump ahead and see how the year 2020 ended here in Marlboro Township!

Market Statistics

In this video we’ll be using the following key market indicators:

  1. The number of homes on the market
  2. The number of homes sold
  3. The average sales prices
  4. The average days on market
  5. And how close homes sold to their listing price

Homes Currently on the market

As of today which is actually Dec 31st  there are currently 60 houses on the market in Marlboro Township.  That includes Morganville and I’m including: Single Family Homes, Townhouses, Condos and Adult Communities.

Homes Sold

In December there were a total of 69 Homes that sold in Marlboro Township.  That is extremely High.  Winter, Holiday Season, and Pandemic.  Not to shabby!

Homes Currently Under Contract

There are currently 102 homes under contract,  meaning they are simply waiting to close.  That is an extremely high number for December, 10 months into a pandemic!  But what did those homes sell for?  Let’s take a peek.

Average Price of Homes Sold in December

Le’s talk about the average list to sale price ratio.  Those are numbers that people are always interested to learn.  Now remember, these stats are including all types of homes sold.  The average price of homes sold in December in Marlboro Township was $592,623.  Here is where it gets crazy.  The average ask price was $600,237.  So in December, a normally quiet month in real estate, during a worldwide Pandemic.  Sellers were getting close to % of their asking price!

Long story short, the Marlboro market, in fact the majority of the Monmouth County Market  is resilient and closed out 2020 extremely strong.  

To be honest, the shortage of inventory is getting a little old, but I have still been getting my buyers into incredible homes every month and helping my sellers move on to the next phase of their lives by selling their homes.  

If you’re thinking about selling, trust me,  you haven’t missed the opportunity. At least not here in Marlboro Township. Your home is still appreciating, and if you’re willing to price your home properly, it could be sold within a matter of days.  

There you have it! Are you thinking about purchasing or selling  a Marlboro NJ home in 2021? Or if you already live here, are you thinking about capitalizing on the low interest rates and purchase a beach home.  

Overall, it’s still a very exciting time to be living and working in the community I love so much.  If you have any questions on how these numbers impact you specifically, please let me know.  You can always email me at:   [email protected]

  If after watching this video has you thinking, you may consider a move to Marlboro Township’, then you’ll definitely want to download my  guide to Living In Marlboro, NJ.  You can download your free copy here.

Let me take this time again to wish you all a happy and healthy New Year, and I look forward to seeing you back here on Mondays as we explore Real Estate, Monmouth County and Marlboro Township together!

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