The Resources Report: 3rd Quarter 2016 Market Report

Page 1

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


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.