the
RESOURCES
report
Real Estate Market Report 1st Quarter 2019
ESOU CES R E A L E S TAT E B R O K E R
Thomas McCormack Managing Partner - Broker tom@resourcesrealestate.com With each passing Winter, the return of Spring seems even more welcome than in years past. Of course, saying goodbye to the cold, the ice, the snow, is only part of it. As sales agents we are in tune with the change in market forces that inevitably accompany the change of seasons and as such we await Spring perhaps even more keenly.
in interest. And while low inventory has been a constant complaint of late, two thirds of our survey show more homes available than a year ago. If the market is shifting, it is important for sellers and buyers to be aware. Fewer sales, more days on market and higher inventory would indicate the power shift may be moving toward buyers, in which case, sellers would be wise to market their homes sooner than later and be very careful to not overprice. Lingering in a declining market may Real Estate ultimately result in a much lower return.
While the closed sales resulting from the Spring market typically make their presence known in 2nd or 3rd quarter stats, the actual sales activity frequently Resources occurs during the first three months of the year and we have been witness to that. sales were up 85%, a Resources Real Estate dollar volume sales testament to our team’s across all categories were up 85% over the same period in 2018, an astonishing statistic commitment to success and a testament to our team’s commitment to for our clients. success for our clients. In looking more closely at single-family sales in 1Q2019, there are a few trends worth noting. Monmouth County SF sales were down over 5% while sales in our surveyed markets were pretty evenly split between gains and losses. Despite this, average and median sales prices were up in the majority of markets, including at the county level even while the Days on Market (DOM) was also up which shows a decline
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Likewise, while waiting out the market may bring opportunities price-wise for buyers, mortgage rates are very attractive right now and these rates are predicted to rise in the coming months. Figuring out your timing sweet spot can be a challenge but again, playing a waiting game may not be the best strategy.
As always, a key strategy should include an educated sales professional to help navigate the changing tide. Whether buying or selling or simply curious to better understand this changing market, please don’t hesitate to contact us — for us, it’s all about achieving success for our clients.
cover image mobile website: bit.ly/14Binghamhill
mobile website: bit.ly/7Mcelroy
YTD 1Q 2018
YTD 1Q 2019
Change
Number of Sales
7
10
42.86%
Days on Market
38
78
105.26%
Average Price
396,814
508,430
28.13%
Median Price
329,900
375,000
13.67%
Highest Price
600,000
1,550,000
158.33%
14
30
114.29%
YTD 1Q 2018
YTD 1Q 2019
Change
Number of Sales
19
29
52.63%
Days on Market
106
91
-14.15%
Average Price
1,041,873
842,929
-19.09%
Median Price
893,000
709,500
-20.55%
Highest Price
2,920,000
1,600,000
-45.21%
75
106
41.33%
YTD 1Q 2018
YTD 1Q 2019
Change
Number of Sales
19
20
5.26%
Days on Market
53
63
18.87%
Average Price
842,539
885,586
5.11%
Median Price
765,000
799,900
4.56%
Highest Price
1,675,000
1,468,000
-12.36%
31
40
29.03%
Current Inventory
Current Inventory
Current Inventory
re source sre al es tate. co m
mobile website: bit.ly77navesinkavenue
YTD 1Q 2018
YTD 1Q 2019
Change
Number of Sales
35
31
-11.43%
Days on Market
79
86
8.86%
Average Price
745,712
795,043
6.62%
Median Price
649,000
655,000
0.92%
Highest Price
2,350,000
2,395,000
1.91%
81
89
9.88%
Current Inventory
YTD 1Q 2018
YTD 1Q 2019
Change
Number of Sales
17
24
41.18%
Days on Market
77
93
20.78%
Average Price
726,858
837,445
15.21%
Median Price
620,000
737,500
18.95%
Highest Price
2,075,000
1,650,000
-20.48%
29
31
6.90%
Current Inventory
YTD 1Q 2018
YTD 1Q 2019
Change
Number of Sales
37
35
-5.41%
Days on Market
55
65
18.18%
Average Price
430,260
489,097
13.67%
Median Price
360,000
379,000
5.28%
Highest Price
970,000
2,100,000
116.49%
59
59
0.00%
Current Inventory
res ou rc esre a le st a te. c om
mobile website: bit.ly/425park
YTD 1Q 2018
YTD 1Q 2019
Change
Number of Sales
161
146
-9.32%
Days on Market
66
56
-15.15%
Average Price
405,187
438,570
8.24%
Median Price
375,000
385,000
2.67%
Highest Price
1,745,000
1,385,000
-20.63%
200
204
2.00%
Current Inventory
YTD 1Q 2018
YTD 1Q 2019
Change
Number of Sales
6
7
16.67%
Days on Market
67
46
-31.34%
Average Price
1,260,416
1,308,714
3.83%
Median Price
890,000
1,450,000
62.92%
Highest Price
2,300,000
1,825,000
-20.65%
27
24
-11.11%
Current Inventory
YTD 1Q 2018
YTD 1Q 2019
Change
Number of Sales
14
14
0.00%
Days on Market
65
77
18.46%
Average Price
518,684
557,321
7.45%
Median Price
507,500
480,000
-5.42%
Highest Price
680,000
975,000
43.38%
24
20
-16.67%
Current Inventory
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mobile website: bit.ly/83centeravenue YTD 1Q 2018
YTD 1Q 2019
Change
Number of Sales
25
18
-28.00%
Days on Market
38
52
36.84%
Average Price
383,021
472,805
23.44%
Median Price
393,000
420,000
6.87%
Highest Price
745,000
1,114,000
49.53%
21
23
9.52%
Current Inventory
YTD 1Q 2018
YTD 1Q 2019
Change
Number of Sales
24
18
-25.00%
Days on Market
78
94
20.51%
Average Price
1,432,062
1,460,111
1.96%
Median Price
1,150,000
1,325,000
15.22%
Highest Price
3,577,500
3,055,000
-14.61%
60
79
31.67%
Current Inventory
YTD 1Q 2018
YTD 1Q 2019
Change
Number of Sales
11
7
-36.36%
Days on Market
43
60
39.53%
Average Price
505,752
456,028
-9.83%
Median Price
515,000
445,700
-13.46%
Highest Price
740,000
640,000
-13.51%
18
13
-27.78%
Current Inventory
res ou rc esre a le st a te. c om
mobile website: bit.ly/3postrd
YTD 1Q 2018
YTD 1Q 2019
Change
Number of Sales
1,325
1,257
-5.13%
Days on Market
64
63
-1.56%
Average Price
527,574
542,335
2.80%
Median Price
410,000
420,000
2.44%
Highest Price
6,450,000
5,500,000
-14.73%
1,974
2,201
11.50%
Current Inventory
re source sre al es tate. co m
mobile website: bit.ly/3mohican
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
457 Broad Street, Suite A Shrewsbury, NJ 07702
4A West Front St Red Bank, NJ 07701
Information deemed reliable but not guaranteed. Data as of 4/5/19. Copyright 2019 by the Monmouth County Association of REALTORSÂŽ
65 First Ave Atlantic Highlands, NJ 07716