the
RESOURCES
report
Real Estate Market Report 1st Quarter 2020
R E A L E S TAT E B R O K E R
Thomas McCormack Senior Partner - Broker tom@resourcesrealestate.com
In this moment of constant daily change in the economy, the public health situation and the world as we know it, it seems hardly meaningful to discuss business that occurred “B.C.” (Before Covid) and yet, even in times of change and uncertainty, context is helpful. Market forces that were at work prior to the shutdown do not entirely disappear even while it feels like everything has shifted.
due to a change in financial ability, others may choose to enter: changing markets mean changing players. If transitioning to a buyer’s market, investors will likely enter en masse. Historically low mortgage interest rates will also promote a stronger buyer push.
The new market will favor some property types (e.g. spacious yards capable of both fun & social distancing) over others (e.g. With that preface, we present our market report for 1Q2020. high density developments) and pricing will -- as always -- be a key factor. One thing is certain: despite all the components While 2019 set new records state-wide for single-family unit of “the new normal”, real estate transactions will continue... sales Monmouth County did not with ²/³ of the surveyed Facetime inspections, curbside closings and all. municipalities showing fewer sales than the year previous. In first quarter 2020 this situation Although initially there is an expectation of improved with about half of towns downward pressure on property values, this showing flat or increased sales numbers; is likely to be temporary -- albeit it may take a overall county-wide sales were up by year or two to fully rebound. There is also the over 4% in both units and average sale prospect of a market surge as shelter-in-place price for single-family homes. restrictions lighten and more parts of our dayto-day world reopen. Whether this is a surge due The increased demand seemed to . to the changing conditions or simply a delayed indicate that our Spring market would “Spring” market may be hard to gauge but we be robust especially as inventory was expect renewed market vigor to come by midon the rise. While low inventory was Summer or perhaps Fall. at issue in much of the state, we saw total available homes almost twice that of a year ago when many local professionals Of course, no one has a crystal ball and all will depend on surmised that sales were down because there were not how COVID-19 cases, treatments and vaccines progress. enough homes to sell. As always, your home and your market is specific and as such How this will play out throughout 2020 is yet to be seen with requires specific attention. Proper pricing, market preparation many sellers pulling their house from the rotation and many and marketing tools to facilitate the new virtual sales process buyers observing the quarantine. The shift may favor buyers, are key and we are here to help with all of the above as well at least in the short term, particularly if negotiating with as observe safety protocols throughout. sellers under pressure to sell. Questions? Whether you are looking to buy or sell, we’ve got While some buyers previously in the market may drop out answers. Please contact us and let us know how we can help.
