the
RESOURCES
report
Monmouth County Real Estate Market Report 1st Quarter 2015
ESOU CES R E A L E S TAT E B R O K E R
The real estate market as a whole seems to be putting the past behind and at least for now, we are seeing some of the brisk upmarket swing that we saw in the earlier part of the millennium. Exciting as that is, I am cautiously optimistic for the spring, not heady with excitement. Why the caution? I believe that the real estate market is first and foremost a supply and demand driven market. With the excess of listings now in rescission the demand is outpacing supply. However, lenders continue to be cautious with overestimating values and appraisals are as always a large consideration. Lenders are not going to put themselves in the same position they did in the real estate crash that was felt around the world. Let’s hope the lending industry learned!! Speaking of lending, rumor has it that rates might start to edge up this summer — higher rates on the horizon and low inventory is definitely a recipe for success for homeowners that price for today’s market and not for 2006. Carolynn
Carolynn Ozar-Diakon Broker - Senior Partner carolynn@resourcesrealestate.com
Although it’s T. S. Eliot’s contention that April is the cruelest month, looking back upon this past winter I might be more inclined to offer February the title because of that brief month’s utter tenacity: its cold and icy grip seemingly unbreakable. Or perhaps the honor should go to March given its repeated false promises of spring, each one vigorously recalled and exchanged for brief return visits of winter. Still, April is when first quarter returns are published and given the lackluster showing by most of our local markets, maybe Eliot is right. Only 4 out of 12 local towns showed greater sales so far this year than first quarter 2014 (and you may recall that last winter was not exactly balmy) and only 3 had positive growth in 2014 as a whole, compared with the previous year. Given where we expected to be in our economic recovery by now, that is cruel indeed. But as come the crocus and daffodils, so too the springtime buyers... Ahhh, Spring. The time when perennial open house visitors return from hibernation to their natural habitat: perusing the dens and living rooms of strangers without any hope or intent of ever buying a home or moving from their native dwelling. If there’s anything good to be said of this winter it is that the seasonal detention and cabin fever of many would-be homebuyers is now helping improve sales considerably with many local markets experiencing a surge of contracts right now. And with inventories still relatively low, this concentrated buying activity is sure to benefit home sellers who have prepped their homes and positioned themselves according to the market’s parameters. Maybe April isn’t so cruel after all.
Thomas McCormack Managing Partner - Broker tom@resourcesrealestate.com
Tom
res ou rc esre a le st a te. c om
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Quarterly Report 2014 1st Qtr
2015
2nd Qtr
3rd Qtr
4th Qtr
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Atlantic Highlands Number of Sales
9
10
18
4
2
Days on Market
105
176
52
131
35
Average Price
$341,014
$488,902
$462,361
$494,874
$806,000
Median Price
$330,250
$412,792
$338,500
$389,750
$806,000
Highest Price
$510,000
$999,999
$1,100,000
$1,087,500 $1,475,000
Colts Neck Number of Sales
22
22
39
35
20
Days on Market
155
79
74
75
115
Average Price
$681,766
$781,278
$1,078,418
$751,557
$787,495
Median Price
$572,283
$702,500
$725,000
$630,000
$667,500
Highest Price
$1,800,000 $1,580,000 $5,400,000 $1,900,000 $2,088,500
Fair Haven Number of Sales
19
31
23
20
18
Days on Market
105
53
101
75
46
Average Price
$884,601
$778,042
$784,716
$837,650
$850,661
Median Price
$691,166
$691,333
$723,333
$783,750
$766,250
Highest Price
$2,250,000 $2,725,000 $2,250,000 $1,500,000 $1,750,000
Holmdel Number of Sales
21
37
43
35
20
Days on Market
75
91
79
106
113
Average Price
$750,407
$707,379
$759,902
$793,439
$724,025
Median Price
$687,650
$642,417
$696,333
$675,000
$693,000
Highest Price
$1,400,000 $2,017,500 $2,267,582 $2,000,000 $1,200,000
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Quarterly Report 2014
2015
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
1st Qtr
Number of Sales
10
21
20
15
9
Days on Market
46
67
64
67
84
Average Price
$601,875
$623,314
$814,755
$885,000
$751,000
Median Price
$616,167
$590,833
$765,666
$660,000
$675,000
Little Silver
Highest Price
$1,137,500 $1,170,000 $1,659,000 $2,450,000 $1,800,000
Long Branch Number of Sales
27
30
40
34
19
Days on Market
152
124
146
115
105
Average Price
$261,630
$293,631
$247,886
$305,461
$281,732
