the
RESOURCES
report
Real Estate Market Report 4th 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 Although just another day, the start of a new decade seems somehow particularly auspicious. At Resources Real Estate it is particularly so as we are celebrating our 20th Anniversary this year — so, it’s a downright celebration around here. While Resources Real Estate’s dollar volume sales were up in 2019 (another reason to celebrate), as we review the year end numbers for 2019 for all of Monmouth County, single family home sales may not call for celebration as much as a modest “yippee.”
on prices but, for now, prices are up: well over half of surveyed towns showed higher average & median sales prices. In this report, some towns surveyed show remarkably low sales — please remember this report’s data is pulled from the Monmouth Ocean MLS and in some areas “off market” sales are more commonplace and, as such, are not recorded here.
But even without some of that data it seems clear that, in Monmouth County, with sales down, prices up, higher DOM and higher inventory, there appears to be a 2019 single family Why? change occurring in the marketplace. Be careful not to home sales may not make blanket assumptions: we’re seeing a downward Let’s go back to 2015 which was the first trend primarily in price points above $1million while year since the Great Recession for unit sales call for celebration many starter and mid-range homes are seeing brisk to hit a new peak. The following year, 2016, as much as a activity with multiple offers and above-asking closed topped that. The next year, 2017, handily did prices. Certainly in the early weeks of 2020 we are modest “yippee.” the same. But 2018 showed declines and seeing a strong uptick in showing activity which bodes 2019 followed suit. While this trajectory well, at least for first quarter. may not have signaled a severe change, it certainly does indicate a downward trend. In this, our annual report for sales thru 4Q2019 — our first market report to include all Monmouth County municipalities — only 37% of towns surveyed are showing greater sales than for 2018: almost 2/3 had fewer home sales than the year previous. While nationally low inventory continues to be an issue, 83% of towns in Monmouth County reported higher inventory by year end than in 2018. Typically, higher supply has a negative impact
resourcesrealestate.com
Our advice: if planning to make a move and selling this year, make it happen earlier in the year. A shifting market in a presidential election year is not necessarily a positive scenario: best to get out in front of the market and get the job done — price it right, hire a professional and move on… especially if you are in the higher price points. And, of course, if you have questions about this market or about your home in particular, give us a call, we’re glad to help.
Cover image, 127 Memorial Parkway, Atlantic Highlands, passive solar beauty. mobile website: bit.ly/127Memorial
