the
Monmouth County Real Estate Market Report 2nd Quarter 2014
RESOURCES
report
ESOU CES R E A L E S TAT E B R O K E R
As the Spring gave way to the glorious days of Summer, I looked around and couldn’t help but notice what a wonderful place we live. Kids biking to the beach, some with surfboards. Ice cream places are open and parents and kids alike enjoy the creamy experience together. I confess to spending several lazy evenings having dinner at the beach and enjoying the peaceful and rejuvenating sounds of the ocean. As many of you know I had cancer and chemo treatments in 2013 and into 2014, with several surgeries. As all seasons roll around, the season of me getting back into shape and getting physically moving has arrived and I must say as reluctant as I was to exercise, the beauty of the Hartshorne and Huber Woods are winning me over. Our company boat, a 50’ Sundancer, did not make it up from Florida yet this year as we lost an engine and anyone that knows boats knows the frustration of waiting for parts. As soon as she gets safely to SRYC in Fair Haven, I look forward to client tours and cocktails aboard the “Sea Lion.”
Carolynn Ozar-Diakon Broker - Senior Partner carolynn@resourcesrealestate.com
In the meantime I continue to plan for the future with innovations that are constantly copied in the industry, we don’t mind. We are after all innovators, and that is one of the reasons our clients pick us. In addition, our culture attracts the best professional talent and our training is considered to be one of the best in the industry. Look for more innovation and real estate strides in the second half of this year. Carolynn
At the conclusion of 2nd quarter we see Monmouth County’s housing market in more positive territory relative to 12 months ago ~ unit sales are up 9%, median sale price up 5.4%, and less than 7 months of inventory.* Despite this, there’s a feeling that the exuberance of 2013 ~ as the sleeping giant that was our real estate market awakened and revived ~ did not continue as anticipated. Certainly a challenging winter slowed down 1st quarter’s pace but even after the snow and cold exited, 2nd quarter sales were lower than the previous year. Of course we’re happy for overall positive growth but it’s curious why gains haven’t been stronger given positive jobs reports, record-breaking Wall Street numbers, low mortgage interest rates and home prices that are still attractive. Perhaps our current state is one of equilibrium with neither seller or buyer having an advantage and each required to play by the market’s rules: Sellers acknowledging that not every home sells in a bidding war and correct pricing and home preparation are both smart and necessary; and Buyers presuming they are in competition and must act quickly if they are to succeed. Of course a strong agent will help you succeed and we are here to help.
Thomas McCormack
Tom (* For the 12 month period ending with second quarter 2014.)
res ou rc esre a le st a te. c om
Managing Partner - Broker tom@resourcesrealestate.com
bit.ly/waterviewatlhighlands
Quarterly Report 2013 1st Qtr
2014
2nd Qtr
3rd Qtr
4th Qtr
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Atlantic Highlands Number of Sales
6
14
14
19
9
10
Days on Market
223
106
90
116
105
176
Average Price
$805,555
$656,374
$385,187
$475,960
