the
RESOURCES
report
Monmouth County Real Estate Market Report 3rd Quarter 2015
ESOU CES R E A L E S TAT E B R O K E R
Carolynn Ozar-Diakon
Thomas McCormack
Broker - Senior Partner carolynn@resourcesrealestate.com
Managing Partner - Broker tom@resourcesrealestate.com
It was a lovely summer with the total number of beach days at record highs given the lack of rain and high temperatures. And as we predicted in our last market report, the summer sale season was a strong one with increased sales and slightly higher prices in many of our local markets. We don’t know if it was because the spring market was delayed because of the prolonged and unwelcome stay of winter, because interest rates remained low, or because prices have posted relatively modest gains, but sales were strong in third quarter as many closings of springtime contracts came to the settlement table and many who had been anxious to write a contract on something new were finally able to given the sale of their current home. Compared with the same period one year ago, Monmouth County single-family home unit sales were up almost 11% by end of third quarter with median sales prices up 4.25% — a sign that the recovery is inching upward with increasing sales occurring in higher price ranges than previously. When focusing in on individual towns in our survey we found that 83% posted unit sales that were equal to or greater than one year ago, with half of them delivering higher median sale prices.
res ou rc esre a le st a te. c om
Many of our local market towns are on track to beat 2014’s yearend totals with some markets having already surpassed those totals by end of third quarter. Interestingly, even during the dog days of summer — mid-to-late August — when many leave town for vacation destinations, we were seeing brisk sales activity. This is in contrast to September which typically witnesses a resurgence of market activity after the start of school but this year remained relatively quiet. Despite this, we are confident that 4th quarter will be strong and are encouraging our home sellers to get their homes on the market prior to year-end in case this coming winter proves to be another nuisance. We hope you enjoy reviewing our market report and encourage you to contact us if you have interest in market data for towns that are not included in the survey or any questions relating to the current market or real estate in general. We’re happy to help.
Carolynn and Tom
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mobile website: bit.ly/53lewispoint
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
18
20
Days on Market
105
176
52
131
35
83
83
Average Price
$341,014
$488,902
$462,361
$494,874
$806,000
$516,588
$595,200
Median Price
$330,250
$412,792
$338,500
$389,750
$806,000
$445,750
$457,000
Highest Price
$510,000
$1,087,500 $1,475,000
$999,999
$1,100,000 $1,400,000 $1,325,000
Colts Neck Number of Sales
22
22
39
35
20
26
40
Days on Market
155
79
74
75
115
59
96
Average Price
$681,766
$781,278
$1,078,418
$751,557
$787,495
$816,758
$892,192
Median Price
$572,283
$702,500
$725,000
$630,000
$667,500
$725,610
$679,750
Highest Price
$1,800,000 $1,580,000 $5,400,000 $1,900,000 $2,088,500 $1,950,000 $2,375,000
Fair Haven Number of Sales
19
31
23
20
18
46
40
Days on Market
105
53
101
75
46
44
45
Average Price
$884,601
$778,042
$784,716
$837,650
$850,661
$773,104
$893,917
Median Price
$691,166
$691,333
$723,333
$783,750
$766,250
$708,700
$762,450
Highest Price
$2,250,000 $2,725,000 $2,250,000 $1,500,000 $1,750,000 $1,820,000 $3,479,000
Holmdel Number of Sales
21
37
43
35
20
40
60
Days on Market
75
91
79
106
113
78
68
Average Price