36 Asbury Avenue, Atlantic Highlands mobile website: bit.ly/36Asbury YTD 4Q 2018
YTD 4Q 2019
Change
YTD 4Q 2018
YTD 4Q 2019
Number of Sales
226
226
0.00%
Change
Number of Sales
109
76
-30.28%
Days on Market
45
45
0.00%
Days on Market
49
50
2.04%
Average Price
316,560
350,017
10.57%
Average Price
352,744
426,565
20.93%
Median Price
315,000
350,000
11.11%
Median Price
315,000
380,000
20.63%
Highest Price
609,000
695,000
14.12%
Highest Price
1,299,000
1,130,000
-13.01%
15
39
160.00%
Current Inventory
5
19
280.00%
YTD 4Q 2018
YTD 4Q 2019
Change
ATLANTIC HIGHLANDS
YTD 4Q 2018
YTD 4Q 2019
Change
Number of Sales
6
4
-33.33%
Number of Sales
68
79
16.18%
Days on Market
46
80
73.91%
Days on Market
54
55
1.85%
Average Price
2,704,166
2,117,675
-21.69%
Average Price
487,835
526,986
8.03%
Median Price
6,120,000
850,000
-86.11%
Median Price
435,500
410,000
-5.86%
Highest Price
1,600,000
5,600,000
250.00%
Highest Price
1,337,500
2,400,000
79.44%
2
1
-50.00%
Current Inventory
22
18
-18.18%
YTD 4Q 2018
YTD 4Q 2019
Change
AVON-BY-THE-SEA
YTD 4Q 2018
YTD 4Q 2019
Change
Number of Sales
28
24
-14.29%
Number of Sales
33
20
-39.39%
Days on Market
70
65
-7.14%
Days on Market
76
80
5.26%
Average Price
343,033
340,250
-0.81%
Average Price
1,379,912
1,611,425
16.78%
Median Price
320,000
341,700
6.78%
Median Price
1,247,000
1,520,000
21.89%
Highest Price
620,000
625,000
0.81%
Highest Price
3,933,000
3,100,000
-21.18%
1
4
300.00%
7
9
28.57%
ABERDEEN
Current Inventory
ALLENHURST
Current Inventory
ALLENTOWN
Current Inventory
ASBURY PARK
Current Inventory
 $ % ATLANTIC HIGHLANDS average price UP 8.03 re source sre al es tate. co m
14 Buttonwood Lane, Rumson mobile website: bit.ly/14buttonwood
BELMAR Number of Sales Days on Market
YTD 4Q 2018
YTD 4Q 2019
Change
74
58
-21.62%
Number of Sales
COLTS NECK
YTD 4Q 2018
YTD 4Q 2019
Change
125
137
9.60%
65
60
-7.69%
Days on Market
81
83
2.47%
Average Price
771,951
713,493
-7.57%
Average Price
877,299
832,428
-5.11%
Median Price
670,000
605,000
-9.70%
Median Price
765,000
705,000
-7.84%
Highest Price
2,347,500
2,265,000
-3.51%
Highest Price
2,920,000
3,780,000
29.45%
8
14
75.00%
Current Inventory
38
71
86.84%
YTD 4Q 2018
YTD 4Q 2019
Change
YTD 4Q 2018
YTD 4Q 2019
Change
Number of Sales
35
57
62.86%
Number of Sales
6
14
133.33%
Days on Market
50
48
-4.00%
Days on Market
43
61
41.86%
Average Price
701,558
759,017
8.19%
Average Price
2,069,916
1,700,860
-17.83%
Median Price
630,000
751,000
19.21%
Median Price
1,750,000
1,500,000
-14.29%
Highest Price
2,000,000
1,400,000
-30.00%
Highest Price
3,898,500
4,120,000
5.68%
4
16
300.00%
Current Inventory
10
7
-30.00%
YTD 4Q 2018
YTD 4Q 2019
Change
YTD 4Q 2018
YTD 4Q 2019
Change
Number of Sales
73
66
-9.59%
Number of Sales
100
88
-12.00%
Days on Market
64
78
21.88%
Days on Market
37
47
27.03%
Average Price
718,967
718,180
-0.11%
Average Price
369,413
404,411
9.47%
Median Price
620,500
615,000
-0.89%
Median Price
