the
RESOURCES
report
Real Estate Market Report 1st Quarter 2018
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
APRIL, 2018- Spring can be such tease. The daffodils are blooming, the trees are budding and yet somehow the cold just won’t let go. There’s the promise of warmth and new growth but the timing is sometimes just not quite right.
Is the uncertainty of our local market a function of Mother Nature, tax reform or basic procrastination? We’re not sure but we anticipate that change is coming and the competitive sales environment that we’re seeing in some price ranges with multiple bids and quick sales will soon expand to higher price points.
Transitions are precarious exactly because you are passing from one condition to another and the Procrastination is in-between feels awkward, unstable, sometimes even scary. The transitions we nowhere to be found experience in our ever-changing economic and political environment also impacts the at Resources Real Estate markets — Wall Street has been nothing if and, boy, do we have a not a thrill ride of late — and our local real lot to show for it! estate market is no exception. In looking at 1st quarter numbers, it can be hard to come to any solid conclusion. Some towns surveyed are way up (Holmdel +52% unit sales) and others way down (Fair Haven -32%). Inventory frequently plays a role in this but so far it’s not so clear cut — county-wide inventory is almost twice what it was this time last year and sales are up only modestly.
res ou rc esre a le st a te. c om
Procrastination is nowhere to be found at Resources Real Estate and, boy, do we have a lot to show for it! Since the start of the year we opened a new corporate office & training center, launched a new title company, created an in-house video studio & marketing hub, recruited & hired 14 agents, completed a 7 week new agent training, hired a social media coordinator, a customer care specialist and a personal assistant.
We have high expectations for the remainder of the Spring Market, summer and beyond. We hope you will call upon us for assistance with the sale or purchase of any real estate as well as contact us with your questions.
cover image mobile website: bit.ly/25carriagegate
mobile website: bit.ly/4cordeliact
YTD 1Q 2017
YTD 1Q 2018
Change
Number of Sales
9
7
-22.22%
Days on Market
80
38
-52.50%
Average Price
$422,477
$396,814
-60.07%
Median Price
$405,000
$329,900
-18.54%
Highest Price
$696,300
$600,000
-13.83%
25
14
-44.00%
Current Inventory
YTD 1Q 2017
YTD 1Q 2018
Change
Number of Sales
26
19
-26.92%
Days on Market
69
106
53.62%
Average Price
$850,148
$1,041,873
22.55%
Median Price
$709,000
$893,000
25.95%
Highest Price Current Inventory
YTD 1Q 2017
YTD 1Q 2018
Change
Number of Sales
28
19
-32.14%
Days on Market
52
53
1.92%
Average Price
$868,160
$843,539
-2.84%
Median Price
$715,000
$765,000
6.99%
Highest Price Current Inventory
$2,300,000 $1,675,000 31
31
$2,000,000 $2,920,000 111
75
46.00% -32.43%
-27.17% 0.00%
re source sre al es tate. co m
mobile website: bit.ly/603martinsln
YTD 1Q 2017
YTD 1Q 2018
Change
Number of Sales
23
35
52.17%
Days on Market
92
79
-14.13%
Average Price
$632,869
$745,712
17.83%
Median Price
$620,000
$649,000
4.68%
Highest Price
$970,000
$2,350,000
142.27%
109
81
-25.69
Current Inventory
YTD 1Q 2017
YTD 1Q 2018
Change
Number of Sales
16
17
6.25%
Days on Market
80
77
-3.75%
Average Price
$678,556
$726,858
7.12%
Median Price
$485,000
$620,000
27.84%
Highest Price
$2,600,000 $2,075,000
Current Inventory
14
29
-20.19% 107.1%
YTD 1Q 2017
YTD 1Q 2018
Number of Sales
34
37
8.82%
Days on Market
86
55
-36.05%
Average Price
$348,118
$430,260
23.60%
Median Price
$275,000
$360,000
30.91%
Highest Price
$875,000
$970,000
10.86%
83
59
-28.92%
Current Inventory
res ou rc esre a le st a te. c om
Change
mobile website: bit.ly/45riverave
YTD 1Q 2017
YTD 1Q 2018
Change
Number of Sales
166
161
-3.01%
Days on Market
61
66
8.20%
Average Price
$457,271
$405,187
-11.39%
Median Price
$385,000
$375,000
-25.97%
Highest Price
$3,212,500 $1,745,000
Current Inventory
YTD 1Q 2017
YTD 1Q 2018
Change
Number of Sales
6
6
0.00%
Days on Market
168
67
-60.12%
Average Price
$975,000
$1,260,416
29.27%
Median Price
$885,000
$890,000
0.56%
Highest Price Current Inventory
$1,245,000 $2,300,000 23
27
252
200
-45.68% -20.63%
84.74% 17.39%
YTD 1Q 2017
YTD 1Q 2018
Change
Number of Sales
16
14
-12.5%
Days on Market
76
65
-14.47%
Average Price
$562,812
$518,684
-7.84%
Median Price
$425,000
$507,500
19.41%
Highest Price
$1,190,000
$680,000
-42.86%
33
24
-27.27%
Current Inventory
re source sre al es tate. co m
mobile website: bit.ly/41marlpit YTD 1Q 2017
YTD 1Q 2018
Number of Sales
24
25
4.17%
Days on Market
79
38
-51.90%
Average Price
$398,229
$383,021
-3.82%
Median Price
$394,500
$393,000
-0.38%
Highest Price
$825,000
$745,000
-9.70%
29
21
-27.59%
Current Inventory
Change
YTD 1Q 2017
YTD 1Q 2018
Number of Sales
25
24
-4.0%
Days on Market
102
78
-23.52%
Average Price
$1,685,996 $1,432,062
-15.06%
Median Price
$1,470,000 $1,150,000
-21.77%
Highest Price
$4,575,000 $3,577,500
-21.80%
Current Inventory
YTD 1Q 2017
YTD 1Q 2018
Number of Sales
8
11
37.5%
Days on Market
62
43
-30.65%
Average Price
$643,487
$505,752
-21.40%
Median Price
$565,000
$515,000
-8.85%
Highest Price
$1,460,000
$740,000
-49.32%
3
18
-500.00%
Current Inventory
res ou rc esre a le st a te. c om
Change
Change
72
60
-16.67%
mobile website: bit.ly/35grandtour
“County-wide inventory is almost twice what it was this time last year and sales are up only modestly.�
YTD 1Q 2017
YTD 1Q 2018
Change
Number of Sales
1,294
1,325
2.40%
Days on Market
68
64
-5.88%
Average Price
$492,312
$527,574
7.16%
Median Price
$391,000
$410,000
4.86%
Highest Price Current Inventory
$4,575,000 $6,450,000 1,014
1,974
40.98% 94.67%
re source sre al es tate. co m
mobile website: bit.ly/49avenel
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
ESOU CES R E A L E S TAT E B R O K E R
Corporate Headquarters 457 Broad Street, Suite B, Shrewsbury, NJ 07702 112 East River Road Rumson, NJ 07760
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 4/6/18. Copyright 2015 by the Monmouth County Association of REALTORSÂŽ
65 First Ave Atlantic Highlands, NJ 07716