the
RESOURCES
report
Real Estate Market Report 3rd 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
Despite a relatively hot & dry summer, we saw a dampening of sales activity during beach season when the overall gains we experienced in our market through Spring largely disappeared. Perhaps it is simply because it was hot & dry and we live in the land of sun, sand & surf that fewer homes were selling and hopefully we’ll see sales rebound in the Fall but in all but one of our surveyed towns year-to-date sales were down through the end of 3rd Quarter relative to same period last year. Mind you, 2015 was a banner year for residential sales in New Jersey and overall 2016 is on track to beat it. So what’s up locally? Although sales across the state are up, a quick look at prices is telling: Sales of homes below $400K are +16% and for homes $400-600K and $600-1mil, +11% and +9%, respectively. Once above the $1mil mark these increases shrink to +4%; above $2.5mil they’re in the red at -3%. These numbers are reflected in unsold inventory as well: there’s an almost 11 month supply of homes priced $1mil+ and a 24 month supply at $2.5mil+. Simply put, demand is low for the luxury market, a category to which much of our local inventory belongs. The greatest sales increases in the state are being seen in areas closest to NYC offering easy rail commuting and housing inventory in downtown settings. Suburban alternatives are less appealing and possibly obsolete: 55% of all NJ households have only 1-2 people
res ou rc esre a le st a te. c om
and 65% have no children under age 18. Home ownership rates are at historic lows both nationally and in NJ (down 15% from the peak) as rentals are seen as better options for workers who may be open to relocation in an ever-growing tech economy and empty nesters who no longer want the burdens of homeownership. All this may indicate that the traditional, suburban 4BR/2.5BA Colonial with backyard is being replaced by another lifestyle choice. As the Baby Boomer retirement parade continues to grow and local retirees market their homes we likely may be faced with an oversupply of home choices for an ever-diminishing audience of buyers. (Note to those considering selling: oversupply means downward price pressure… it would be wise to sell sooner than later.) As always, homes will sell if they are in line with market pricing. While most towns in Monmouth County are expected to see modest 2-3% cumulative price increases for the year, higherend locales such as Rumson, Spring Lake, Manasquan and Colts Neck can expect much smaller gains, if any at all, based on unsold inventory. Long story short: be mindful of the changing demographics of the American Home Buyer, understand that market forces directly impact your equity, and believe that a real estate professional who comprehends this is a valuable ally. cover image mobile website: bit.ly/86rumson
mobile website: bit.ly/20battin
YTD 3Q 2015
YTD 3Q 2016
Change
Number of Sales
52
59
13.5%
Days on Market
73
78
6.9%
Average Price
$469,093
$528,220
12.6%
Median Price
$403,000
$435,000
7.9%
Highest Price Current Inventory
47
88.0%
YTD 3Q 2015
YTD 3Q 2016
Change
Number of Sales
97
87
-10.3%
Days on Market
85
76
-10.6%
Average Price
$759,510
$831,133
9.4%
Median Price
$650,000
$677,083
4.2%
Current Inventory
YTD 3Q 2016
Change
Number of Sales
118
68
-42.4%
Days on Market
42
52
23.8%
Average Price
$741,230
$850,785
14.8%
Median Price