357,500
375,000
4.90%
Highest Price
2,875,000
2,600,000
-9.57%
Highest Price
800,000
865,000
8.13%
12
18
50.00%
Current Inventory
13
15
15.38%
Current Inventory
BRADLEY BEACH
Current Inventory
BRIELLE
Current Inventory
DEAL
EATONTOWN
ď ’
COLTS NECK unit sales UP 9.60 re s ou rc esre a le st a te. c om
%
809 Navesink River Road, Middletown mobile website: bit.ly/809NavesinkRiver YTD 4Q 2018
YTD 4Q 2019
Change
YTD 4Q 2018
YTD 4Q 2019
Change
Number of Sales
20
19
-5.00%
Number of Sales
123
108
-12.20%
Days on Market
49
47
-4.08%
Days on Market
58
45
-22.41%
Average Price
381,890
367,526
-3.76%
Average Price
262,955
287,361
9.28%
Median Price
390,000
415,000
6.41%
Median Price
252,500
290,000
14.85%
Highest Price
740,000
505,000
-31.76%
Highest Price
575,000
575,000
0.00%
1
1
0.00%
14
15
7.14%
YTD 4Q 2018
YTD 4Q 2019
Change
YTD 4Q 2018
YTD 4Q 2019
Change
Number of Sales
91
109
19.78%
Number of Sales
335
324
-3.28%
Days on Market
57
59
3.51%
Days on Market
51
56
9.80%
Average Price
949,831
961,656
1.24%
Average Price
517,101
507,967
-1.77%
Median Price
825,000
935,000
13.33%
Median Price
501,375
489,920
-2.28%
Highest Price
2,282,000
2,000,000
-12.36%
Highest Price
1,020,000
1,350,000
32.35%
16
23
43.75%
Current Inventory
39
67
71.79%
YTD 4Q 2018
YTD 4Q 2019
Change
YTD 4Q 2018
YTD 4Q 2019
Change
Number of Sales
16
10
-37.50%
Number of Sales
292
297
1.71%
Days on Market
69
32
-53.62%
Days on Market
37
40
8.11%
Average Price
370,479
328,040
-11.46%
Average Price
301,138
319,214
6.00%
Median Price
260,000
305,000
17.31%
Median Price
327,000
340,000
3.98%
Highest Price
957,000
556,000
-41.90%
Highest Price
619,900
760,000
22.60%
1
3
200.00%
Current Inventory
17
36
111.76%
ENGLISHTOWN
Current Inventory
FAIR HAVEN
Current Inventory
FARMINGDALE
Current Inventory
FREEHOLD BORO
Current Inventory
FREEHOLD
HAZLET
ď ’
FAIR HAVEN unit sales UP 19.78
%
re source sre al es tate. co m
79 West River Road, Rumson mobile website: bit.ly/79wriverrd YTD 4Q 2018
YTD 4Q 2019
Change
YTD 4Q 2018
YTD 4Q 2019
Change
Number of Sales
66
58
-12.12%
Number of Sales
16
8
-50.00%
Days on Market
79
66
-16.46%
Days on Market
57
34
-40.35%
Average Price
379,931
418,830
10.24%
Average Price
810,171
1,102,487
36.08%
Median Price
367,500
420,000
14.29%
Median Price
660,000
815,000
23.48%
Highest Price
999,999
1,375,000
37.50%
Highest Price
1,715,000
2,000,000
16.62%
8
15
87.50%
Current Inventory
1
3
200.00%
YTD 4Q 2018
YTD 4Q 2019
Change
YTD 4Q 2018
YTD 4Q 2019
Change
Number of Sales
210
176
-16.19%
Number of Sales
181
144
-20.44%
Days on Market
73
70
-4.11%
Days on Market
54
52
-3.70%
Average Price
809,707
808,617
-0.13%
Average Price
129,575
189,900
46.56%
Median Price
735,000
730,000
-0.68%
Median Price
106,000
182,929
72.57%
Highest Price
2,350,000
2,395,682
1.94%
Highest Price
380,000
399,900
5.24%
40
60
50.00%
Current Inventory
13
30
130.77%
YTD 4Q 2018
YTD 4Q 2019
Change
YTD 4Q 2018
YTD 4Q 2019
Change
Number of Sales
597
638
6.87%
