the
RESOURCES
report
Real Estate Market Report 3rd 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
Yes, some people look at the onset of Autumn with excitement are up — as much as 33% higher in Monmouth Beach! — but let’s face it, we wouldn’t live at the beach if we didn’t love although typically bulletproof towns like Rumson and Fair Haven summer. And despite the crowds, the humidity, the tough-to-get actually saw a decrease in median sales prices. restaurant reservations and traffic, we still love it. For those Highest price paid is also largely on the upswing: higher in of us in the real estate business, it poses a continual challenge: 66% of markets surveyed although not for the county overall. how to balance serving those summer visitors who decide that Additionally, the low inventory has impacted sales pace — 75% they too want to live here with our personal desire to enjoy of the markets surveyed showed fewer days on market prior to it for ourselves. Overall, we count ourselves Without inventory contract than same period last year. lucky to work in a field that is basically about championing the place that we live… when you Despite these seller-positive indicators, in the markets it can be tough live in a place like Monmouth County, that part surveyed, single-family home sales year-to-date are of the business is easy. for a homebuyer almost evenly split between those showing increased sales vs. fewer sales. Perhaps it’s a function of too little The hard part comes from not always having a to take action. inventory or perhaps it’s a sign of a changing market. lot to sell — without inventory to choose from, There are already indicators in markets which impact ours, it can be tough for a homebuyer to take action. Low inventory such as Manhattan, where the tide has turned with fewer sales, has been a continuing challenge for quite some time now and decreased demand and price contraction. In our market we are lest anyone doubt the forces of supply and demand, the current seeing this as a softening in the high-end market: sellers would market warrants closer examination. be wise to heed the advice of their real estate professional With inventory down in 2/3 of the markets surveyed as well as regarding smart pricing strategies to ensure they achieve their county-wide, both the median and average sales prices goals prior to any shifts in the market.
res ou rc esre a le st a te. c om
cover image mobile website: bit.ly/614coltsneckrd
mobile website: bit.ly/124bingham
YTD 3Q 2017
YTD 3Q 2018
Change
Number of Sales
46
52
13.04%
Days on Market
69
53
-23.19%
Average Price
$489,804
$469,580
-4.13%
Median Price
$445,000
$420,000
-5.62%
Highest Price
$975,000
$1,205,000
23.59%
21
27
28.57%
YTD 3Q 2017
YTD 3Q 2018
Change
Number of Sales
113
99
-12.39%
Days on Market
81
78
-3.70%
Average Price
$845,285
$890,618
5.36%
Median Price
$760,000
$799,800
5.24%
Current Inventory
Highest Price Current Inventory
$2,550,000 $2,920,000
14.51%
105
96
-8.57%
YTD 3Q 2017
YTD 3Q 2018
Change
Number of Sales
97
69
-28.87%
Days on Market
57
57
0.00%
Average Price
$906,210
$927,958
2.40%
Median Price
$830,000
$810,000
-2.41%
Highest Price Current Inventory
$2,300,000 $1,901,000 37
52
-17.35% 40.54%
re source sre al es tate. co m
mobile website: bit.ly/17bellevue
YTD 3Q 2017
YTD 3Q 2018
Change
Number of Sales
131
153
16.79%
Days on Market
65
66
1.54%
Average Price
$729,074
$817,676
12.15%
Median Price
$692,500
$740,000
6.86%
Highest Price
$1,512,655 $2,300,000
Current Inventory
118
123
YTD 3Q 2017
YTD 3Q 2018
Change
Number of Sales
82
68
-17.07%
Days on Market
58
61
5.17%
Average Price
$715,562
$780,626
9.09%
Median Price
$590,000
$680,000
15.25%
Highest Price Current Inventory
$2,600,000 $2,200,000 43
35
4.24%
-15.38% -18.60%
YTD 3Q 2017
YTD 3Q 2018
Change
Number of Sales
137
105
-23.36%
Days on Market
64
49
-23.44%
Average Price
$367,813
$451,367
22.72%
Median Price
$300,000
$375,000
25.00%
Highest Price Current Inventory
res ou rc esre a le st a te. c om
52.05%
$3,700,000 $4,050,000 73
66
9.46% -9.59%
mobile website: bit.ly/1sunnybank
YTD 3Q 2017
YTD 3Q 2018
Change
Number of Sales
665
645
-3.01%
Days on Market
53
49
-7.55%
Average Price
$460,813
$471,626
2.35%
Median Price
$405,000
$422,500
4.32%
Highest Price Current Inventory
$5,200,000 $6,500,000 282
YTD 3Q 2017
YTD 3Q 2018
Change
Number of Sales
22
32
45.45%
Days on Market
93
72
-22.58%
Average Price
$974,250
$1,250,112
28.32%
Median Price
$899,000
$1,200,000
33.48%
$1,535,000 $2,750,000
79.15%
Highest Price Current Inventory
25
24
199
25.00% -29.43%
-4.00%
YTD 3Q 2017
YTD 3Q 2018
Change
Number of Sales
53
60
13.21%
Days on Market
70
43
-38.57%
Average Price
$529,243
$545,192
3.01%
Median Price
$495,000
$525,000
6.06%
Highest Price
$1,190,000
$985,000
-17.23%
84
30
-64.29%
Current Inventory
re source sre al es tate. co m
mobile website: bit.ly/29MarkhamPl YTD 3Q 2017
YTD 3Q 2018
Change
Number of Sales
89
85
-4.49%
Days on Market
50
34
-32.00%
Average Price
$420,668
$446,201
6.07%
Median Price
$415,000
$422,500
1.81%
Highest Price
$894,500
$1,180,000
31.92%
31
34
9.68%
YTD 3Q 2017
YTD 3Q 2018
Change
Number of Sales
99
92
-7.07%
Days on Market
91
76
-16.48%
Current Inventory
Average Price
$1,550,515 $1,454,129
-6.22%
Median Price
$1,330,000 $1,200,000
-9.77%
Highest Price
$4,575,000 $4,750,000
3.83%
Current Inventory
YTD 3Q 2017
YTD 3Q 2018
Change
Number of Sales
45
46
2.22%
Days on Market
64
57
-10.94%
Average Price
$533,322
$554,354
3.94%
Median Price
$511,797
$510,000
-0.35%
Highest Price
$1,460,000 $1,350,000
Current Inventory
res ou rc esre a le st a te. c om
16
14
-7.53% -12.50%
83
77
-7.23%
mobile website: bit.ly/6pondrd
YTD 3Q 2017
YTD 3Q 2018
Change
Number of Sales
5,454
5,462
0.15%
Days on Market
58
53
-8.62%
Average Price
$511,148
$540,113
5.67%
Median Price
$415,000
$435,000
4.82%
Highest Price Current Inventory
$7,250,000 $6,500,000 2,636
2,295
-10.34% -12.94%
re source sre al es tate. co m
mobile website: bit.ly/25ViaRipa
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
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4A West Front St Red Bank, NJ 07701
Information deemed reliable but not guaranteed. Data as of 10/18/18. Copyright 2015 by the Monmouth County Association of REALTORSÂŽ
65 First Ave Atlantic Highlands, NJ 07716