The Long & Foster Market Minute

Focus On: Long Branch, Oakhurt, and Allenhurst Housing Market March 2021

Zip Code(s): 07740, 07755, 07711 and 07723
Units Sold
54
Active Inventory
172
Median Sale Price
$647,000
Days On Market
97
Up
Vs. Year Ago
Down -36%
Vs. Year Ago
Up
Vs. Year Ago
Up 45%
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 54 sold this month in Long Branch, Oakhurt, and Allenhurst Real Estate. This month's total units sold was higher than at this time last year.

Active Inventory
Versus last year, the total number of homes available this month is lower by 96 units or 36%. The total number of active inventory this March was 172 compared to 268 in March 2020. This month's total of 172 is higher than the previous month's total supply of available inventory of 170, an increase of 1%.

Median Sale Price
Last March, the median sale price for Long Branch, Oakhurt, and Allenhurst Homes was $425,000. This March, the median sale price was $647,000, an increase of $222,000 compared to last year. The current median sold price is higher than in February.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
90
Current Contracts
69
Sold Vs. List Price
95.6%
Months of Supply
3.2
Up 80%
Vs. Year Ago
Up 138%
Vs. Year Ago
Up 2.5%
Vs. Year Ago
Down -57%
Vs. Year Ago

Months of Supply
In March, there was 3.2 months of supply available in Long Branch, Oakhurt, and Allenhurst, compared to 7.4 in March 2020. That is a decrease of 57% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 90 homes newly listed for sale in Long Branch, Oakhurt, and Allenhurst compared to 50 in March 2020, an increase of 80%. There were 69 current contracts pending sale this March compared to 29 a year ago. The number of current contracts is 138% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in Long Branch, Oakhurt, and Allenhurst was 95.6% of the average list price, which is 2.4% higher than at this time last year.

Days on Market
This month, the average number of days on market was 97, higher than the average last year, which was 67, an increase of 45%.

The Long & Foster Market Minute Long Branch, Oakhurt, and Allenhurst are defined as properties listed in zip code/s 07740, 07755, 07711 and 07723.
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by MOMLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of MOMLS or Long & Foster Real Estate, Inc.