the
RESOURCES
report
Monmouth County Real Estate Market Report 4th 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
Regardless of whether or not you adopt a new year’s resolution, this time of year always brings the feeling of a fresh start. It may be artificial but new beginnings help us move forward, help us to re-envision our lives in ways big and small and maybe even help us to enter winter’s hibernation mode with a hope of something better arriving with the spring thaw. We approach our view of the local real estate market and our role within it with much the same perspective: a fresh start, a new vision, a hope for something better. Not that 2015 mistreated us, mind you. Resources Real Estate’s business was up more than 28% from the previous year and our median sale price was 35% higher than that of the membership of Monmouth County multiple listing service. It’s something of which we’re quite proud given county-wide unit sales were up only 10%. While overall 2015 was a positive year for Monmouth County — the 10% bump in unit sales previously mentioned plus a modest 1% increase in median sale price — our market still shows room for further improvement. Second and third quarter were particularly strong as a lot of the would-be winter buyers were delayed in their home search by last winter’s particularly inhospitable treatment.
res ou rc esre a le st a te. c om
Two-thirds of our survey posted higher sales in 2015 than in the previous year much of it occurring in the middle part of the year. While positive, we expected a stronger finish to 2015 but 4th quarter showed a briefer sales burst than anticipated. Our forecast for 2016 includes last year’s momentum continuing to build. Despite stock market volatility, economic indicators are generally positive with New Jersey showing signs of a 60,000 gain in jobs by yearend 2015 which would make it the strongest year for NJ job growth since Y2K. Modest price increases, positive NJ job growth, a strong NY metro economy plus affordable mortgage interest rates should all bring forth a solid market for sales. Depending on how winter treats us, we could see this activity start mid-February and certainly pick up added speed come Spring. We hope you enjoy our market report. If you have any specific questions about your corner of the market, please don’t hesitate to let us know. Carolynn and Tom
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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
18
20
13
Days on Market
105
176
52
131
35
83
83
75
Average Price
$341,014
$488,902
$462,361
$494,874
$806,000
$516,588
$595,200
$518,076
Median Price
$330,250
$412,792
$338,500
$389,750
$806,000
$445,750
$457,000
$375,000
Highest Price
$510,000
$1,087,500 $1,475,000
$999,999
$1,100,000 $1,400,000 $1,325,000
$957,000
Colts Neck Number of Sales
22
22
39
35
20
26
40
24
Days on Market
155
79
74
75
115
59
96
101
Average Price
$681,766
$781,278
$1,078,418
$751,557
$787,495
$816,758
$892,192
$886,641
Median Price
$572,283
$702,500
$725,000
$630,000
$667,500
$725,610
$679,750
$658,950
Highest Price
$1,800,000 $1,580,000 $5,400,000 $1,900,000 $2,088,500 $1,950,000 $2,375,000 $2,450,000
Fair Haven Number of Sales
19
31
23
20
18
46
40
15
Days on Market
105
53
101
75
46
44
45
66
Average Price
$884,601
$778,042
$784,716
$837,650
$850,661
$773,104
$893,917
$962,866
Median Price
$691,166
$691,333
$723,333
$783,750
$766,250
$708,700
$762,450
$795,000
Highest Price
$2,250,000 $2,725,000 $2,250,000 $1,500,000 $1,750,000 $1,820,000 $3,479,000 $1,995,000
Holmdel Number of Sales
21
37
43
35
20
40
60
38
Days on Market
75
91
79
106
113
78
68
85
Average Price
$750,407
$707,379
$759,902
$793,439
$724,025
$804,352
$835,132
$650,033
Median Price
$687,650
$642,417
$696,333
$675,000
$693,000
$750,000
$720,000
$635,000
Highest Price
$1,400,000 $2,017,500 $2,267,582 $2,000,000 $1,200,000 $1,970,000 $2,180,000 $1,500,000
re source sre al es tate. co m
mobile website: bit.ly/380littlesilverpointrd
Quarterly Report 2014
2015
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Number of Sales
10
21
20
15
9
19
25
24
Days on Market
46
67
64
67
84
54
44
77
Average Price
$601,875
$623,314
$814,755
$885,000
$751,000
$695,289
$703,976
$846,658
Median Price
$616,167
$590,833
$765,666
$660,000
$675,000
$535,000
$655,000
$770,088
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 $2,632,500
Long Branch Number of Sales
27
30
40
34
19
29
31
30
Days on Market
152
124
146
115
105
128
74
103
Average Price
$261,630
$293,631
$247,886
$305,461
$281,732
$387,831
$436,170
$346,188
Median Price
$253,333
$282,800
$256,666
$282,500
$260,000
$315,000
$280,000
$262,000
Highest Price
$484,000
$870,000
$800,000
$1,850,000 $3,051,000
$2,700,000 $2,955,000 $1,787,500
Middletown Number of Sales
77
166
185
151
97
193
251
164
Days on Market
91
89
66
77
74
73
63
81
Average Price
$422,157
$471,400
$453,989
$414,826
$433,007
$447,673
$519,951
