the
RESOURCES
report
Monmouth County Real Estate Market Report 3rd Quarter 2014
ESOU CES R E A L E S TAT E B R O K E R
Writing this from Boston at the Who’s Who in Luxury Real Estate annual Fall conference, where we are excited to be nominated in seven categories:B est Website Best Website, Best Digital Marketing, Best Brand Integration, Extraordinary Philanthropist, Outstanding Social Media Savvy, Best Overall Marketing Package, Most Innovative Marketing Technique. Every time I come to a conference I realize how much I can learn each day by asking questions. Even though I have been in the real estate business for 28 years, I still love learning. SO much has changed since I started Resources Real Estate in 2000, the technology especially. Thank goodness I enjoy learning, because in the Instagram, Twitter, Pinterest world that we live in these have been invigorating marketing avenues to market our listings and deliver our quarterly market report and our digital magazine. Exciting as it is to institute new technologies in our business — it still comes back to quality of service. The outcome of the transaction to the satisfaction of our clients. That will never change. Looking forward to pumpkins, hot chocolate and nights in front of the fire in the coming months (albeit on my computer ) and look forward to sending you the final report for 2014. Please feel free to contact me directly carolynn@resourcesrealestate.com if you have any question about the report or to research your town.
Carolynn Ozar-Diakon Broker - Senior Partner carolynn@resourcesrealestate.com
Carolynn
I for one am sorry to see the passing of this recent summer season… truly it was one of my favorite summers since moving here from NYC almost 15 years ago. And perhaps instead of actively pursuing a new home, too many would-be buyers found themselves heading to the beach, biking in Hartshorne Woods or enjoying the endless schedule of food festivals, outdoor concerts and other events that make living in Monmouth County such a pleasure. Whatever the cause, we found 3rd quarter Monmouth County single-family home sales were somewhat lackluster with 9 out of 12 towns in our market survey showing fewer sales than 3rd quarter last year. Indeed, overall Monmouth County single-family unit sales are down 5.75% year-to-date. On a brighter note, the county’s median sale price for the 12-month period ending in September was almost 4% higher than the same period in the previous year so homeowner equity continues to rebound from the hit taken during the recession. Despite what we are seeing elsewhere in the market at large, we’re proud to report that Resources sales year-to-date are up over 77% over last year for our listing clients. I hope you enjoy reviewing this edition of our market report and encourage you to forward any questions you may have about the market regardless of whether you have any immediate plans to make a move. We enjoy providing a clear and independent focus on our local market.
Thomas McCormack Managing Partner - Broker tom@resourcesrealestate.com
Tom (* For the 12 month period ending with third quarter 2014.)
res ou rc esre a le st a te. c om
cover image mobile website: bit.ly/445drivewayocp
mobile website: bit.ly/35columbusdr
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
18
Days on Market
223
106
90
116
105
176
52
Average Price
$805,555
$656,374
$385,187
$475,960
$341,014
$488,902
$462,361
Median Price
$765,000
$542,350
$396,042
$404,133
$330,250
$412,792
$338,500
$745,000
$1,280,000
$510,000
Highest Price
$1,150,000 $1,480,488
$1,087,500 $1,475,000
Colts Neck Number of Sales
21
31
47
25
22
22
39
Days on Market
105
134
115
134
155
79
74
Average Price
$786,751
$951,222
$783,952
$852,680
$681,766
$781,278
$1,078,418
Median Price
$634,375
$855,500
$673,150
$735,833
$572,283
$702,500
$725,000
Highest Price
$2,200,000 $3,750,000 $2,450,000 $1,765,000 $1,800,000 $1,580,000 $5,400,000
Fair Haven Number of Sales
16
23
39
30
19
31
23
Days on Market
93
74
85
71
105
53
101
Average Price
$647,638
$932,338
$703,259
$919,854
$884,601
$778,042
$784,716
Median Price
$586,763
$711,500
$692,333
$711,500
$691,166
$691,333
$723,333
Highest Price