Even in times of change and uncertainty, context is helpful
resourcesrealestate.com Cover image, 88-2 Portland Road, Highlands, new constrution with amazing views, mobile website: bit.ly/88-2Portland
88-3 Portland Road, Highlands mobile website: bit.ly/88-3Portland YTD 1Q 2019
YTD 1Q 2020
Change
YTD 1Q 2019
YTD 1Q 2020
Number of Sales
44
34
-22.73%
Change
Number of Sales
12
17
41.67%
Days on Market
53
60
13.21%
Days on Market
65
49
-24.62%
Average Price
342,765
334,472
-2.42%
Average Price
322,222
525,014
62.94%
Median Price
332,600
345,000
3.73%
Median Price
315,000
419,000
33.02%
Highest Price
519,000
550,000
5.97%
Highest Price
589,000
1,365,000
131.75%
20
31
55.00%
Current Inventory
6
24
300.00%
YTD 1Q 2019
YTD 1Q 2020
Change
ATLANTIC HIGHLANDS
YTD 1Q 2019
YTD 1Q 2020
Change
Number of Sales
0
2
n/a
Number of Sales
10
13
30.00%
Days on Market
0
33
n/a
Days on Market
78
74
-5.13%
Average Price
0
1,732,500
n/a
Average Price
508,430
564,453
11.02%
Median Price
0
415,000
n/a
Median Price
375,000
520,000
38.67%
Highest Price
0
3,050,000
n/a
Highest Price
11,550,000
995,000
-91.39%
Current Inventory
2
3
50.00%
30
14
-53.33%
YTD 1Q 2019
YTD 1Q 2020
Change
AVON-BY-THE-SEA
YTD 1Q 2019
YTD 1Q 2020
Change
Number of Sales
7
1
-85.71%
Number of Sales
1
7
600.00%
Days on Market
64
67
4.69%
Days on Market
148
85
-42.57%
Average Price
277,957
280,000
0.74%
Average Price
800,000
1,751,964
119.00%
Median Price
329,000
280,000
-14.89%
Median Price
800,000
1,575,000
96.88%
Highest Price
450,000
280,000
-37.78%
Highest Price
800,000
2,650,000
231.25%
1
3
200.00%
Current Inventory
7
7
0.00%
ABERDEEN
Current Inventory
ALLENHURST
ALLENTOWN
Current Inventory
ASBURY PARK
Current Inventory
ď ’
ATLANTIC HIGHLANDS unit sales UP 30
%
re source sre al es tate. co m
43 Rumson Road, Rumson mobile website: bit.ly/43RumsonRd
BELMAR Number of Sales Days on Market
YTD 1Q 2019
YTD 1Q 2020
Change
14
20
42.86%
Number of Sales Days on Market
COLTS NECK
YTD 1Q 2019
YTD 1Q 2020
Change
29
27
-6.90%
115
81
-29.57%
91
83
-8.79%
Average Price
791,785
836,475
5.64%
Average Price
842,929
974,579
15.62%
Median Price
515,000
775,000
50.49%
Median Price
709,500
726,230
2.36%
Highest Price
1,850,000
1,775,000
-4.05%
Highest Price
1,600,000
2,600,000
62.50%
16
18
12.50%
Current Inventory
106
68
-35.85%
YTD 1Q 2019
YTD 1Q 2020
Change
YTD 1Q 2019
YTD 1Q 2020
Change
Number of Sales
13
13
0.00%
Number of Sales
3
3
0.00%
Days on Market
23
80
247.83%
Days on Market
46
213
363.04%
Average Price
728,626
712,223
-2.25%
Average Price
2,060,000
2,326,000
12.91%
Median Price
649,000
769,000
18.49%
Median Price
2,130,000
2,750,000
29.11%
Highest Price
1,392,000
1,255,000
-9.84%
Highest Price
3,075,000
2,828,000
-8.03%
5
13
160.00%
11
12
9.09%
YTD 1Q 2019
YTD 1Q 2020
Change
YTD 1Q 2019
YTD 1Q 2020
Change
Number of Sales
10
11
10.00%
Number of Sales
22
14
-36.36%
Days on Market
39
70
79.49%
Days on Market
51
42
-17.65%
Average Price
704,765
677,740
-3.83%
Average Price
366,570
423,071
15.41%
Median Price
475,000
652,500
37.37%
Median Price
325,000
355,000
9.23%
Highest Price
2,450,000
996,000
-59.35%