$447,138
Median Price
$374,667
$370,000
$422,000
$366,100
$350,000
$395,000
$439,900
$380,000
Highest Price
$1,835,000 $5,125,000 $2,700,000 $1,300,000 $1,900,000 $2,200,000 $5,583,270 $2,425,000
MONMOUTH BEACH Number of Sales
5
12
6
14
8
14
6
12
Days on Market
83
53
55
122
52
88
66
142
Average Price
$1,042,708
$919,103
$893,722
$938,333
$925,625
Median Price
$1,096,875
$782,083
$804,833
$755,000
$885,000
Highest Price
$2,125,000 $2,175,000 $1,575,000 $1,637,500 $1,675,000 $2,400,000 $1,510,000 $1,575,000
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
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Quarterly Report 2014
2015
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Number of Sales
8
19
12
16
4
17
20
9
Days on Market
143
71
74
75
109
90
68
90
Average Price
$579,000
$503,472
$523,015
$450,531
$480,000
$597,617
$434,170
$663,277
Median Price
$510,917
$400,833
$533,166
$368,500
$495,000
$500,000
$425,000
$632,500
$980,000
$1,025,000
$575,000
$1,400,000
$710,000
$1,500,000
OCEANPORT
Highest Price
$1,250,000 $1,950,000
RED BANK Number of Sales
6
18
15
12
9
21
32
19
Days on Market
46
81
55
92
77
48
79
130
Average Price
$426,583
$351,073
$382,985
$336,791
$328,211
$326,090
$550,255
$315,976
Median Price
$422,166
$340,000
$387,666
$329,750
$320,000
$305,900
$475,500
$360,000
Highest Price
$724,000
$760,000
$785,000
$500,000
$690,000
$999,000
$2,600,000
$525,000
Number of Sales
17
31
30
32
11
27
46
18
Days on Market
115
86
71
57
79
102
50
88
Rumson
Average Price
$1,056,945 $1,202,513 $1,486,825 $1,321,765 $1,099,666 $1,782,862 $1,548,432 $1,409,694
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 $3,962,500
$980,833
$1,467,500 $1,022,000
$950,000
$1,182,500 $1,362,500 $1,162,500
Shrewsbury Number of Sales
5
9
17
11
7
13
15
9
Days on Market
154
53
59
64
48
58
77
47
Average Price
$638,333
$460,711
$592,920
$583,772
$514,285
$544,038
$552,146
$716,611
Median Price
$640,000
$484,000
$566,750
$550,000
$425,000
$435,000
$550,000
$550,000
Highest Price
$950,000
$837,000
$982,500
$750,000
$955,000
$930,000
$845,000
$1,415,000
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ANNUAL Report 2014
2015
% Change
Monmouth County Units Sold Price Comparisons
MONMOUTH COUNTY Number of Sales
5047
5553
10
Days on Market
80
76
-5
Average Price
$533,400
$515,393
-3
Median Price
$399,000
$404,000
1
Highest Price
$7,500,000 $7,300,000
2014
2015
-3
% Change
2014
2015
% Change
Fair Haven
Atlantic Highlands Number of Sales
41
55
34
Number of Sales
93
119
28
Days on Market
91
79
-13
Days on Market
74
47
-36
Average Price
$470,923
$558,606
19
Average Price
$827,075
$849,364
3
Median Price
$369,000
$455,000
23
Median Price
$700,000
$745,000
6
-5
Highest Price
Highest Price
$1,475,000 $1,400,000
$2,725,000 $3,479,000
28
HOLMDEL
Colts Neck Number of Sales
118
112
-5
Number of Sales
147
158
7
Days on Market
82
91
11
Days on Market
86
80
-7
Average Price
$863,951
$844,555
-2
Average Price
$748,302
$768,758
3
Median Price
$683,750
$687,750
1
Median Price
$680,000
$720,000
6
-55
Highest Price
Highest Price
$5,400,000 $2,450,000
res ou rc esre a le st a te. c om
$2,253,582 $2,180,000
-4
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Annual Report 2014
2015
% Change
2014
2015
% Change
Oceanport
Little SIlver Number of Sales
67
77
15
Number of Sales
57
51
-11
Days on Market
60
62
3
Days on Market
87
82
-6
Average Price
$756,579
$751,801
-1
Average Price
$506,890
$552,105
9
Median Price
$670,000
$675,000
1
Median Price
$410,000
$500,000
22
7
Highest Price
Highest Price
$2,450,000 $2,632,500
$1,950,000 $1,500,000
-23
Red Bank
LONG BRANCH Number of Sales
132
112
-15
Number of Sales
51
88
73
Days on Market
125
100
-20
Days on Market
65
82
26
Average Price
$278,456
$369,014
33
Average Price
$374,631
$412,504
10
Median Price
$267,000
$276,250
3
Median Price
$335,000
$360,000
7
Highest Price
$870,000
$2,955,000
240
Highest Price
$785,000
$2,600,000
231
rumson
middletown Number of Sales
581
717
23
Number of Sales
110
107
-3
Days on Market
76
71
-7
Days on Market
75
74
-1
Average Price
$447,072
$469,826
5
Average Price
$1,294,832 $1,509,847
17
Median Price
$388,000
$408,000
5
Median Price
$1,130,000 $1,200,000
6
9
Highest Price
$4,300,000 $5,950,000
38
Highest Price
$5,125,000 $5,583,270
Shrewsbury
monmouth beach Number of Sales
37
40
8
Number of Sales
42
44
5
Days on Market
84
94
12
Days on Market
76
61
-20
Average Price
$983,860
$1,068,562
9
Average Price
$561,559
$577,368
3
Median Price
$850,000
$1,037,500
22
Median Price
$550,000
$497,500
-10
$2,175,000 $2,400,000
10
Highest Price
$982,500
$1,415,000
44
Highest Price
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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.
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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 10/9/15. Copyright 2015 by the Monmouth County Association of REALTORSÂŽ
65 First Ave Atlantic Highlands, NJ 07716