Number of Sales
84
89
5.95%
Days on Market
50
53
6.00%
Days on Market
48
41
-14.58%
Average Price
371,117
385,489
3.87%
Average Price
250,153
267,756
7.04%
Median Price
355,000
365,000
2.82%
Median Price
258,000
270,000
4.65%
Highest Price
975,000
970,000
-0.51%
Highest Price
505,000
562,000
11.29%
67
128
91.04%
5
23
360.00%
HIGHLANDS
Current Inventory
HOLMDEL
Current Inventory
HOWELL
Current Inventory
INTERLAKEN
KEANSBURG
KEYPORT
$
Current Inventory
KEANSBURG average price UP 46.56 re s ou rc esre a le st a te. c om
%
124 Bingham Avenue, Rumson mobile website: bit.ly/124binghamave
LAKE COMO Number of Sales Days on Market
YTD 4Q 2018
YTD 4Q 2019
Change
41
28
-31.71%
Number of Sales
LONG BRANCH
YTD 4Q 2018
YTD 4Q 2019
Change
143
162
13.29%
68
48
-29.41%
Days on Market
53
59
11.32%
Average Price
517,817
468,350
-9.55%
Average Price
440,362
430,620
-2.21%
Median Price
450,000
408,000
-9.33%
Median Price
370,000
351,000
-5.14%
Highest Price
1,037,000
1,065,000
2.70%
Highest Price
4,050,000
2,100,000
-48.15%
7
7
0.00%
Current Inventory
25
52
108.00%
YTD 4Q 2018
YTD 4Q 2019
Change
YTD 4Q 2018
YTD 4Q 2019
Change
81
96
18.52%
Number of Sales
341
351
2.93%
Current Inventory
LITTLE SILVER Number of Sales Days on Market
MANALAPAN
63
72
14.29%
Days on Market
45
48
6.67%
Average Price
777,658
812,879
4.53%
Average Price
536,298
549,946
2.54%
Median Price
665,000
675,000
1.50%
Median Price
537,500
529,000
-1.58%
Highest Price
2,200,000
2,700,000
22.73%
Highest Price
1,330,000
1,485,000
11.65%
6
24
300.00%
Current Inventory
27
70
159.26%
YTD 4Q 2018
YTD 4Q 2019
Change
YTD 4Q 2018
YTD 4Q 2019
Change
Number of Sales
1
1
0.00%
Number of Sales
88
92
4.55%
Days on Market
10
17
70.00%
Days on Market
66
64
-3.03%
Average Price
330,000
1,140,000
245.45%
Average Price
799,873
839,477
4.95%
Median Price
330,000
1,140,000
245.45%
Median Price
740,000
725,000
-2.03%
Highest Price
330,000
1,140,000
245.45%
Highest Price
1,989,000
2,462,500
23.81%
1
1
0.00%
12
24
100.00%
Current Inventory
LOCH ARBOUR
Current Inventory
MANASQUAN
Current Inventory
ď ’
LITTLE SILVER unit sales UP 18.52
%
re source sre al es tate. co m
127 Division Street, Atlantic Highlands mobile website: bit.ly/127Division
MARLBORO Number of Sales Days on Market
YTD 4Q 2018
YTD 4Q 2019
Change
391
371
-5.12%
Number of Sales
MILLSTONE
YTD 4Q 2018
YTD 4Q 2019
Change
115
111
-3.48%
49
56
14.29%
Days on Market
63
75
19.05%
Average Price
631,194
611,848
-3.06%
Average Price
582,900
545,288
-6.45%
Median Price
580,000
565,000
-2.59%
Median Price
558,000
560,320
0.42%
Highest Price
3,800,000
2,250,000
-40.79%
Highest Price
1,260,000
1,099,000
-12.78%
51
91
78.43%
Current Inventory
48
67
39.58%
YTD 4Q 2018
YTD 4Q 2019
Change
MONMOUTH BEACH
YTD 4Q 2018
YTD 4Q 2019
Change
110
101
-8.18%
Number of Sales
43
35
-18.60%
Days on Market
Current Inventory
MATAWAN Number of Sales Days on Market
52
45
-13.46%
77
79
2.60%
Average Price
348,619
377,010
8.14%
Average Price
1,245,934
1,121,128