Highest Price
605,000
990,000
63.64%
11
23
109.09%
Current Inventory
6
22
266.67%
Current Inventory
BRADLEY BEACH
Current Inventory
BRIELLE
Current Inventory
DEAL
Current Inventory
EATONTOWN
ď ’
BELMAR unit sales UP 42.86 re s ou rc esre a le st a te. c om
%
127 Memorial Parkway, Atlantic Highlands mobile website: bit.ly/127Memorial YTD 1Q 2019
YTD 1Q 2020
Change
YTD 1Q 2019
YTD 1Q 2020
Change
Number of Sales
4
4
0.00%
Number of Sales
25
22
-12.00%
Days on Market
43
94
118.60%
Days on Market
47
50
6.38%
Average Price
280,625
373,412
33.06%
Average Price
265,024
277,530
4.72%
Median Price
230,000
325,000
41.30%
Median Price
270,000
265,000
-1.85%
Highest Price
470,000
460,000
-2.13%
Highest Price
460,000
424,000
-7.83%
4
1
-75.00%
Current Inventory
10
7
-30.00%
YTD 1Q 2019
YTD 1Q 2020
Change
YTD 1Q 2019
YTD 1Q 2020
Change
Number of Sales
20
17
-15.00%
Number of Sales
50
54
8.00%
Days on Market
63
72
14.29%
Days on Market
71
71
0.00%
Average Price
885,586
1,112,900
25.67%
Average Price
503,254
505,980
0.54%
Median Price
799,900
971,700
21.48%
Median Price
470,000
480,000
2.13%
Highest Price
1,468,000
1,950,000
32.83%
Highest Price
1,140,000
995,000
-12.72%
14
26
85.71%
Current Inventory
28
57
103.57%
YTD 1Q 2019
YTD 1Q 2020
Change
YTD 1Q 2019
YTD 1Q 2020
Change
Number of Sales
3
4
33.33%
Number of Sales
56
61
8.93%
Days on Market
32
59
84.38%
Days on Market
46
34
-26.09%
Average Price
297,166
329,950
11.03%
Average Price
307,635
316,984
3.04%
Median Price
310,000
250,000
-19.35%
Median Price
327,500
336,500
2.75%
Highest Price
357,500
540,000
51.05%
Highest Price
579,000
575,000
-0.69%
0
3
n/a
12
39
225.00%
ENGLISHTOWN
Current Inventory
FAIR HAVEN
Current Inventory
FARMINGDALE
Current Inventory
FREEHOLD BORO
FREEHOLD
HAZLET
Current Inventory
ď ’
FAIR HAVEN inventory UP 85.71
%
re source sre al es tate. co m
44 Abbey Road, Tinton Falls mobile website: bit.ly/44abbeyrd YTD 1Q 2019
YTD 1Q 2020
Change
YTD 1Q 2019
YTD 1Q 2020
Change
Number of Sales
7
16
128.57%
Number of Sales
1
2
100.00%
Days on Market
117
64
-45.30%
Days on Market
15
13
-13.33%
Average Price
522,857
370,935
-29.06%
Average Price
995,000
770,500
-22.56%
Median Price
420,000
412,000
-1.90%
Median Price
995,000
770,000
-22.61%
Highest Price
1,375,000
715,000
-48.00%
Highest Price
995,000
771,000
-22.51%
10
16
60.00%
Current Inventory
0
2
n/a
YTD 1Q 2019
YTD 1Q 2020
Change
YTD 1Q 2019
YTD 1Q 2020
Change
Number of Sales
31
21
-32.26%
Number of Sales
22
34
54.55%
Days on Market
86
92
6.98%
Days on Market
57
46
-19.30%
Average Price
795,043
695,309
-12.54%
Average Price
152,005
184,692
21.50%
Median Price
655,000
620,000
-5.34%
Median Price
140,000
160,000
14.29%
Highest Price
2,395,000
1,212,500
-49.37%
Highest Price
285,000
335,000
17.54%
89
76
-14.61%
Current Inventory
12
43
258.33%
YTD 1Q 2019
YTD 1Q 2020
Change
YTD 1Q 2019
YTD 1Q 2020
Change
Number of Sales
117
127
8.55%
Number of Sales
22
15
-31.82%
Days on Market
73
59
-19.18%
Days on Market
57
31
-45.61%
Average Price
376,828
354,690
-5.87%
Average Price
152,005
281,443
85.15%
Median Price
350,000
359,000
2.57%
Median Price
140,000
295,000
110.71%
Highest Price
847,500
775,000
-8.55%
Highest Price
285,000
402,400
41.19%
61
114
86.89%
12
