the
RESOURCES
report
Real Estate Market Report 3rd Quarter 2019
ESOU CES R E A L E S TAT E B R O K E R
Thomas McCormack Senior Partner - Broker tom@resourcesrealestate.com The end of 3rd quarter always feels transitional with temperatures dipping, winds gusting, foliage changing color, and anticipation building for the upcoming holiday season. This feeling helps focus attention on prioritizing the tasks at hand as we know our time will become more limited due to weather, daylight hours and more frequent visits to family and friends. Likewise, this is an important time for real estate professionals (and all those who enjoy keeping abreast of the market) to take stock in what has happened thus far this year since much of the sales activity that occurs in the spring market doesn’t close until 3rd quarter. We now have a clearer picture of the trends of 2019 and the basis for a plan for the remainder of the year as well as for 1st quarter 2020.
Perhaps most interestingly, available supply of inventory is up in ⅔ of the surveyed towns as well as county-wide, a divergence from national market news where inventories are still reportedly down significantly, driving prices unlike an higher.
For not autumn blustery day, our local market is not showing clear signs of which way the wind is blowing.
At least in theory. For not unlike an autumn blustery day, our local market is not showing clear signs of which way the wind is blowing. In our survey of local towns we see sales are roughly evenly split with half showing the same or increased sales year to date
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relative to a year ago and half with fewer. On a county level, sales are up. Likewise, average sale prices are split between those showing increases and those not.
At Resources Real Estate, while we’ve seen fewer single-family units sold this year, we’ve also experienced an increase in dollar volume sales -- almost 47% higher compared with a year ago. While this could be a reflection of rising prices, it’s most certainly a testament to our ability to achieve sales in the higher-end home sector which has been experiencing greater challenges than the rest of the market. (And speaking of inventory -- got some? Because we need more houses to sell!) We believe that an informed perspective on the market can lead to smarter decision making. Let us know how we can help.
Cover image, 18 Benton Lane, Leonardo, a boater’s dream. mobile website: bit.ly/18benton
16 Heathcliff Road, Rumson mobile website: bit.ly/16heathcliff YTD 3Q 2018
YTD 3Q 2019
Change
Number of Sales
52
57
9.62%
Days on Market
53
48
-9.43%
Average Price
469,580
527,992
12.44%
Median Price
420,000
399,000
-5.00%
Highest Price
1,205,000
2,400,000
99.17%
27
57
111.11%
YTD 3Q 2018
YTD 3Q 2019
Change
Number of Sales
99
107
8.08%
Days on Market
78
80
2.56%
Average Price
890,618
821,138
-7.80%
Median Price
799,800
705,000
-11.85%
Highest Price
2,920,000
3,780,000
29.45%
96
99
3.13%
YTD 3Q 2018
YTD 3Q 2019
Change
Number of Sales
69
84
21.74%
Days on Market
57
58
1.75%
Average Price
927,958
957,259
3.16%
Median Price
810,000
939,000
15.93%
Highest Price
1,901,000
2,000,000
5.21%
52
40
-23.08%
Current Inventory
Current Inventory
Current Inventory
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88-6 Portland Road, Highlands mobile website: bit.ly/88-6portlandrd
YTD 3Q 2018
YTD 3Q 2019
Change
Number of Sales
153
133
-13.07%
Days on Market
66
68
3.03%
Average Price
817,676
802,056
-1.91%
Median Price
740,000
725,000
-2.03%
Highest Price
2,300,000
2,395,682
4.16%
123
103
-16.26%
Current Inventory
YTD 3Q 2018
YTD 3Q 2019
Change
Number of Sales
68
80
17.65%
Days on Market
61
66
8.20%
Average Price
780,626
785,743
0.66%
Median Price
680,000
675,000
-0.74%
Highest Price
2,200,000
2,035,000
-7.50%
35
45
28.57%
Current Inventory
YTD 3Q 2018
YTD 3Q 2019
Change
Number of Sales
105
123
17.14%
Days on Market
49
60
22.45%
Average Price
451,367
419,383
-7.09%
Median Price
375,000
351,000
-6.40%
Highest Price
4,050,000
2,100,000
-48.15%
66
66
0.00%
Current Inventory
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10 Cordelia Court, Long Branch mobile website: bit.ly/sunsetvillas
YTD 3Q 2018
YTD 3Q 2019
Change
Number of Sales
645
579
-10.23%
Days on Market
49
45
-8.16%
Average Price
471,626
469,563
-0.44%
Median Price
422,500
423,125
0.15%
Highest Price
6,500,000
3,750,000
-42.31%
199
247
24.12%
Current Inventory
YTD 3Q 2018
YTD 3Q 2019
Change
Number of Sales
32
21
-34.38%
Days on Market
72
82
13.89%
Average Price
1,250,112
1,113,690
-10.91%
Median Price
1,200,000
1,164,000
-3.00%
Highest Price
2,750,000
2,050,000
-25.45%
24
27
12.50%
Current Inventory
YTD 3Q 2018
YTD 3Q 2019
Change
Number of Sales
60
54
-10.00%
Days on Market
43
56
30.23%
Average Price
545,192
638,683
17.15%
Median Price
525,000
560,000
6.67%
Highest Price
985,000
1,500,000
52.28%
30
35
16.67%
Current Inventory
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209 1st Avenue, Belmar mobile website: bit.ly/2091stave YTD 3Q 2018
YTD 3Q 2019
Change
Number of Sales
85
76
-10.59%
Days on Market
34
51
50.00%
Average Price
446,201
475,910
6.66%
Median Price
422,500
465,000
10.06%
Highest Price
1,180,000
1,114,000
-5.59%
34
29
-14.71%
Current Inventory
YTD 3Q 2018
YTD 3Q 2019
Change
Number of Sales
92
92
0.00%
Days on Market
76
59
-22.37%
Average Price
1,454,129
1,553,524
6.84%
Median Price
1,200,000
1,350,000
12.50%
Highest Price
4,750,000
4,200,000
-11.58%
77
82
6.49%
Current Inventory
YTD 3Q 2018
YTD 3Q 2019
Change
Number of Sales
46
39
-15.22%
Days on Market
57
50
-12.28%
Average Price
554,354
528,943
-4.58%
Median Price
510,000
490,000
-3.92%
Highest Price
1,350,000
859,900
-36.30%
14
15
7.14%
Current Inventory
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27 Conover Lane, Middletown mobile website: bit.ly/27conover
YTD 3Q 2018
YTD 3Q 2019
Change
Number of Sales
5,462
5,104
-6.55%
Days on Market
53
53
0.00%
Average Price
540,113
547,021
1.28%
Median Price
435,000
442,000
1.61%
Highest Price
6,500,000
5,600,000
-13.85%
2,295
2,548
11.02%
Current Inventory
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1540-3 Ocean Avenue, Sea Bright mobile website: bit.ly/1540ocean3
Visit our award-nominated website for Home Search, Town Profiles and informative reports available for both potential buyers and sellers. 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 457 Broad Street, Suite A 65 First Avenue Rumson, NJ 07760 Shrewsbury, NJ 07702 Atlantic Highlands, NJ 07716 Information deemed reliable but not guaranteed. Data as of 10/6/19. Copyright 2019 by the Monmouth County Association of REALTORSÂŽ