-10.02%
Median Price
346,000
395,000
14.16%
Median Price
1,150,000
1,137,000
-1.13%
Highest Price
653,000
610,000
-6.58%
Highest Price
3,850,000
2,050,000
-46.75%
3
18
500.00%
10
12
20.00%
YTD 4Q 2018
YTD 4Q 2019
Change
YTD 4Q 2018
YTD 4Q 2019
Change
Number of Sales
877
772
-11.97%
Number of Sales
62
47
-24.19%
Days on Market
49
47
-4.08%
Days on Market
42
46
9.52%
Average Price
471,479
471,417
-0.01%
Average Price
283,294
293,000
3.43%
Median Price
420,000
423,125
0.74%
Median Price
280,000
282,800
1.00%
Highest Price
6,500,000
3,750,000
-42.31%
Highest Price
1,125,000
700,000
-37.78%
84
165
96.43%
1
7
600.00%
MIDDLETOWN
Current Inventory
Current Inventory
NEPTUNE CITY
ď ’
Current Inventory
Current Inventory
MONMOUTH BEACH unit sales DOWN 18.60
%
re s ou rc esre a le st a te. c om
50 Grand Tour, Highlands mobile website: bit.ly/50grandtour
NEPTUNE Number of Sales Days on Market
YTD 4Q 2018
YTD 4Q 2019
Change
357
324
-9.24%
Number of Sales
RED BANK
YTD 4Q 2018
YTD 4Q 2019
Change
103
109
5.83%
52
49
-5.77%
Days on Market
38
55
44.74%
Average Price
351,093
360,146
2.58%
Average Price
429,472
493,180
14.83%
Median Price
310,000
331,000
6.77%
Median Price
410,000
460,000
12.20%
Highest Price
1,500,000
1,350,000
-10.00%
Highest Price
1,180,000
2,800,000
137.29%
31
64
106.45%
Current Inventory
10
14
40.00%
YTD 4Q 2018
YTD 4Q 2019
Change
YTD 4Q 2018
YTD 4Q 2019
Change
275
246
-10.55%
Number of Sales
8
11
37.50%
Current Inventory
OCEAN Number of Sales Days on Market
ROOSEVELT
48
57
18.75%
Days on Market
46
77
67.39%
Average Price
485,864
575,845
18.52%
Average Price
250,865
248,000
-1.14%
Median Price
445,000
512,000
15.06%
Median Price
291,000
268,000
-7.90%
Highest Price
1,875,000
3,100,000
65.33%
Highest Price
365,000
429,900
17.78%
39
86
120.51%
Current Inventory
1
3
200.00%
YTD 4Q 2018
YTD 4Q 2019
Change
YTD 4Q 2018
YTD 4Q 2019
Change
Number of Sales
75
74
-1.33%
Number of Sales
117
115
-1.71%
Days on Market
46
53
15.22%
Days on Market
75
66
-12.00%
Average Price
558,761
631,696
13.05%
Average Price
1,421,222
1,542,962
8.57%
Median Price
525,000
556,250
5.95%
Median Price
1,225,000
1,350,000
10.20%
Highest Price
1,225,000
1,500,000
22.45%
8
27
237.50%
Current Inventory
OCEANPORT
Current Inventory
RUMSON
$ UP 18.52% Highest Price
Current Inventory
4,750,000
4,500,000
-5.26%
25
55
120.00%
OCEAN average price
re source sre al es tate. co m
2 Browns Dock Road, Middletown mobile website: bit.ly/2BrownsDockRd YTD 4Q 2018
YTD 4Q 2019
Change
Number of Sales
17
17
0.00%
Days on Market
67
75
11.94%
Average Price
1,091,447
991,652
-9.14%
Median Price
999,500
945,000
-5.45%
Highest Price
1,950,000
1,850,000
-5.13%
2
14
600.00%
YTD 4Q 2018
YTD 4Q 2019
Change
Number of Sales
51
37
-27.45%
Days on Market
48
90
Average Price
2,099,274
Median Price Highest Price
SEA BRIGHT
Current Inventory
Resources Real Estate is the only local broker to feature award-winning interactive search technology at our office locations.