11
-8.33%
HIGHLANDS
Current Inventory
HOLMDEL
Current Inventory
HOWELL
Current Inventory
INTERLAKEN
KEANSBURG
KEYPORT
$
Current Inventory
KEANSBURG unit sales UP 54.55 re s ou rc esre a le st a te. c om
%
14 Buttonwood Lane, Rumson mobile website: bit.ly/14buttonwood
LAKE COMO Number of Sales Days on Market
YTD 11Q 2019
YTD 1Q 2020
Change
6
4
-33.33%
Number of Sales
LONG BRANCH
YTD 1Q 2019
YTD 1Q 2020
Change
35
33
-5.71%
29
51
75.86%
Days on Market
65
51
-21.54%
Average Price
525,316
311,250
-40.75%
Average Price
489,097
603,000
23.29%
Median Price
455,000
287,000
-36.92%
Median Price
379,000
492,000
29.82%
Highest Price
740,000
363,000
-50.95%
Highest Price
2,100,000
3,500,000
66.67%
5
5
0.00%
59
63
6.78%
YTD 1Q 2019
YTD 1Q 2020
Change
YTD 1Q 2019
YTD 1Q 2020
Change
24
24
0.00%
Number of Sales
55
64
16.36%
Current Inventory
LITTLE SILVER Number of Sales Days on Market
Current Inventory
MANALAPAN
93
66
-29.03%
Days on Market
55
63
14.55%
Average Price
837,445
712,320
-14.94%
Average Price
555,661
552,926
-0.49%
Median Price
737,500
650,000
-11.86%
Median Price
527,000
529,245
0.43%
Highest Price
1,650,000
1,250,000
-24.24%
Highest Price
1,100,000
1,065,000
-3.18%
31
19
-38.71%
Current Inventory
36
79
119.44%
YTD 1Q 2019
YTD 1Q 2020
Change
YTD 4Q 2019
YTD 4Q 2020
Change
Number of Sales
0
0
n/a
Number of Sales
14
17
21.43%
Days on Market
0
0
n/a
Days on Market
49
42
-14.29%
Average Price
0
0
n/a
Average Price
822,442
786,295
-4.40%
Median Price
0
0
n/a
Median Price
635,000
816,000
28.50%
Highest Price
0
0
n/a
Highest Price
2,462,500
1,250,000
-49.24%
Current Inventory
0
2
n/a
Current Inventory
14
27
92.86%
Current Inventory
LOCH ARBOUR
MANASQUAN
ď ’
MANALAPAN inventory UP 119.44
%
re source sre al es tate. co m
2 Browns Dock Road, Middletown mobile website: bit.ly/2BrownsDockRd
MARLBORO Number of Sales Days on Market
YTD 1Q 2019
YTD 1Q 2020
Change
59
65
10.17%
Number of Sales
MILLSTONE
YTD 1Q 2019
YTD 1Q 2020
Change
16
26
62.50%
58
60
3.45%
Days on Market
60
62
3.33%
Average Price
595,369
577,042
-3.08%
Average Price
482,372
549,773
13.97%
Median Price
558,000
570,000
2.15%
Median Price
475,000
565,000
18.95%
Highest Price
1,200,000
1,600,000
33.33%
Highest Price
1,099,000
1,175,000
6.92%
60
81
35.00%
Current Inventory
40
64
60.00%
YTD 1Q 2019
YTD 1Q 2020
Change
MONMOUTH BEACH
YTD 1Q 2019
YTD 1Q 2020
Change
13
12
-7.69%
Number of Sales
7
7
0.00%
Current Inventory
MATAWAN Number of Sales Days on Market
45
74
64.44%
Days on Market
46
46
0.00%
Average Price
369,558
329,229
-10.91%
Average Price
1,308,714
1,450,714
10.85%
Median Price
339,900
299,000
-12.03%
Median Price
1,450,000
910,000
-37.24%
Highest Price
510,000
498,100
-2.33%
Highest Price
1,825,000
3,300,000
80.82%
10
17
70.00%
Current Inventory
24
17
-29.17%
YTD 1Q 2019
YTD 1Q 2020
Change
YTD 1Q 2019
YTD 1Q 2020
Change
Number of Sales
146
164
12.33%
Number of Sales
12
6
-50.00%
Days on Market
56
52
-7.14%
Days on Market
29
43
48.28%
Average Price
438,570
490,462
11.83%
Average Price
261,741
276,000
5.45%
Median Price
385,000
450,000
16.88%
Median Price
229,900
280,000
21.79%
383,000
400,000
4.44%
2
9
350.00%
Current Inventory
MIDDLETOWN
NEPTUNE CITY
 $ MIDDLETOWN
Highest Price
Current Inventory
