the
RESOURCES
report
Real Estate Market Report 4th 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
With the dawn of each January comes the inescapable Year in Review — the seemingly obligatory attempt at creating an historical narrative from a vantage point that may actually be too close to provide much perspective at all.
Developers continue to do their best to improve the inventory situation particularly in Middletown, Long Branch and Red Bank, although significant portions of this new development is in luxury condo and rentals which are not part of this survey.
Welcome to ours. We’ll do our best to create a meaningful focus.
Given the buyers we have been gathering of late who are in hot pursuit of new inventory, we are on the look out for homes to sell. But nevertheless, we have been managing quite well, thank you very much: Resources Real Estate saw a 20% increase in unit transactions in 2018 and we expect that to of the grow in 2019.
Across Monmouth County, 2018 saw fewer single-family home sales, true. But when tempered with the news that it followed three straight years of significant growth, is a dip in unit sales of 1.5% such a drastic “More than half shift? With 2/3 of our survey reporting fewer sales than the previous year as well survey showed that low as higher days on market, it might appear inventory continues to so, or at least the start of one.
be an issue.”
Still, more than half of the survey showed that low inventory continues to be an issue and this factor could certainly be playing a role in dampening sales. Low inventory, in turn, could certainly be a factor in price increases: 75% of our survey showed median and average sales prices up — sometimes significantly so as in the case of Long Branch which experienced a 23% increase in median sale price although their inventory was actually up 42%.
res ou rc esre a le st a te. c om
We also managed to appear on the Inc 5000 list of fastest growing private companies in the U.S. for the third year running, and on NJBiz250 which is a similar list for private companies in N.J.
Whatever lies ahead, we’ll be ready. For some, this might be a champagne flute ‘half-full’ or ‘halfempty’ kind of thing. But we believe that with the right professional your glass should never be half empty. Cheers!
cover image mobile website: bit.ly/14Binghamhill
mobile website: bit.ly/55shrewsbury
YTD 4Q 2017
YTD 4Q 2018
Change
Number of Sales
61
68
11.48%
Days on Market
63
54
-14.29%
Average Price
$476,533
$487,835
2.37%
Median Price
$430,000
$435,500
1.28%
Highest Price Current Inventory
$1,050,000 $1,337,500
27.38%
17
22
29.41%
YTD 4Q 2017
YTD 4Q 2018
Change
Number of Sales
151
124
-17.88%
Days on Market
80
80
0.00%
Average Price
$853,102
$877,407
2.85%
Median Price
$760,000
$765,000
0.66%
Highest Price Current Inventory
$2,550,000 $2,920,000
14.51%
85
77
-9.41%
YTD 4Q 2017
YTD 4Q 2018
Change
Number of Sales
116
91
-21.55%
Days on Market
55
57
3.64%
Average Price
$897,632
$949,831
5.82%
Median Price
$825,000
$825,000
0.00%
Highest Price Current Inventory
$2,300,000 $2,282,000 27
33
-0.78% 22.22%
re source sre al es tate. co m
mobile website: bit.ly208ebergen
YTD 4Q 2017
YTD 4Q 2018
Change
Number of Sales
176
210
19.32%
Days on Market
64
73
14.06%
Average Price
$772,724
$809,707
4.79%
Median Price
$710,000
$735,000
3.52%
Highest Price
$2,115,748 $2,350,000
Current Inventory
88
78
YTD 4Q 2017
YTD 4Q 2018
Change
Number of Sales
98
81
-17.35%
Days on Market
59
63
6.78%
Average Price
$728,410
$777,658
6.76%
Median Price
$630,000
$665,000
5.56%
Highest Price Current Inventory
$2,600,000 $2,200,000 30
19
-11.36%
-15.38% -36.67%
YTD 4Q 2017
YTD 4Q 2018
Change
Number of Sales
179
143
-20.11%
Days on Market
61
53
-13.11%
Average Price
$372,241
$440,362
18.30%
Median Price
$300,000
$370,000
23.33%
Highest Price Current Inventory
res ou rc esre a le st a te. c om
11.07%
$3,700,000 $4,050,000 50
71
9.46% 42.00%
mobile website: bit.ly/6pondrd
YTD 4Q 2017
YTD 4Q 2018
Change
Number of Sales
852
845
-0.82%
Days on Market
54
49
-9.26%
Average Price
$460,152
$471,858
2.54%
Median Price
$406,000
$420,000
3.45%
Highest Price Current Inventory
$5,200,000 $6,500,000 222
YTD 4Q 2017
YTD 4Q 2018
Change
Number of Sales
40
43
7.50%
Days on Market
80
77
-3.75%
Average Price Median Price Highest Price Current Inventory
$1,108,939 $1,245,934 $925,000
24.32%
$3,275,000 $3,850,000
17.56%
15
-10.36%
12.35%
$1,150,000
21
199
25.00%
-28.57%
YTD 4Q 2017
YTD 4Q 2018
Change
Number of Sales
70
75
7.14%
Days on Market
67
46
-31.34%
Average Price
$570,261
$558,761
-2.02%
Median Price
$514,500
$525,000
2.04%
Highest Price Current Inventory
$2,200,000 $1,225,000 17
19
-44.32% 11.76%
re source sre al es tate. co m
mobile website: bit.ly/501locustptrd YTD 4Q 2017
YTD 4Q 2018
Change
Number of Sales
118
104
-11.86%
Days on Market
50
38
-24.00%
Average Price
$436,707
$429,516
-1.65%
Median Price
$415,000
$410,000
-1.20%
Highest Price
$2,375,000 $1,180,000
Current Inventory
19
26
-50.32% 36.84%
YTD 4Q 2017
YTD 4Q 2018
Change
Number of Sales
140
117
-16.43%
Days on Market
81
75
-7.41%
Average Price
$1,557,805 $1,421,222
-8.77%
Median Price
$1,300,000 $1,225,000
-5.77%
Highest Price
$6,450,000 $4,750,000
-26.36%
Current Inventory
YTD 4Q 2017
YTD 4Q 2018
Change
Number of Sales
64
58
-9.38%
Days on Market
55
57
3.64%
Average Price
$534,231
$561,917
5.18%
Median Price
493,900
$510,000
3.26%
Highest Price
1,460,000
$1,350,000
-7.53%
15
7
-53.33%
Current Inventory
res ou rc esre a le st a te. c om
62
50
-19.35%
mobile website: bit.ly/71whighland
YTD 4Q 2017
YTD 4Q 2018
Change
Number of Sales
7,210
7,105
-1.46%
Days on Market
67
54
-19.40%
Average Price
$512,874
$539,585
5.21%
Median Price
$415,000
$432,500
4.22%
Highest Price Current Inventory
$7,250,000 $6,730,000 2,073
1,970
-7.17% -4.97%
re source sre al es tate. co m
mobile website: bit.ly/31russel
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 12/31/18. Copyright 2015 by the Monmouth County Association of REALTORSÂŽ
65 First Ave Atlantic Highlands, NJ 07716