the
RESOURCES
report
Real Estate Market Report 2016 Summary
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
It may seem unfair but frequently we view the last quarter of each year less as an important sales period unto itself and moreso as a wrap-up for the year or sometimes even a harbinger of the Spring market. Anyone who has followed real estate trends in our market understands that the notion of “Spring market” has little or no relationship to the actual date of the vernal equinox a/k/a the first day of Spring (which this year falls on March 20th). Spring Market is simply shorthand for whenever the market shakes off its post-holiday, cold weather doldrums and shows signs of life. Many factors influence when and how dramatic the sales activity will manifest including weather, interest rates, consumer confidence, jobs and the general economy.
(which was the highest year for NJ residential sales since 2005), it says a lot about the state of our local real estate markets. While inventories were down, something which might and did embolden many home sellers to increase their asking prices, the homeowners that were ultimately successful in finding a buyer showed an overall 2.8% decrease in average sales price.
Of course, this past year’s final quarter played out in unique fashion due to the drama and suspense of the presidential election which, despite providing some relief by virtue of it simply being over, brings a continued sense of uncertainty in the new year as the new administration begins to take shape and take power.
On a hyperlocal level, 2016 played out very differently depending on location. While many towns in our survey, including Atlantic Highlands, Long Branch, Rumson and Oceanport, showed dramatic sales increases ranging from 2549%, others such as Fair Haven (long the leader of Monmouth County residential sales pacing) showed a significant downturn (over 24% fewer than 2015). Perhaps more than ever, it pays to be an educated consumer as past rates of sales, current inventories, and average changes in sales prices will be important factors for both sellers and buyers. Of course, your best ally in this transaction is a trained professional who knows your market, the inventory and the changing trends which impact sales in your segment of the market.
That said, 2016 single-family residential sales in Monmouth County showed a substantial increase of 16.2% over the previous year. As this follows on the great market improvement of 2015
We hope you enjoy our current market report. Please don’t hesitate to reach out if you have any questions specific to your market or clarification on any of the report data.
res ou rc esre a le st a te. c om
cover image mobile website: bit.ly/hookharbor
mobile website: bit.ly/154hance
2015
2016
Change
Number of Sales
55
83
49.1%
Days on Market
79
71
-10.1%
Average Price
$558,606
$490,925
-12.1%
Median Price
$455,000
$432,500
-4.9%
Highest Price Current Inventory
31
-13.9%
2015
2016
Change
Number of Sales
112
119
4.5%
Days on Market
91
82
-9.9%
Average Price
$844,555
$854,493
1.2%
Median Price
$687,750
$660,000
-4.0%
Current Inventory
2016
Change
Number of Sales
119
91
-24.4%
Days on Market
47
55
17.0%
Average Price
$849,364
$879,600
3.6%
Median Price
$745,000
$795,000
6.7%
Highest Price Current Inventory
$3,479,000 $4,275,000 36
40
75.0%
36
Highest Price
2015
$1,400,000 $2,450,000
$2,450,000 $4,000,000 119
127
63.3% 6.7%
22.9% 11.1%
re source sre al es tate. co m
mobile website: bit.ly/18yellowbrook
2015
2016
Change
Number of Sales
158
163
3.2%
Days on Market
80
80
0.0%
Average Price
$770,657
$715,558
-7.1%
Median Price
$720,000
$680,000
-5.6%
Highest Price
$2,180,000 $1,550,000
Current Inventory
-28.9%
112
116
3.6
2015
2016
Change
Number of Sales
77
86
11.7%
Days on Market
62
87
40.3%
Average Price
$751,801
$744,472
-1.0%
Median Price
$675,000
$644,500
-4.5%
Highest Price
$2,632,500 $3,175,000
Current Inventory
53
51
20.6% -3.8%
2015
2016
Change
Number of Sales
112
155
38.4%
Days on Market
100
78
-22.0%
Average Price
$369,014
$326,116
-11.6%
Median Price
$276,250
$275,000
-0.5%
Highest Price Current Inventory
res ou rc esre a le st a te. c om
$2,955,000 $3,100,000 100
95
4.9% -5.0%
mobile website: bit.ly/12shore
2015
2016
Change
Number of Sales
717
785
9.5%
Days on Market
71
60
-15.5%
Average Price
$469,826
$451,156
-4.0%
Median Price
$408,000
$395,000
-3.2%
Highest Price Current Inventory
$5,583,270 $5,500,000
-1.5%
374
349
-6.7%
2015
2016
Change
Number of Sales
40
39
-2.5%
Days on Market
94
70
-25.5%
Average Price
$1,068,562 $1,007,846
-5.7%
Median Price
$1,037,500
-9.6%
Highest Price
$2,400,000 $2,550,000
Current Inventory
41
$937,500 24
6.3% -41.5%
2015
2016
Change
Number of Sales
51
66
29.4%
Days on Market
82
62
-24.4%
Average Price
$552,105
$532,292
-3.6%
Median Price
$500,000
$491,000
-1.8%
Highest Price Current Inventory
$1,500,000 $1,425,000 34
41
-5.0% 20.6%
re source sre al es tate. co m
mobile website: bit.ly/44forrest
2015
2016
Change
Number of Sales
82
94
14.6%
Days on Market
82
73
-11.0%
Average Price
$409,143
$425,520
4.0%
Median Price
$360,000
$409,750
13.8%
Highest Price Current Inventory
2016
Change
Number of Sales
44
50
13.6%
Days on Market
61
92
50.8%
Average Price
$577,368
$571,154
-1.1%
Median Price
$497,500
$522,500
5.0%
Highest Price
$1,415,000 $1,560,000
Current Inventory
res ou rc esre a le st a te. c om
19
25
10.2% 31.6%
21.2%
51
46
-9.8%
2015
2016
Change
Number of Sales
107
134
25.2%
Days on Market
74
74
0.0%
Average Price
$1,509,847 $1,418,347
-6.1%
Median Price
$1,200,000 $1,187,500
-1.0%
Highest Price
$5,950,000 $4,682,500
27.1%
Current Inventory
2015
$2,600,000 $3,150,000
78
93
19.2%
mobile website: bit.ly/3drewct
2015
2016
Change
Number of Sales
5,566
6,470
16.2%
Days on Market
76
68
-10.5%
Average Price
$514,951
$500,654
-2.8%
Median Price
$402,250
$405,000
0.7%
Highest Price Current Inventory
$7,300,000 $5,995,000 3,502
3,204
-17.9% -8.5%
re source sre al es tate. co m
mobile website: bit.ly/809navesinkriverrd
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 1/6/17. Copyright 2017 by the Monmouth County Association of REALTORSÂŽ
65 First Ave Atlantic Highlands, NJ 07716