Median Price
$253,333
$282,800
$256,666
$282,500
$260,000
Highest Price
$484,000
$870,000
$800,000
$1,850,000 $3,051,000
Middletown Number of Sales
77
166
185
151
97
Days on Market
91
89
66
77
74
Average Price
$422,157
$471,400
$453,989
$414,826
$433,007
Median Price
$374,667
$370,000
$422,000
$366,100
$350,000
Highest Price
$1,835,000 $5,125,000 $2,700,000 $1,300,000 $1,900,000
MONMOUTH BEACH Number of Sales
5
12
6
14
8
Days on Market
83
53
55
122
52
Average Price
$1,042,708
$919,103
$893,722
Median Price
$1,096,875
$782,083
$804,833
Highest Price
$2,125,000 $2,175,000 $1,575,000 $1,637,500 $1,675,000
res ou rc esre a le st a te. c om
$1,046,696 $1,201,857 $975,000
$1,230,000
2nd Qtr
3rd Qtr
4th Qtr
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Quarterly Report 2014
2015
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
1st Qtr
Number of Sales
8
19
12
16
4
Days on Market
143
71
74
75
109
Average Price
$579,000
$503,472
$523,015
$450,531
$480,000
Median Price
$510,917
$400,833
$533,166
$368,500
$495,000
$980,000
$1,025,000
$575,000
2nd Qtr
3rd Qtr
4th Qtr
OCEANPORT
Highest Price
$1,250,000 $1,950,000
RED BANK Number of Sales
6
18
15
12
9
Days on Market
46
81
55
92
77
Average Price
$426,583
$351,073
$382,985
$336,791
$328,211
Median Price
$422,166
$340,000
$387,666
$329,750
$320,000
Highest Price
$724,000
$760,000
$785,000
$500,000
$690,000
Number of Sales
17
31
30
32
11
Days on Market
115
86
71
57
79
Rumson
Average Price
$1,056,945 $1,202,513 $1,486,825 $1,321,765 $1,099,666
Median Price
$1,127,500
Highest Price
$2,125,000 $3,550,000 $3,125,000 $4,300,000 $2,725,000
$980,833
$1,467,500 $1,022,000
$950,000
Shrewsbury Number of Sales
5
9
17
11
7
Days on Market
154
53
59
64
48
Average Price
$638,333
$460,711
$592,920
$583,772
$514,285
Median Price
$640,000
$484,000
$566,750
$550,000
$425,000
Highest Price
$950,000
$837,000
$982,500
$750,000
$955,000
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ANNUAL Report 2013
2014
% Change
Monmouth County Units Sold Price Comparisons
MONMOUTH COUNTY Number of Sales
5192
5047
-3
Days on Market
91
80
-12
Average Price
$480,350
$533,400
11
Median Price
$384,148
$399,000
4
Highest Price
$6,425,000 $7,500,000
2013
2014
17
% Change
2013
2014
% Change
Fair Haven
Atlantic Highlands Number of Sales
53
41
-23
Number of Sales
108
93
-14
Days on Market
120
91
-24
Days on Market
79
74
-6
Average Price
$522,798
$470,923
-10
Average Price
$805,139
$827,075
3
Median Price
$420,000
$369,000
-12
Median Price
$667,000
$700,000
5
0
Highest Price
Highest Price
$1,480,488 $1,475,000
$3,600,000 $2,725,000
-24
HOLMDEL
Colts Neck Number of Sales
124
118
-5
Number of Sales
156
147
-6
Days on Market
121
82
-32
Days on Market
92
86
-7
Average Price
$831,089
$863,951
4
Average Price
$757,940
$748,302
-1
Median Price
$672,500
$683,750
2
Median Price
$658,500
$680,000
3
44
Highest Price
Highest Price
$3,750,000 $5,400,000
res ou rc esre a le st a te. c om
$2,750,000 $2,263,582
-18
mobile website: bit.ly/62awfront
Annual Report 2013
2014
% Change
2013
2014
% Change
Oceanport
Little SIlver Number of Sales
91
67
-26
Number of Sales
51
57
12
Days on Market
75
60
-20
Days on Market
84
87
4
Average Price
$670,679
$756,579
13
Average Price
$446,027
$506,890
14
Median Price
$555,000
$670,000
21
Median Price
$375,000
$410,000
9
36
Highest Price
Highest Price
$1,800,000 $2,450,000
$2,400,000 $1,950,000
-19
Red Bank
LONG BRANCH Number of Sales
122
132
8
Number of Sales
74
51
-31
Days on Market
117
125
7
Days on Market
109
65
-40
Average Price
$311,803
$278,456
-11
Average Price
$435,018
$374,631
-14
Median Price
$236,000
$267,000
13
Median Price
$333,500
$335,000
0
Highest Price
$1,500,000
$870,000
-42
Highest Price
$2,550,000
$785,000
-69
rumson
middletown Number of Sales
624
581
-7
Number of Sales
129
110
-16
Days on Market
80
76
-5
Days on Market
80
75
-6
Average Price
$456,357
$447,072
-2
Average Price
$1,280,255 $1,294,832
1
Median Price
$399,250
$388,000
-3
Median Price
$1,070,000 $1,130,000
6
-16
Highest Price
$5,600,000 $4,300,000
-23
Highest Price
$6,100,000 $5,125,000
Shrewsbury
monmouth beach Number of Sales
37
37
0
Number of Sales
36
42
17
Days on Market
119
84
-29
Days on Market
87
76
-13
Average Price
$766,947
$983,860
28
Average Price
$501,629
$561,559
12
Median Price
$634,000
$850,000
34
Median Price
$480,500
$550,000
14
21
Highest Price
$960,000
$982,500
2
Highest Price
$1,800,000 $2,175,000
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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.
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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 4/8/15. Copyright 2015 by the Monmouth County Association of REALTORSÂŽ
65 First Ave Atlantic Highlands, NJ 07716