the
RESOURCES
report
Monmouth County Real Estate Market Report 1st Quarter 2016
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
The simple fact that 2015 residential sales in New Jersey were the highest they’ve been in ten years should provide ample context for our optimism in 2016. That means it’s second only to the market highpoint of 2005 — before the recession and lender belt-tightening. Strong sales, low inventory and high numbers for new construction permits are all powerful indicators of the current confidence in our market. Indeed, through January New Jersey has seen 17 straight months of increased sales relative to the previous year. Having been spared the harsh winters of the past two years, 2016 has so far demonstrated remarkable strength with significant increases in Monmouth County homes sold relative to first quarter last year. And despite the scarcity of supply, home prices have only risen modestly. Couple this with great mortgage rates, an ever-strengthening economy and strong affordability, and the result is that we have been seeing many multiple offer situations which is now requiring buyers to strategically craft their offers to increase likelihood of acceptance. Contingencies, financing, closing schedules… all are important factors that must be carefully considered.
res ou rc esre a le st a te. c om
But the concerns are not all on the buyer side of the equation. In an appreciating market (even a market demonstrating modest appreciation) appraisals will frequently lag behind market values given they rely on historical market data which is likely to be lower than current sales prices. Depending on loan-to-value ratios, buyer ability to come up with more downpayment and seller flexibility on price, many transactions are failing to make it to closing. Of course, a qualified sales professional can best help buyers and sellers alike to structure their best (and smartest) deal and the Resources Real Estate sales force is trained to make it happen for their clients. We are proud of the sales achievements of our team and believe they are the best and brightest in our marketplace. Carolynn and Tom
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Quarterly Report 2015 1st Qtr
2016
2nd Qtr
3rd Qtr
4th Qtr
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Atlantic Highlands Number of Sales
2
18
20
13
12
Days on Market
35
83
83
75
88
Average Price
$806,000
$516,588
$595,200
$518,076
$453,666
Median Price
$806,000
$445,750
$457,000
$375,000
$365,000
$957,000
$900,000
Highest Price
$1,100,000 $1,400,000 $1,325,000
Colts Neck Number of Sales
20
26
40
24
22
Days on Market
115
59
96
101
99
Average Price
$787,495
$816,758
$892,192
$886,641
$795,886
Median Price
$667,500
$725,610
$679,750
$658,950
$593,750
Highest Price
$2,088,500 $1,950,000 $2,375,000 $2,450,000 $2,500,000
Fair Haven Number of Sales
18
46
40
15
17
Days on Market
46
44
45
66
68
Average Price
$850,661
$773,104
$893,917
$962,866
$757,994
Median Price
$766,250
$708,700
$762,450
$795,000
$655,000
Highest Price
$1,750,000 $1,820,000 $3,479,000 $1,995,000 $1,435,000
Holmdel Number of Sales
20
40
60
38
25
Days on Market
113
78
68
85
108
Average Price
$724,025
$804,352
$835,132
$650,033
$631,820
Median Price
$693,000
$750,000
$720,000
$635,000
$570,000
Highest Price
$1,200,000 $1,970,000 $2,180,000 $1,500,000 $1,075,000
re source sre al es tate. co m
mobile website: bit.ly/46bammhollow
Quarterly Report 2015
2016
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
1st Qtr
Number of Sales
9
19
25
24
18
Days on Market
84
54
44
77
104
Average Price
$751,000
$695,289
$703,976
$846,658
$681,616
Median Price
$675,000
$535,000
$655,000
$770,088
$610,750
Little Silver
Highest Price
$1,800,000 $1,850,000 $1,225,000 $2,632,500 $1,900,000
Long Branch Number of Sales
19
29
31
30
25
Days on Market
105
128
74
103
112
Average Price
$281,732
$387,831
$436,170
$346,188
$285,775
Median Price
$260,000
$315,000
$280,000
$262,000
$273,000
Highest Price
$800,000
$2,700,000 $2,955,000 $1,787,500
$650,000
Middletown Number of Sales
97
193
251
164
117
Days on Market
74
73
63
81
69
Average Price
$433,007
$447,673
$519,951
$447,138
$413,852
Median Price
$350,000
$395,000
$439,900
$380,000
$367,500
Highest Price
$1,900,000 $2,200,000 $5,583,270 $2,425,000 $1,614,773
MONMOUTH BEACH Number of Sales
8
14
6
12
11
Days on Market
52
88
66
142
86
Average Price
$1,201,857 $1,170,714
$938,333
$925,625
$941,227
Median Price
$1,230,000 $1,050,000
$755,000
$885,000
$896,000
Highest Price
$1,675,000 $2,400,000 $1,510,000 $1,575,000 $1,625,000
res ou rc esre a le st a te. c om
2nd Qtr
3rd Qtr
4th Qtr
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Quarterly Report 2015
2016
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
1st Qtr
Number of Sales
4
17
20
9
9
Days on Market
109
90
68
90
86
Average Price
$480,000
$597,617
$434,170
$663,277
$456,111
Median Price
$495,000
$500,000
$425,000
$632,500
$406,000
Highest Price
$575,000
$1,400,000
$710,000
$1,500,000
$805,000
Number of Sales
9
21
32
19
22
Days on Market
77
48
79
130
87
Average Price
$328,211
$326,090
$550,255
$315,976
$319,040
Median Price
$320,000
$305,900
$475,500
$360,000
$273,000
Highest Price
$690,000
$999,000
$2,600,000
$525,000
$743,000
Number of Sales
11
27
46
18
23
Days on Market
79
102
50
88
64
2nd Qtr
3rd Qtr
4th Qtr
OCEANPORT
RED BANK
Rumson
Average Price Median Price Highest Price
$1,099,666 $1,782,862 $1,548,432 $1,409,694 $1,526,891 $950,000
$1,182,500 $1,362,500 $1,162,500 $1,271,000
$2,725,000 $4,040,000 $5,950,000 $3,962,500 $3,150,000
Shrewsbury Number of Sales
7
13
15
9
9
Days on Market
48
58
77
47
77
Average Price
$514,285
$544,038
$552,146
$716,611
$493,433
Median Price
$425,000
$435,000
$550,000
$550,000
$452,000
Highest Price
$955,000
$930,000
$845,000
$1,415,000
$785,000
re source sre al es tate. co m
mobile website: bit.ly/287ehighland
ANNUAL Report 2014
2015
% Change
Monmouth County Units Sold Price Comparisons
MONMOUTH COUNTY Number of Sales
5047
5566
10
Days on Market
80
76
-5
Average Price
$533,400
$515,369
-3
Median Price
$399,000
$402,500
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
$770,657
3
Median Price
$683,750
$687,750
1
Median Price
$680,000
$715,000
5
-55
Highest Price
Highest Price
$5,400,000 $2,450,000
res ou rc esre a le st a te. c om
$2,263,582 $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
82
61
Days on Market
125
100
-20
Days on Market
65
82
26
Average Price
$278,456
$369,014
33
Average Price
$374,631
$409,143
9
Median Price
$267,000
$275,000
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
$999,999
18
Median Price
$550,000
$490,000
-11
10
Highest Price
$982,500
$1,415,000
44
Highest Price
$2,175,000 $2,400,000
re source sre al es tate. co m
mobile website: bit.ly/37redcoach
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 Stacey Lonergan 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 4/8/16. Copyright 2015 by the Monmouth County Association of REALTORSÂŽ
65 First Ave Atlantic Highlands, NJ 07716