$341,014
$488,902
Median Price
$765,000
$542,350
$396,042
$404,133
$330,250
$412,792
$745,000
$1,280,000
$510,000
$1,087,500
Highest Price
$1,150,000 $1,480,488
Colts Neck Number of Sales
21
31
47
25
22
22
Days on Market
105
134
115
134
155
79
Average Price
$786,751
$951,222
$783,952
$852,680
$681,766
$781,278
Median Price
$634,375
$855,500
$673,150
$735,833
$572,283
$702,500
Highest Price
$2,200,000 $3,750,000 $2,450,000 $1,765,000 $1,800,000 $1,580,000
Fair Haven Number of Sales
16
23
39
30
19
31
Days on Market
93
74
85
71
105
53
Average Price
$647,638
$932,338
$703,259
$919,854
$884,601
$778,042
Median Price
$586,763
$711,500
$692,333
$711,500
$691,166
$691,333
Highest Price
$1,352,000 $3,300,000 $1,479,000 $3,600,000 $2,250,000 $2,725,000
Holmdel Number of Sales
22
38
58
38
21
37
Days on Market
117
105
70
92
75
91
Average Price
$716,528
$828,609
$718,749
$757,560
$750,407
$707,379
Median Price
$610,816
$698,500
$648,500
$694,167
$687,650
$642,417
Highest Price
$1,750,000 $2,582,200 $1,852,150 $2,750,000 $1,400,000 $2,017,500
re source sre al es tate. co m
bit.ly/147monmouth
Quarterly Report 2013
2014
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
1st Qtr
2nd Qtr
Number of Sales
13
32
33
13
10
21
Days on Market
95
94
45
39
46
67
Average Price
$577,394
$632,942
$726,596
$630,041
$601,875
$623,314
Median Price
$561,667
$586,067
$611,721
$521,750
$616,167
$590,833
Little Silver
Highest Price
$1,100,000 $1,575,000 $1,800,000 $1,670,000 $1,137,500 $1,170,000
Long Branch Number of Sales
19
36
38
29
27
30
Days on Market
115
128
119
85
152
124
Average Price
$262,542
$277,010
$365,869
$302,180
$261,630
$293,631
Median Price
$217,083
$240,500
$257,500
$248,300
$253,333
$282,800
Highest Price
$1,187,500
$750,000
$484,000
$1,850,000
Number of Sales
103
163
208
148
77
166
Days on Market
87
99
67
77
91
89
Average Price
$397,076
$441,599
$495,838
$450,906
$422,157
$471,400
Median Price
$355,600
$397,500
$416,333
$425,000
$374,667
$370,000
$1,220,295 $1,500,000
Middletown
Highest Price
$1,352,000 $2,725,000 $6,100,000 $1,325,000 $1,835,000 $5,125,000
MONMOUTH BEACH Number of Sales
4
5
15
13
5
12
Days on Market
73
113
109
131
83
53
Average Price
$865,500
$863,100
$597,694
$900,311
$1,042,708
$919,103
Median Price
$963,000
$863,100
$426,500
$862,207
$1,096,875
$782,083
Highest Price
$1,315,000 $1,275,000 $1,800,000 $1,575,000 $2,125,000 $2,175,000
res ou rc esre a le st a te. c om
3rd Qtr
4th Qtr
bit.ly/80wriver
Quarterly Report 2013
2014
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
1st Qtr
2nd Qtr
Number of Sales
12
9
16
14
8
19
Days on Market
100
61
64
109
143
71
Average Price
$396,075
$377,097
$526,507
$489,233
$579,000
$503,472
Median Price
$372,167
$350,750
$382,417
$443,500
$510,917
$400,833
Highest Price
$699,900
$770,000
$2,400,000
$805,000
Number of Sales
14
21
18
20
6
18
Days on Market
201
105
90
57
46
81
Average Price
$251,867
$475,638
$497,644
$527,553
$426,583
$351,073
Median Price
$264,583
$365,667
$388,000
$446,683
$422,166
$340,000
Highest Price
$535,100
$724,000
$760,000
3rd Qtr
4th Qtr
OCEANPORT
$1,250,000 $1,950,000
RED BANK
$2,550,000 $1,650,000 $2,281,700
Rumson Number of Sales
20
32
38
38
17
31
Days on Market
93
87
86
79
115
86
Average Price
$1,271,269 $1,063,287 $1,444,824 $1,178,908 $1,056,945 $1,202,513
Median Price
$1,095,833
Highest Price