$750,407
$707,379
$759,902
$793,439
$724,025
$804,352
$835,132
Median Price
$687,650
$642,417
$696,333
$675,000
$693,000
$750,000
$720,000
Highest Price
$1,400,000 $2,017,500 $2,267,582 $2,000,000 $1,200,000 $1,970,000 $2,180,000
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mobile website: bit.ly/18river
Quarterly Report 2014
2015
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
1st Qtr
2nd Qtr
3rd Qtr
Number of Sales
10
21
20
15
9
19
25
Days on Market
46
67
64
67
84
54
44
Average Price
$601,875
$623,314
$814,755
$885,000
$751,000
$695,289
$703,976
Median Price
$616,167
$590,833
$765,666
$660,000
$675,000
$535,000
$655,000
Little Silver
Highest Price
$1,137,500 $1,170,000 $1,659,000 $2,450,000 $1,800,000 $1,850,000 $1,225,000
Long Branch Number of Sales
27
30
40
34
19
29
31
Days on Market
152
124
146
115
105
128
74
Average Price
$261,630
$293,631
$247,886
$305,461
$281,732
$387,831
$436,170
Median Price
$253,333
$282,800
$256,666
$282,500
$260,000
$315,000
$280,000
Highest Price
$484,000
$870,000
$800,000
$1,850,000 $3,051,000
$2,700,000 $2,955,000
Middletown Number of Sales
77
166
185
151
97
193
251
Days on Market
91
89
66
77
74
73
63
Average Price
$422,157
$471,400
$453,989
$414,826
$433,007
$447,673
$519,951
Median Price
$374,667
$370,000
$422,000
$366,100
$350,000
$395,000
$439,900
Highest Price
$1,835,000 $5,125,000 $2,700,000 $1,300,000 $1,900,000 $2,200,000 $5,583,270
MONMOUTH BEACH Number of Sales
5
12
6
14
8
14
6
Days on Market
83
53
55
122
52
88
66
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 $2,400,000 $1,510,000
res ou rc esre a le st a te. c om
$1,046,696 $1,201,857 $1,170,714 $975,000
$1,230,000 $1,050,000
$938,333 $755,000
4th Qtr
mobile website: bit.ly/64awfront
Quarterly Report 2014
2015
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
1st Qtr
2nd Qtr
3rd Qtr
Number of Sales
8
19
12
16
4
17
20
Days on Market
143
71
74
75
109
90
68
Average Price
$579,000
$503,472
$523,015
$450,531
$480,000
$597,617
$434,170
Median Price
$510,917
$400,833
$533,166
$368,500
$495,000
$500,000
$425,000
$980,000
$1,025,000
$575,000
$1,400,000
$710,000
4th Qtr
OCEANPORT
Highest Price
$1,250,000 $1,950,000
RED BANK Number of Sales
6
18
15
12
9
21
32
Days on Market
46
81
55
92
77
48
79
Average Price
$426,583
$351,073
$382,985
$336,791
$328,211
$326,090
$550,255
Median Price
$422,166
$340,000
$387,666
$329,750
$320,000
$305,900
$475,500
Highest Price
$724,000
$760,000
$785,000
$500,000
$690,000
$999,000
$2,600,000
Number of Sales
17
31
30
32
11
27
46
Days on Market
115
86
71
57
79
102
50
Rumson
Average Price
$1,056,945 $1,202,513 $1,486,825 $1,321,765 $1,099,666 $1,782,862 $1,548,432
Median Price
$1,127,500
Highest Price
$2,125,000 $3,550,000 $3,125,000 $4,300,000 $2,725,000 $4,040,000 $5,950,000
$980,833
$1,467,500 $1,022,000
$950,000
$1,182,500 $1,362,500
Shrewsbury Number of Sales
5
9
17
11
7
13
15
Days on Market
154
53
59
64
48
58
77
Average Price
$638,333
$460,711
$592,920
$583,772
$514,285
$544,038
$552,146
Median Price
$640,000
$484,000
$566,750
$550,000
$425,000
$435,000
$550,000
Highest Price
$950,000
$837,000
$982,500
$750,000
$955,000
$930,000
$845,000
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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/445drivewayocp
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
re source sre al es tate. co m
mobile website: bit.ly/55prospect10
Portfolio
lifestyle magazine
Resources Real Estate’s 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, 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 10/9/15. Copyright 2015 by the Monmouth County Association of REALTORSÂŽ
65 First Ave Atlantic Highlands, NJ 07716