MONMOUTH COUNTY
REAL ESTATE 1ST Q U A R T E R R E P O R T
2014
BRIELLE | WALL | SEA GIRT | SPRING LAKE | SPRING LAKE HEIGHTS | AVON-BY-THE-SEA BELMAR | MANASQUAN
BRIELLE
SPRING LAKE
WALL
WALL
SPRING LAKE
BRIELLE
BELMAR
Courtesy of C OLLEEN T OBIN 2013 COMPANY-WIDE TOP PRODUCER
BRIELLE
Hello Neighbors, I am pleased to present my analysis of the real estate market for the 1 st Quarter of 2014. The recovery that began last year has continued to take hold during the first three months of 2014. Overall, Monmouth County sales increased slightly but the supply of homes also increased, leading to more homes on the market now when compared to last year. This may explain the 17% decline in the average sales price of homes in the county. Another interesting trend developed in comparing the single-family market with the condominium and adult community markets. The condominium market experienced a 5% drop in the number of units for sale, while the supply of single-family homes for sale increased by 10%. Despite the drop in condominium inventory and increase in the number of sales in both categories, there is still room for improvement before both single-family and condominium markets fully recover. There were several positive developments in the real estate market that should be noted.
Adult Communities - The real estate market in adult communities is fully recovered. Inventory levels are normal and average prices are continuing to increase.
Luxury Market - A recovery in the luxury market is well underway. Sales of properties valued over $1 million increased by 78% during the first quarter, and the average sales price in this category was up 9% year-over-year. This is the second year of continuous improvement in the luxury market.
Wall Township, Belmar & Spring Lake Heights - These three communities posted strong gains in the number of sales and the increase in average sales prices. Higher than average inventory levels should continue to drop during the remainder of this year.
Spring Lake & Sea Girt - Sales activity posted strong gains and the average sales price also increased dramatically in both communities. With inventory levels below normal, it is likely that the Spring Lake and Sea Girt real estate markets will remain strong throughout 2014.
Homeowners who are thinking about selling should find the upcoming months to be an ideal time to list and sell their property. Interest rates remain low and buyer demand should remain strong.
Realtor-Associate®
732-213-5166
2 0 1 4 1 ST Q UA R T E R R E P O R T
ALL RESIDENTIAL PROPERTIES
ALL SINGLE FAMILY HOMES
ALL CONDOMINIUMS
ALL ADULT COMMUNITIES
ALL MULTI-FAMILY HOMES
# of Sold Properties
# of Active Listings
Months Supply of Inventory
Average Sales Price
2014
1,207
4,867
12.1 months
$436,803
2013
1,183
4,292
11 months
$527,864
Change
+ 2%
+ 13%
2014
845
3,226
11.5 months
$510,807
2013
823
3,086
11 months
$647,579
+ 3%
+ 5%
+ 5%
- 21%
2014
236
745
9.5 months
$263,260
2013
210
783
11 months
$256,497
+ 12%
- 5%
- 14%
+ 3%
Change
Change
+ 10%
- 17%
2014
92
183
6 months
$245,904
2013
123
215
5 months
$239,268
- 25%
- 21%
- 34%
+ 3%
Change
2014
34
217
19.1 months
$318,725
2013
27
208
23 months
$304,115
+ 26%
+ 4%
- 17%
+ 5%
Change
2 0 1 4 1 ST Q UA R T E R R E P O R T
ALL SINGLE FAMILY HOMES
ALL SINGLE FAMILY HOMES
ALL SINGLE FAMILY HOMES
ALL SINGLE FAMILY HOMES
# of Sold Properties
# of Active Listings
2014
36
156
13 months
$557,533
2013
33
150
14 months
$384,179
+ 9%
+ 4%
Change
Months Supply of Inventory
- 7%
Average Sales Price
+ 45%
# of Sold Properties
# of Active Listings
Months Supply of Inventory
Average Sales Price
2014
21
55
7.9 months
$2,209,059
2013
9
55
18 months
$1,749,889
+ 133%
0%
- 56%
+ 26%
Change
# of Sold Properties
# of Active Listings
Months Supply of Inventory
Average Sales Price
2014
12
21
5.3 months
$1,991,500
2013
4
22
17 months
$1,099,750
+ 200%
- 5%
- 69%
+ 81%
Change
# of Sold Properties
# of Active Listings
Months Supply of Inventory
Average Sales Price
2014
10
41
12.3 months
$616,200
2013
5
38
23 months
$593,560
+ 100%
+ 8%
Change
- 47%
+ 4%
2 0 1 4 1 ST Q UA R T E R R E P O R T
ALL SINGLE FAMILY HOMES
ALL SINGLE FAMILY HOMES
ALL SINGLE FAMILY HOMES
ALL SINGLE FAMILY HOMES
# of Sold Properties
# of Active Listings
Months Supply of Inventory
Average Sales Price
2014
2
19
28.5 months
$861,250
2013
0
20
N/A
N/A
N/A
- 5%
N/A
N/A
Change
# of Sold Properties
# of Active Listings
Months Supply of Inventory
Average Sales Price
2014
11
51
13.9 months
$668,330
2013
8
55
21 months
$363,750
+ 38%
- 7%
Change
- 34%
+ 84%
# of Sold Properties
# of Active Listings
Months Supply of Inventory
Average Sales Price
2014
7
26
11.1 months
$588,428
2013
5
22
13 months
$498,200
+ 40%
+ 18%
- 15%
+ 18%
Change
# of Sold Properties
# of Active Listings
Months Supply of Inventory
Average Sales Price
2014
10
65
19.5 months
$533,819
2013
13
64
15 months
$666,835
- 23%
+ 2%
+ 30%
- 20%
Change
2014