$676,500
$760,000
12.3%
Highest Price Current Inventory
$3,479,000 $1,799,000 27
65
75.0%
25
Highest Price
YTD 3Q 2015
$1,400,000 $2,450,000
$2,375,000 $4,000,000 99
158
68.4% 59.6%
-48.3% 140.7%
re source sre al es tate. co m
mobile website: bit.ly/18yellowbrook
YTD 3Q 2015
YTD 3Q 2016
Change
Number of Sales
140
130
-7.1%
Days on Market
72
82
13.9%
Average Price
$699,486
$689,123
-1.5%
Median Price
$687,500
$646,667
-5.9%
Highest Price
$2,180,000 $1,550,000
Current Inventory
-28.9%
98
160
63.3%
YTD 3Q 2015
YTD 3Q 2016
Change
Number of Sales
70
64
-8.6%
Days on Market
56
87
55.4%
Average Price
$544,650
$737,660
35.4%
Median Price
$535,000
$628,583
17.5%
Highest Price
$1,850,000 $3,175,000
Current Inventory
40
72
71.6% 80.0%
YTD 3Q 2015
YTD 3Q 2016
Change
Number of Sales
138
107
-22.5%
Days on Market
84
87
3.6%
Average Price
$230,958
$305,114
32.1%
Median Price
$181,000
$272,417
50.5%
Highest Price
$2,955,000
$740,000
-75.0%
73
128
75.3%
Current Inventory
res ou rc esre a le st a te. c om
mobile website: bit.ly/528locustpoint
YTD 3Q 2015
YTD 3Q 2016
Change
Number of Sales
632
590
-6.7%
Days on Market
64
60
-6.3%
Average Price
$419,881
$451,130
7.4%
Median Price
$375,000
$394,200
5.1%
Highest Price Current Inventory
$5,583,270 $5,500,000
-1.5%
303
481
58.8%
YTD 3Q 2015
YTD 3Q 2016
Change
Number of Sales
49
31
-36.7%
Days on Market
107
76
-29.0%
Average Price
$655,554
$1,038,651
58.4%
Median Price
$675,000
$1,032,833
53.0%
$2,400,000 $2,550,000
6.3%
Highest Price Current Inventory
28
46
64.3%
YTD 3Q 2015
YTD 3Q 2016
Change
Number of Sales
55
53
-3.6%
Days on Market
68
76
11.8%
Average Price
$410,209
$522,240
27.3%
Median Price
$391,000
$473,667
21.1%
Highest Price Current Inventory
$1,425,000 $1,425,000 30
57
0.0% 90.0%
re source sre al es tate. co m
mobile website: bit.ly/1pomoct
YTD 3Q 2015
YTD 3Q 2016
Change
Number of Sales
80
63
-21.3%
Days on Market
68
80
17.7%
Average Price
$347,750
$393,035
13.0%
Median Price
$295,000
$374,167
26.8%
Highest Price
$2,600,000
$775,000
-70.2%
30
79
163.3%
YTD 3Q 2015
YTD 3Q 2016
Change
Number of Sales
118
113
-4.2%
Days on Market
66
69
4.6%
Current Inventory
Average Price Median Price Highest Price Current Inventory
YTD 3Q 2015
YTD 3Q 2016
Change
Number of Sales
39
36
-7.7%
Days on Market
60
108
80.0%
Average Price
$487,755
$566,462
16.1%
Median Price
$475,000
$507,667
6.9%
Highest Price
$955,000
$1,512,000
58.3%
16
36
125.0%
Current Inventory
res ou rc esre a le st a te. c om
$1,167,102 $1,469,846 $879,900
25.9%
$1,260,333
43.2%
$5,950,000 $4,682,500
-21.3%
70
121
72.9%
mobile website: bit.ly/1bladesrun
YTD 3Q 2015
YTD 3Q 2016
Change
Number of Sales
5,102
5,843
14.5%
Days on Market
69
66
-4.4%
Average Price
$428,548
$424,586
-0.9%
Median Price
$352,000
$360,000
2.3%
Highest Price Current Inventory
$6,500,000 $5,995,000 3,004
4,521
-7.8% 50.5%
re source sre al es tate. co m
mobile website: bit.ly/5sycamorelane
Visit our award-nominated website for Home Search, Town Profiles and informative reports available for both potential buyers and sellers. You will also find the current issue of Portfolio, the Monmouth County Lifestyle Magazine from Resources Real Estate. resourcesrealestate.com
732-212-0440 resourcesrealestate.com 112 East River Road Rumson, NJ 07760
ESOU CES R E A L E S TAT E B R O K E R
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 9/30/16. Copyright 2015 by the Monmouth County Association of REALTORSÂŽ
65 First Ave Atlantic Highlands, NJ 07716