Marlboro NJ Real Estate Market!

Cori Dunphy
Published on June 8, 2020

Marlboro NJ Real Estate Market!

The Marlboro, New Jersey Real Estate market is crazy!  Even a worldwide pandemic doesn’t stop people from wanting to move to our amazing community.  

Hey, welcome back! I’m Cori, a proud Marlboro resident and your local REALTOR® with Monmouth County Dream Homes Powered by RE/MAX CENTRAL.   If you want to stay up to date on all things Monmouth County, Real Estate and Marlboro Township, you’ve come to the right place.  I’ll be here with new videos and lot’s of information each and every Monday!

Follow me along by subscribing and following me each week: https://www.youtube.com/monmouthcountydreamhomes

If you’ve visited my Channel before, chances are you know just how excited I get about life in Marlboro Township, In fact, you might be sick of hearing how much I talk about our amazing community.  But you’ll have to listen just a little bit more as I do a quick recap of the market.

I’ve been getting a ton of questions about the real estate market and just whats going on here in Marlboro Township especially during Covid 19.   Although nobody can predict what the future holds, I can tell you what is going on right now, and what has gone on since the pandemic started in March.

I’ve always wanted to share market statistics with my YouTube audience, but I struggle with the best way to do it, because numbers and statistics are, well pretty boring.   But I know this information brings a ton of  value, particularly if you are planning to buy or sell in the near future.  So i’ll dive right in and try not to bore you to death!

SO WHAT INFORMATION WOULD YOU LIKE? 

In talking to past and present clients they felt the most valuable stats would be the following:

1.     The number of homes sold

2.     The average sales prices

3.     The average sales prices per square foot

4.     The average days on market

5.     And how close homes sold to their listing price

So let’s take a peek. Oh and another thing, 

 For this video, I am focusing solely on Single Family homes in our area.

Here are the numbers regarding houses that have sold the past 3 months.   (READ) As you can see, during March, April and May a total of 70 homes sold.  Interestingly enough,  I looked at the exact same time frame from last year, and during the same months 76 homes sold.  So if you were concerned that home sales would decrease, there is clearly no reason to worry.

Next, let’s take a look at how many single family homes are Currently on the market and how many are under contract.

As of  June 4th  There are 76 homes currently active on the market.  Keep in mind that does not include the homes currently under contract, but i’ll get to that in a few minutes.   The average home asking price is slightly over $750,000 dollars, but don’t panic, that is an average cost.  Currently there are 21 houses for sale in Marlboro and Morganville listed under $550,000.  The price range for homes in Marlboro Township is crazy.  The lowest price home comes in at $269,000 and the highest price at a whopping 1.9 million.

Now let’s talk about homes that are currently under contract.  Now you may be thinking why is that of interest of to me, it’s not like you can buy one of those homes, but it will give you a strong sense of what the current market looks like and it may help set the tone for what will happen this month, in June. 

If you had to guess, how many homes do you think are currently under contract?  (drum roll please) If you guessed 68.  You would be exactly right.  70 homes are currently waiting to close.  Not bad during a period in our lives of such chaos.

So let’s be honest.  This is my first pandemic, your first pandemic.  So nobody truly knows exactly what is going to go on.  If I had to take an educated guess.  I don’t think our housing prices here in Marlboro are going to drastically decline.  But I also don’t think they are going to go up.  I guess, what i’m saying is, I have a suspicion that our market will start to level off, when it comes to pricing.

Average sales price only says so much, and it can’t really account for the difference between a mansion and a starter home.  So this is always something to keep in your mind when we talk about average home price sales UNLESS it is broken down by square footage.   But just to give you an idea, the average sale price in Marlboro from March – May was $556,000

(On Camera) Another interesting statistic is average days on market.  This gives an indication of how long a home sat on the market before closing.  It is important to note that this statistic is also imperfect.  Houses goes through stages when being on market, such as active, pending, under contract and closed.  But again for a general idea, houses ONLY sat on the market an average of 41 days here in Marlboro New Jersey  

Lastly, people are always curious how close to asking price people got when selling their homes.    From March –  May, homes sold for an average of 98% of list price.  Yup you heard right, houses sold for only 2% under their asking price!   This may also be an indicator that house prices have leveled off slightly, and for that reason, there may NOT be that much room for negotiation.

You’re probably very tired of hearing me say this, but please, be sure you are working with an agent who has local expertise and knows the value of homes in an area.  This is important for both buyers and sellers.

So I guess the basic answer to the question, “How is the real estate market doing in Marlboro Township during the covid 19 pandemic”.  I think it’s safe to say, overall from a real estate perspective we are doing just fine!

I will say as a buyer,  you need to be ready to make a move quickly when the right home hits the market, because even during trying times, houses are selling and they are selling pretty quickly!

So, there you have it!  A little bit of information about how the market is doing right here in Marlboro, New Jersey.  

If all of this has you thinking, hmm I should considering buying or even selling in Marlboro Township then you’ll definitely want to take a peek at my website under the Marlboro / Morganville Information.

Lastly, if you enjoyed this video let me know by hitting that like button (Thumbs Up), subscribing to my channel, and sharing this video with your family and friends. 

See YOU, next Monday!

Moving to the area? Check out my Youtube channel :)
Real Estate & Lifestyle in Monmouth County