the
RESOURCES
report
Real Estate Market Report 2nd 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
JULY, 2018- Have you ever gone into a store only to find the shelves have been cleared out? Maybe it’s because of a storm forecast, an upcoming holiday or a super sale. The end result: you leave the store empty handed. If there’s nothing to be sold, there’s nothing to buy.
sale price is up in 75% of the surveyed markets and in the county as a whole. What’s clear is that homes are selling faster (Days on Market are down almost across the board) and frequently for more money (both average and median sale prices have shown gains in most towns surveyed.)
Sometimes the shortage is due to supply-side Overall unit sales are up in half of the markets issues. Such is the situation of much of our If there’s nothing surveyed; it’s not always clear if those showing fewer marketplace at the end of 2nd quarter. Low sales were a result of limited inventory but it is likely to to be sold, there’s inventory has been part of the national real have been a contributing factor. estate storyline for quite some time now and it nothing to buy. For buyers, it means being diligent and working with a continues to be an issue locally with 3/4 of our professional who has the tools and market knowledge surveyed markets showing a reduced number of to help you succeed in identifying suitable properties quickly, homes for sale — some significantly fewer than this time understanding market value and implementing a strategy to make last year. sure an offer is accepted. Likewise for sellers, blind enthusiasm is The supply vs. demand dynamic is always at work and our market not the best strategy for success and smart pricing remains key. is no exception: with scarcity comes higher prices. The median Questions? Let us know how we can help.
res ou rc esre a le st a te. c om
cover image mobile website: bit.ly/501locustptrd
mobile website: bit.ly/20AppleGrove
YTD 2Q 2017
YTD 2Q 2018
Change
Number of Sales
32
29
-9.38%
Days on Market
70
49
-30.00%
Average Price
$486,616
$446,894
-8.16%
Median Price
$430,000
$405,000
-5.81%
Highest Price
$890,000
$1,205,000
35.39%
21
28
33.33%
YTD 2Q 2017
YTD 2Q 2018
Change
Number of Sales
71
59
-16.90%
Days on Market
83
82
-1.20%
Average Price
$813,205
$920,557
13.20%
Median Price
$715,000
$765,000
6.99%
Current Inventory
Highest Price Current Inventory
$2,000,000 $2,920,000
46.00%
120
100
-16.67%
YTD 2Q 2017
YTD 2Q 2018
Change
Number of Sales
64
45
-29.69%
Days on Market
62
53
-14.52%
Average Price
$909,949
$883,260
-2.93%
Median Price
$810,000
$790,000
-2.47%
Highest Price Current Inventory
$2,300,000 $1,775,000 43
43
-22.83% 0.00%
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mobile website: bit.ly/17blossomrd
YTD 2Q 2017
YTD 2Q 2018
Change
Number of Sales
79
110
39.24%
Days on Market
73
95
30.14%
Average Price
$734,295
$1,071,656
45.94%
Median Price
$695,000
$890,000
28.06%
Highest Price
$1,512,655 $2,748,342
Current Inventory
YTD 2Q 2017
YTD 2Q 2018
Change
Number of Sales
53
47
-11.32%
Days on Market
69
67
-2.90%
Average Price
$719,826
$816,174
13.38%
Median Price
$550,000
$727,500
32.27%
Highest Price Current Inventory
$2,600,000 $2,200,000 39
41
127
-13.39
-15.38% 5.13%
YTD 2Q 2017
YTD 2Q 2018
Change
Number of Sales
93
66
-29.03%
Days on Market
72
53
-26.39%
Average Price
$339,607
$429,396
26.44%
Median Price
$282,000
$365,000
29.43%
Highest Price
$875,000
$1,600,000
82.86%
80
70
-12.50%
Current Inventory
res ou rc esre a le st a te. c om
110
81.69%
mobile website: bit.ly/614coltsneckrd
YTD 2Q 2017
YTD 2Q 2018
Change
Number of Sales
418
377
-9.81%
Days on Market
56
54
-3.57%
Average Price
$448,152
$435,285
-2.87%
Median Price
$400,000
$407,400
1.85%
Highest Price
$3,212,500 $1,745,000
Current Inventory
YTD 2Q 2017
YTD 2Q 2018
Change
Number of Sales
12
19
58.33%
Days on Market
116
62
-46.55%
Average Price
$926,458
$1,233,394
33.13%
Median Price
$865,000
$1,200,000
38.73%
$1,475,000 $2,750,000
86.44%
Highest Price Current Inventory
32
26
293
232
-45.68% -20.82%
-18.75%
YTD 2Q 2017
YTD 2Q 2018
Number of Sales
37
38
2.70%
Days on Market
64
41
-35.94%
Average Price
$528,186
$548,909
3.92%
Median Price
$450,000
$530,000
17.78%
Highest Price
$1,190,000
$860,000
-27.73%
27
26
-3.70%
Current Inventory
Change
re source sre al es tate. co m
mobile website: bit.ly/208rutledgedr YTD 2Q 2017
YTD 2Q 2018
Change
Number of Sales
54
61
12.96%
Days on Market
59
33
-44.07%
Average Price
$422,364
$441,035
4.42%
Median Price
$403,150
$426,000
5.67%
Highest Price
$894,500
$1,180,000
31.92%
39
23
-41.03%
Current Inventory
YTD 2Q 2017
YTD 2Q 2018
Number of Sales
62
63
1.61%
Days on Market
93
75
-19.35%
Average Price
$1,511,975 $1,462,773
-3.25%
Median Price
$1,330,000 $1,195,000
-10.15%
Highest Price
$4,575,000 $4,750,000
3.83%
Current Inventory
YTD 2Q 2017
YTD 2Q 2018
Number of Sales
25
31
24.00%
Days on Market
60
42
-30.00%
Average Price
$529,876
$521,279
-1.62%
Median Price
$485,000
$510,000
5.15%
Highest Price
$1,460,000
$900,000
-38.36%
23
18
-21.74%
Current Inventory
res ou rc esre a le st a te. c om
Change
Change
79
74
-6.33%
mobile website: bit.ly/15thevista
YTD 2Q 2017
YTD 2Q 2018
Change
Number of Sales
3,344
3,329
-0.45%
Days on Market
62
56
-9.68%
Average Price
$504,768
$536,688
6.32%
Median Price
$410,000
$425,000
3.66%
Highest Price Current Inventory
$5,400,000 $6,450,000 2,898
2,359
19.44% -18.60%
re source sre al es tate. co m
mobile website: bit.ly/45riverave
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
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Information deemed reliable but not guaranteed. Data as of 7/17/18. Copyright 2015 by the Monmouth County Association of REALTORSÂŽ
65 First Ave Atlantic Highlands, NJ 07716