$3,034,000 $3,175,000 $3,200,000 $5,600,000 $2,125,000 $3,550,000
$857,417
$1,358,417
$855,166
$1,127,500
$980,833
Shrewsbury Number of Sales
6
8
12
10
5
9
Days on Market
86
150
63
89
154
53
Average Price
$348,944
$653,633
$425,450
$664,436
$638,333
$460,711
Median Price
$328,500
$667,250
$444,167
$664,150
$640,000
$484,000
Highest Price
$490,000
$960,000
$515,000
$875,000
$950,000
$837,000
re source sre al es tate. co m
bit.ly/11rivergate
ANNUAL Report 2012
2013
% Change
Monmouth County Price Comparisons
MONMOUTH COUNTY Number of Sales
4601
5192
13
Days on Market
107
91
-15
Average Price
$472,637
$480,350
2
Median Price
$371,875
$384,188
3
Highest Price
$7,300,000 $6,425,000
2012
2013
-12
% Change
2012
2013
% Change
Fair Haven
Atlantic Highlands Number of Sales
45
53
18
Number of Sales
91
108
19
Days on Market
107
120
12
Days on Market
90
79
-12
Average Price
$434,129
$522,798
20
Average Price
$735,940
$805,139
9
Median Price
$345,396
$420,000
22
Median Price
$698,833
$667,000
-5
-10
Highest Price
Highest Price
$1,650,000 $1,480,488
$3,500,000 $3,600,000
3
HOLMDEL
Colts Neck Number of Sales
87
124
43
Number of Sales
150
156
4
Days on Market
117
121
3
Days on Market
118
92
-22
Average Price
$889,336
$831,089
-7
Average Price
$678,630
$757,940
12
Median Price
$672,345
$672,500
0
Median Price
$643,212
$658,500
2
-16
Highest Price
Highest Price
$4,450,000 $3,750,000
res ou rc esre a le st a te. c om
$1,975,000 $2,750,000
39
bit.ly/445drivewayocp
Annual Report 2012
2013
% Change
2012
2013
% Change
Oceanport
Little SIlver Number of Sales
67
91
36
Number of Sales
58
51
-12
Days on Market
106
75
-29
Days on Market
116
84
-28
Average Price
$564,014
$670,679
19
Average Price
$452,924
$446,027
-2
Median Price
$514,270
$555,000
8
Median Price
$394,500
$375,000
-5
0
Highest Price
Highest Price
$1,800,000 $1,800,000
$1,200,000 $2,400,000
100
Red Bank
LONG BRANCH Number of Sales
90
122
36
Number of Sales
58
74
28
Days on Market
167
117
-30
Days on Market
80
109
36
Average Price
$254,966
$311,803
22
Average Price
$339,447
$435,018
28
Median Price
$205,000
$236,000
15
Median Price
$301,245
$333,500
11
-21
Highest Price
Highest Price
$1,900,000 $1,500,000
$1,640,000 $2,550,000
55
rumson
middletown Number of Sales
526
624
19
Number of Sales
101
129
28
Days on Market
89
80
-10
Days on Market
128
80
-38
Average Price
$450,668
$456,357
1
Average Price
$1,287,289 $1,280,255
-1
Median Price
$374,937
$399,250
6
Median Price
$1,171,833 $1,070,000
-9
-16
Highest Price
$4,090,000 $5,600,000
37
Highest Price
$7,300,000 $6,100,000
Shrewsbury
monmouth beach Number of Sales
46
37
-20
Number of Sales
48
36
-25
Days on Market
135
119
-12
Days on Market
88
87
-1
Average Price
$879,905
$766,947
-13
Average Price
$503,429
$501,629
0
Median Price
$851,079
$634,000
-26
Median Price
$481,950
$480,500
0
11
Highest Price
$1,300,000
$960,000
-26
Highest Price
$1,620,000 $1,800,000
re source sre al es tate. co m
bit.ly/15bellevue
bit.ly/casalomafreeport
ESOU CES R E A L E S TAT E B R O K E R
732-212-0440 112 East River Road Rumson, NJ 07760
resourcesrealestate.com 36 Beach Rd Suite 3 Monmouth Beach, NJ 07750
4A West Front St Red Bank, NJ 07701
Information deemed reliable but not guaranteed. Data as of 7/8/14. Copyright 2014 by the Monmouth County Association of REALTORS速
65 First Ave Atlantic Highlands, NJ 07716