$1,352,000 $3,300,000 $1,479,000 $3,600,000 $2,250,000 $2,725,000 $2,250,000
Holmdel Number of Sales
22
38
58
38
21
37
43
Days on Market
117
105
70
92
75
91
79
Average Price
$716,528
$828,609
$718,749
$757,560
$750,407
$707,379
$759,902
Median Price
$610,816
$698,500
$648,500
$694,167
$687,650
$642,417
$696,333
Highest Price
$1,750,000 $2,582,200 $1,852,150 $2,750,000 $1,400,000 $2,017,500 $2,267,582
re source sre al es tate. co m
mobile website: bit.ly/52riverdale
Quarterly Report 2013
2014
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
1st Qtr
2nd Qtr
3rd Qtr
Number of Sales
13
32
33
13
10
21
20
Days on Market
95
94
45
39
46
67
64
Average Price
$577,394
$632,942
$726,596
$630,041
$601,875
$623,314
$814,755
Median Price
$561,667
$586,067
$611,721
$521,750
$616,167
$590,833
$765,666
Little Silver
Highest Price
$1,100,000 $1,575,000 $1,800,000 $1,670,000 $1,137,500 $1,170,000 $1,659,000
Long Branch Number of Sales
19
36
38
29
27
30
40
Days on Market
115
128
119
85
152
124
146
Average Price
$262,542
$277,010
$365,869
$302,180
$261,630
$293,631
$247,886
Median Price
$217,083
$240,500
$257,500
$248,300
$253,333
$282,800
$256,666
Highest Price
$1,187,500
$750,000
Number of Sales
103
163
208
148
77
166
185
Days on Market
87
99
67
77
91
89
66
Average Price
$397,076
$441,599
$495,838
$450,906
$422,157
$471,400
$453,989
Median Price
$355,600
$397,500
$416,333
$425,000
$374,667
$370,000
$422,000
$1,220,295 $1,500,000
$484,000
$1,850,000 $3,051,000
Middletown
Highest Price
$1,352,000 $2,725,000 $6,100,000 $1,325,000 $1,835,000 $5,125,000 $2,700,000
MONMOUTH BEACH Number of Sales
4
5
15
13
5
12
6
Days on Market
73
113
109
131
83
53
55
Average Price
$865,500
$863,100
$597,694
$900,311
$1,042,708
$919,103
$893,722
Median Price
$963,000
$863,100
$426,500
$862,207
$1,096,875
$782,083
$804,833
Highest Price
$1,315,000 $1,275,000 $1,800,000 $1,575,000 $2,125,000 $2,175,000 $1,575,000
res ou rc esre a le st a te. c om
4th Qtr
mobile website: bit.ly/135bingham
Quarterly Report 2013
2014
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
1st Qtr
2nd Qtr
3rd Qtr
Number of Sales
12
9
16
14
8
19
12
Days on Market
100
61
64
109
143
71
74
Average Price
$396,075
$377,097
$526,507
$489,233
$579,000
$503,472
$523,015
Median Price
$372,167
$350,750
$382,417
$443,500
$510,917
$400,833
$533,166
Highest Price
$699,900
$770,000
$2,400,000
$805,000
Number of Sales
14
21
18
20
6
18
15
Days on Market
201
105
90
57
46
81
55
Average Price
$251,867
$475,638
$497,644
$527,553
$426,583
$351,073
$382,985
Median Price
$264,583
$365,667
$388,000
$446,683
$422,166
$340,000
$387,666
Highest Price
$535,100
$724,000
$760,000
$785,000
4th Qtr
OCEANPORT
$1,250,000 $1,950,000
$980,000
RED BANK
$2,550,000 $1,650,000 $2,281,700
Rumson Number of Sales
20
32
38
38
17
31
30
Days on Market
93
87
86
79
115
86
71
Average Price
$1,271,269 $1,063,287 $1,444,824 $1,178,908 $1,056,945 $1,202,513 $1,486,825
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 $3,125,000
$857,417
$1,358,417
$855,166
$1,127,500
$980,833
$1,467,500
Shrewsbury Number of Sales
6
8
12
10
5
9
17
Days on Market
86
150
63
89
154
53
59
Average Price
$348,944
$653,633
$425,450
$664,436
$638,333
$460,711
$592,920
Median Price
$328,500
$667,250
$444,167
$664,150
$640,000
$484,000
$566,750
Highest Price
$490,000
$960,000
$515,000
$875,000
$950,000
$837,000
$982,500
re source sre al es tate. co m
mobile website: bit.ly/112lippincott
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
mobile website: bit.ly/108heulitt
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
mobile website: bit.ly/135emount
Portfolio Homes
magazine
Resources Real Estate’s new quarterly interactive digital magazine with local lifestyle features, interviews with local design & build professionals, and, of course, some of the most beautiful homes currently available. If you would like to receive Portfolio Homes, please send your email address to PortfolioHomes@resourcesrealestate.com. Contact Deirdre Smith at 732-212-0440 x300 for advertising information.
View Portfolio Homes Here
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 10/7/14. Copyright 2014 by the Monmouth County Association of REALTORSÂŽ
65 First Ave Atlantic Highlands, NJ 07716