the
RESOURCES
report
Real Estate Market Report 1st Quarter 2017
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
We’re not big fans of winter. Not being skiers or even toboggan enthusiasts, it just doesn’t feel like there is much in it for us. Selfish, yes, but there it is. What’s left is snow to remove, icy streets, questions about closing the office, and cold. But then there is Spring. The question that comes to mind each springtime is if it wasn’t for Winter would Spring be less glorious? The greening of the fields, the budding of the trees, the blooming daffodils and hyacinths - it is so beautiful, seeing the transformation in action. But maybe we’re just happy to know that - yes, we’re sure of it - winter is gone.
homes were down 11.5% at the end of the first quarter. The hope of buyers is to find their dream home before mortgage interest rates and prices rise further - the median price is up 3.6% county-wide although it varies greatly among the towns in our survey.
And with the blooming of the crocus so comes the Spring Market the annual ritual where buyers and sellers meet in a frenzy of hope and circumstance.
And with the blooming of the crocus so comes the Spring Market - the annual ritual where buyers and sellers meet in a frenzy of hope and circumstance.
As always, our belief at Resources Real Estate is that the client who is most informed about the circumstances of the market is best able to succeed. Whether it’s market competition, current inventory, municipal considerations or economic conditions, all of these factors impact a homeowner’s efforts to sell a home and a buyer’s goal of purchasing one. A qualified real estate professional can help put these considerations in perspective and create a strategy that will lead to success.
This year the hope of many sellers is to take advantage of the low inventory in most of our markets - county-wide available
It’s our business to help transformation happen... maybe that’s why we like Springtime so much. Let us know how we can help.
res ou rc esre a le st a te. c om
cover image mobile website: bit.ly/41marlpit
mobile website: bit.ly/1484oceanave
YTD 1Q 2016
YTD 1Q 2017
Change
Number of Sales
12
9
25.0%
Days on Market
88
80
-9.09%
Average Price
$453,666
$422,477
6.87%
Median Price
$350,000
$405,000
15.71%
Highest Price
$900,000
$696,300
-22.63%
28
25
-12.94%
YTD 1Q 2016
YTD 1Q 2017
Change
Number of Sales
22
26
-18.2%
Days on Market
99
69
-30.30%
Average Price
$795,886
$890,148
6.82%
Median Price
$585,000
$709,000
21.20%
Current Inventory
Highest Price Current Inventory
YTD 1Q 2016
YTD 1Q 2017
Change
Number of Sales
17
28
-64.7%
Days on Market
68
52
23.53%
Average Price
$757,994
$868,160
14.53%
Median Price
$655,000
$715,000
9.16%
Highest Price Current Inventory
$1,435,000 $2,300,000 26
31
$2,500,000 $2,000,000 104
111
-20.0% 6.39%
60.28% 18.99%
re source sre al es tate. co m
mobile website: bit.ly/150portlandrd
YTD 1Q 2016
YTD 1Q 2017
Change
Number of Sales
25
23
-8.0%
Days on Market
108
92
-14.81%
Average Price
$631,820
$615,221
-2.63%
Median Price
$570,000
$620,000
8.77%
Highest Price
$1,075,000
$970,000
-9.77%
88
109
23.77%
YTD 1Q 2016
YTD 1Q 2017
Change
Number of Sales
18
16
-11.1%
Days on Market
104
80
23.08%
Average Price
$681,616
$678,556
-0.45%
Median Price
$560,000
$485,000
-13.39%
Current Inventory
Highest Price
$1,900,000 $2,600,000
Current Inventory
38
34
36.84% 10.43%
YTD 1Q 2016
YTD 1Q 2017
Change
Number of Sales
26
34
30.8%
Days on Market
108
86
-20.37%
Average Price
$283,629
$348,118
22.74%
Median Price
$265,000
$275,000
3.77%
Highest Price
$650,000
$875,000
34.62%
93
83
-10.75%
Current Inventory
res ou rc esre a le st a te. c om
mobile website: bit.ly/52bluehillsdr
YTD 1Q 2016
YTD 1Q 2017
Change
Number of Sales
117
166
41.9%
Days on Market
69
61
-11.59%
Average Price
$413,852
$457,271
10.49%
Median Price
$367,500
$385,000
4.76%
Highest Price Current Inventory
$1,614,773 $3,212,500
98.94%
289
252
-12.92%
YTD 1Q 2016
YTD 1Q 2017
Change
Number of Sales
11
6
-45.5%
Days on Market
86
168
93.35%
Average Price
$941,227
$1,245,000
3.59%
Median Price
$896,000
$885,000
-1.23%
Highest Price
$1,625,000
$896,000
-23.38%
14
23
66.67%
Current Inventory
YTD 1Q 2016
YTD 1Q 2017
Change
Number of Sales
9
16
77.8%
Days on Market
82
76
-7.32%
Average Price
$456,111
$562,812
23.39%
Median Price
$406,000
$425,000
4.68%
Highest Price
$805,000
$1,190,000
47.83%
30
33
10.11%
Current Inventory
re source sre al es tate. co m
mobile website: bit.ly/24gullpoint YTD 1Q 2016
YTD 1Q 2017
Change
Number of Sales
22
24
9.1%
Days on Market
87
79
-9.20%
Average Price
$319,040
$398,229
24.82%
Median Price
$270,000
$394,500
46.11%
Highest Price
$743,000
$825,000
11.4%
35
29
-16.98%
Current Inventory
YTD 1Q 2016
YTD 1Q 2017
Change
Number of Sales
19
25
31.6%
Days on Market
64
102
59.38%
Average Price
$1,616,236 $1,685,996
4.32%
Median Price
$1,402,500 $1,470,000
4.8%
Highest Price
$3,150,000 $4,575,000
45.24%
Current Inventory
70
72
3.9%
YTD 1Q 2016
YTD 1Q 2017
Change
Number of Sales
9
8
-11.1%
Days on Market
77
62
-19.48%
Average Price
$493,433
$643,487
30.41%
Median Price
$452,100
$565,000
25.00%
Highest Price
$785,000
$1,460,000
85.99%
20
18
-8.47%
Current Inventory
res ou rc esre a le st a te. c om
mobile website: bit.ly/41marlpit
“The hope of buyers is to find their dream home before mortgage interest rates and price rise further the median price is up 3.6% county-wide.�
YTD 1Q 2016
YTD 1Q 2017
Change
Number of Sales
1,091
1,294
18.6%
Days on Market
86
68
-20.93%
Average Price
$497,107
$491,469
-1.13%
Median Price
$376,500
$390,000
3.59%
Highest Price Current Inventory
$5,995,000 $4,575,000 2,878
2,547
-23.69% -11.50%
re source sre al es tate. co m
mobile website: bit.ly/32queensdr
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 2015 by the Monmouth County Association of REALTORSÂŽ
65 First Ave Atlantic Highlands, NJ 07716