the
RESOURCES
report
Monmouth County Real Estate Market Report 2nd 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
Because we saw an early start to the spring market due to a relatively mild winter, we were hopeful but uncertain about 2nd quarter sales activity. While not an across the board sweep, 3/4 of our market survey show increases relative to the same period in the previous year and of the remaining towns, only one — Fair Haven — showed a significant decrease and this was more than compensated by the stellar sales that happened there during 1st quarter. As we have all now settled into summer mode and are enjoying the perks of living at the shore, we are seeing a typical seasonal sales slowdown. Although sales are certainly continuing many would-be consumers are opting for bodysurfing or tiki bar adventures rather than house hunting (and who can blame them!) Of course, we would love to see a more robust sales climate but summertime is prime time and we understand the pull of the shore lifestyle. Certain segments of the market, particularly the high end, appear to be gathering increasing inventory while the more mid-priced inventory seems in greater demand and shorter supply. Overall,
res ou rc esre a le st a te. c om
of those homes sold, the listing prices seem to be staying in line with what the market will bear with only modest increases. Days on market are mixed relative to last year with some markets languishing and others moving inventory much more quickly. A trend toward downsizing — one sure to grow with the baby boomers eyeing retirement — is certainly in effect which has created an opportunity for buyers looking to trade up. Currently there are many fine homes to choose from with a great number of resales available as well as several new construction options. And even for those looking to downsize there are a good number of interesting possibilities, especially in the condo market. If you have any questions relating to trading up, downsizing or just the market in general, please let us know. And if you are curious about towns not included in our survey be sure to drop us a line, we’re glad to help. We have the best team available and they will gladly assist you. Enjoy your summer! Carolynn and Tom
cover image mobile website: bit.ly/16conover
mobile website: bit.ly/24riverside
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
29
Days on Market
35
83
83
75
88
78
Average Price
$806,000
$516,588
$595,200
$518,076
$453,666
$392,797
Median Price
$806,000
$445,750
$457,000
$375,000
$365,000
$350,100
$957,000
$900,000
$1,210,000
Highest Price
$1,100,000 $1,400,000 $1,325,000
Colts Neck Number of Sales
20
26
40
24
22
35
Days on Market
115
59
96
101
99
75
Average Price
$787,495
$816,758
$892,192
$886,641
$795,886
$787,933
Median Price
$667,500
$725,610
$679,750
$658,950
$593,750
$695,000
Highest Price
$2,088,500 $1,950,000 $2,375,000 $2,450,000 $2,500,000 $2,800,000
Fair Haven Number of Sales
18
46
40
15
17
22
Days on Market
46
44
45
66
68
44
Average Price
$850,661
$773,104
$893,917
$962,866
$757,994
$906,058
Median Price
$766,250
$708,700
$762,450
$795,000
$655,000
$825,000
Highest Price
$1,750,000 $1,820,000 $3,479,000 $1,995,000 $1,435,000 $1,799,000
Holmdel Number of Sales
20
40
60
38
25
51
Days on Market
113
78
68
85
108
76
Average Price
$724,025
$804,352
$835,132
$650,033
$631,820
$694,014
Median Price
$693,000
$750,000
$720,000
$635,000
$570,000
$645,000
Highest Price
$1,200,000 $1,970,000 $2,180,000 $1,500,000 $1,075,000 $1,275,000
re source sre al es tate. co m
mobile website: bit.ly/37redcoach
Quarterly Report 2015
2016
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
1st Qtr
2nd Qtr
Number of Sales
9
19
25
24
18
24
Days on Market
84
54
44
77
104
74
Average Price
$751,000
$695,289
$703,976
$846,658
$681,616
$804,866
Median Price
$675,000
$535,000
$655,000
$770,088
$610,750
$650,000
Little Silver
Highest Price
$1,800,000 $1,850,000 $1,225,000 $2,632,500 $1,900,000 $3,175,000
Long Branch Number of Sales
19
29
31
30
25
42
Days on Market
105
128
74
103
112
87
Average Price
$281,732
$387,831
$436,170
$346,188
$285,775
$336,621
Median Price
$260,000
$315,000
$280,000
$262,000
$273,000
$291,000
Highest Price
$800,000
$650,000
$740,000
$2,700,000 $2,955,000 $1,787,500
Middletown Number of Sales
97
193
251
164
117
211
Days on Market
74
73
63
81
69
53
Average Price
$433,007
$447,673
$519,951
$447,138
$413,852
$458,634
Median Price
$350,000
$395,000
$439,900
$380,000
$367,500
$415,000
Highest Price
$1,900,000 $2,200,000 $5,583,270 $2,425,000 $1,614,773 $1,525,000
MONMOUTH BEACH Number of Sales
8
14
6
12
11
14
Days on Market
52
88
66
142
86
61
Average Price
$1,201,857 $1,170,714
$938,333
$925,625
$941,227
$1,050,642
Median Price
$1,230,000 $1,050,000
$755,000
$885,000
$896,000
$935,000
Highest Price
$1,675,000 $2,400,000 $1,510,000 $1,575,000 $1,625,000 $2,550,000
res ou rc esre a le st a te. c om
3rd Qtr
4th Qtr
mobile website: bit.ly/86rumson
Quarterly Report 2015
2016
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
1st Qtr
2nd Qtr
Number of Sales
4
17
20
9
9
18
Days on Market
109
90
68
90
86
94
Average Price
$480,000
$597,617
$434,170
$663,277
$456,111
$458,966
Median Price
$495,000
$500,000
$425,000
$632,500
$406,000
$420,000
Highest Price
$575,000
$1,400,000
$710,000
$1,500,000
$805,000
$989,000
Number of Sales
9
21
32
19
22
23
Days on Market
77
48
79
130
87
90
Average Price
$328,211
$326,090
$550,255
$315,976
$319,040
$400,778
Median Price
$320,000
$305,900
$475,500
$360,000
$273,000
$409,500
Highest Price
$690,000
$999,000
$2,600,000
$525,000
$743,000
$715,000
Number of Sales
11
27
46
18
23
43
Days on Market
79
102
50
88
64
83
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 $1,518,488 $950,000
$1,182,500 $1,362,500 $1,162,500 $1,271,000 $1,360,000
$2,725,000 $4,040,000 $5,950,000 $3,962,500 $3,150,000 $4,515,000
Shrewsbury Number of Sales
7
13
15
9
9
11
Days on Market
48
58
77
47
77
156
Average Price
$514,285
$544,038
$552,146
$716,611
$493,433
$613,172
Median Price
$425,000
$435,000
$550,000
$550,000
$452,000
$532,000
Highest Price
$955,000
$930,000
$845,000
$1,415,000
$785,000
$1,100,000
re source sre al es tate. co m
mobile website: bit.ly/230pinepl
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
mobile website: bit.ly/1bladesrun
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/86tulip
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