YTD 4Q 2018
YTD 4Q 2019
Change
Number of Sales
67
52
-22.39%
87.50%
Days on Market
98
95
-3.06%
2,310,277
10.05%
Average Price
2,550,258
2,589,408
1.54%
1,975,000
1,900,000
-3.80%
Median Price
2,275,000
2,175,000
-4.40%
4,500,000
6,850,000
52.22%
Highest Price
6,730,000
8,000,000
18.87%
Current Inventory
10
24
140.00%
Current Inventory
11
30
172.73%
SHREWSBURY BORO
YTD 4Q 2018
YTD 4Q 2019
Change
SPRING LAKE HEIGHTS
YTD 4Q 2018
YTD 4Q 2019
Change
Number of Sales
58
51
-12.07%
Number of Sales
51
43
-15.69%
Days on Market
57
48
-15.79%
Days on Market
54
61
12.96%
Average Price
561,917
548,965
-2.30%
Average Price
553,509
559,265
1.04%
Median Price
510,000
515,000
0.98%
Median Price
525,000
528,000
0.57%
Highest Price
1,350,000
1,275,000
-5.56%
Highest Price
969,900
973,054
0.33%
1
8
700.00%
3
11
266.67%
SEA GIRT
Current Inventory
SPRING LAKE
$
Current Inventory
SEA GIRT average price UP 10.05 re s ou rc esre a le st a te. c om
%
201 Locust Avenue, Middletown mobile website: bit.ly/201locustave YTD 4Q 2018
YTD 4Q 2019
Change
Number of Sales
156
162
3.85%
Days on Market
49
44
-10.20%
Average Price
476,557
482,653
1.28%
Median Price
450,000
467,400
Highest Price
1,070,000
TINTON FALLS
Current Inventory
UNION BEACH Number of Sales Days on Market
YTD 4Q 2018
YTD 4Q 2019
Change
Number of Sales
329
310
-5.78%
Days on Market
61
57
-6.56%
Average Price
527,804
566,110
7.26%
3.87%
Median Price
510,818
518,000
1.41%
1,124,000
5.05%
Highest Price
1,390,299
2,000,000
43.85%
15
28
86.67%
Current Inventory
27
70
159.26%
YTD 4Q 2018
YTD 4Q 2019
Change
WEST LONG BRANCH
YTD 4Q 2018
YTD 4Q 2019
Change
116
128
10.34%
Number of Sales
94
81
-13.83%
WALL
68
52
-23.53%
Days on Market
50
52
4.00%
Average Price
264,612
292,849
10.67%
Average Price
575,444
605,145
5.16%
Median Price
290,000
293,000
1.03%
Median Price
480,000
548,000
14.17%
Highest Price
490,000
795,000
62.24%
Highest Price
1,850,000
2,100,000
13.51%
14
31
121.43%
Current Inventory
11
24
118.18%
YTD 4Q 2018
YTD 4Q 2019
Change
Number of Sales
62
50
-19.35%
Days on Market
76
87
14.47%
Average Price
565,981
542,664
-4.12%
Median Price
540,000
565,000
4.63%
Highest Price
1,280,000
1,300,000
1.56%
22
27
22.73%
Current Inventory
UPPER FREEHOLD
Current Inventory
$
Visit our award-nominated website for Home Search, Town Profiles and informative reports available for both potential buyers and sellers. resourcesrealestate.com
UNION BEACH highest price UP 62.24
%
re source sre al es tate. co m
124 Bingham Avenue, Rumson mobile website: bit.ly/124binghamave
YTD 4Q 2018
YTD 4Q 2019
Change
Number of Sales
7,114
6,918
-2.76%
Days on Market
54
55
1.85%
Average Price
539,407
551,946
2.32%
Median Price
432,500
445,000
2.89%
Highest Price
6,730,000
8,000,000
18.87%
1,970
1,816
-7.82%
MONMOUTH COUNTY
Current Inventory
average price
UP $ 2.32%
highest price home sale ytd
8,000,000
$
ESOU CES R E A L E S TAT E B R O K E R
732-212-0440 resourcesrealestate.com Corporate Headquarters 457 Broad Street, Suite B, Shrewsbury, NJ 07702 112 East River Road, Rumson, NJ 07760 | 65 First Avenue, Atlantic Highlands, NJ 07716 | 457 Broad Street, Suite A, Shrewsbury, NJ 07702
Information deemed reliable but not guaranteed. Data as of 1/13/20. Copyright 2020 by the Monmouth County Association of REALTORS®