Monthly Market Report for Toms River, NJ – February 2009

February by the numbers:

• 31 The number of Single Family Homes CLOSED during the month

• $411,706 Average LIST price for February*

• $390,029 Average SALES price for the month*

• 97 Average DAYS ON the MARKET for February

• 94.73% The SALES price to LIST price RATIO for the month

• 708 Number of Single Family Homes ACTIVE on the market in February

• 22.83 Number of MONTHS it would take to SELL OFF the existing supply of homes on the market, in Toms River, at this rate, if NONE were to come on the market!

*These averages include Single Family Homes from the beach communities of Ortley, Normandy and Ocean, etc.

February 2009 saw 31 Single Family Homes CLOSE in Toms River, as compared with 48 in February of 2008. Of those 31 homes, 8 were in the price range of $200,000 to $250,000 (more than 25%). Combined with the CLOSINGS from January 2009, this represents an increase in SALES of 55%, in this particular price range, over the same time last year!

Tomorrow, I will post the same breakdown as last month; as to what percentage of these SALES were “distressed” properties (bank owned and/or short sales).