1,385,000
1,845,000
33.21%
Highest Price
204
153
-25.00%
Current Inventory
median sales price
re s ou rc esre a le st a te. c om
UP 16.88
%
50 Grand Tour, Highlands mobile website: bit.ly/50grandtour
NEPTUNE Number of Sales Days on Market
YTD 1Q 2019
YTD 1Q 2020
Change
75
70
-6.67%
Number of Sales
RED BANK
YTD 1Q 2019
YTD 1Q 2020
Change
18
12
-33.33%
55
56
1.82%
Days on Market
52
76
46.15%
Average Price
323,624
387,389
19.70%
Average Price
472,805
504,593
6.72%
Median Price
321,000
345,000
7.48%
Median Price
420,000
500,000
19.05%
Highest Price
760,000
1,525,000
100.66%
Highest Price
1,114,000
755,625
-32.17%
27
68
151.85%
Current Inventory
23
16
-30.43%
YTD 1Q 2019
YTD 1Q 2020
Change
YTD 1Q 2019
YTD 1Q 2020
Change
45
50
11.11%
Number of Sales
1
2
100.00%
Days on Market
Current Inventory
OCEAN Number of Sales Days on Market
ROOSEVELT
67
68
1.49%
33
34
3.03%
Average Price
591,059
510,131
-13.69%
Average Price
315,000
182,000
-42.22%
Median Price
550,000
465,000
-15.45%
Median Price
315,000
125,000
-60.32%
Highest Price
1,500,000
1,900,000
26.67%
Highest Price
315,000
239,000
-24.13%
48
106
120.83%
Current Inventory
1
2
100.00%
YTD 1Q 2019
YTD 1Q 2020
Change
YTD 1Q 2019
YTD 1Q 2020
Change
Number of Sales
14
20
42.86%
Number of Sales
18
21
16.67%
Days on Market
77
35
-54.55%
Days on Market
94
99
5.32%
Average Price
557,321
608,424
9.17%
Average Price
1,460,111
1,725,336
18.16%
Median Price
480,000
640,000
33.33%
Median Price
1,325,000
1,415,000
6.79%
Highest Price
975,000
1,055,000
8.21%
Highest Price
3,055,000
3,995,000
30.77%
20
27
35.00%
79
59
-25.32%
Current Inventory
OCEANPORT
Current Inventory
RUMSON
$
Current Inventory
OCEANPORT median sales price UP 33.33
%
re source sre al es tate. co m
92 E River Road, Rumson mobile website: bit.ly/92ERiverRd YTD 1Q 2019
YTD 1Q 2020
Change
YTD 1Q 2019
YTD 1Q 2020
Number of Sales
3
3
0.00%
Change
Number of Sales
7
missing
n/a
Days on Market
28
5
-82.14%
Days on Market
60
missing
n/a
Average Price
933,333
808,000
-13.43%
Average Price
456,028
missing
n/a
Median Price
945,000
554,000
-41.38%
Median Price
445,700
missing
n/a
Highest Price
1,325,000
1,385,000
4.53%
Highest Price
640,000
missing
n/a
10
15
50.00%
Current Inventory
13
0
n/a
YTD 1Q 2019
YTD 1Q 2020
Change
YTD 1Q 2019
YTD 1Q 2020
Change
Number of Sales
5
6
20.00%
Number of Sales
17
16
-5.88%
Days on Market
90
100
11.11%
Days on Market
136
108
-20.59%
Average Price
2,039,800
2,073,333
1.64%
Average Price
2,576,985
2,357,812
-8.51%
Median Price
1,750,000
1,700,000
-2.86%
Median Price
1,760,000
2,200,000
25.00%
Highest Price
3,299,000
3,050,000
-7.55%
Highest Price
5,500,000
3,950,000
-28.18%
Current Inventory
16
25
56.25%
Current Inventory
17
35
105.88%
SHREWSBURY BORO
YTD 1Q 2019
YTD 1Q 2020
Change
SPRING LAKE HEIGHTS
YTD 1Q 2019
YTD 1Q 2020
Change
Number of Sales
7
8
14.29%
Number of Sales
8
6
-25.00%
Days on Market
60
36
-40.00%
Days on Market
87
45
-48.28%
Average Price
456,028
605,225
32.72%
Average Price
613,045
529,116
-13.69%
Median Price
445,700
630,000
41.35%
Median Price
555,000
420,700
-24.20%
Highest Price
640,000
800,000
25.00%
Highest Price
867,000
975,000
12.46%
1
6
500.00%
4
9
125.00%
SEA BRIGHT
Current Inventory
SEA GIRT
Current Inventory
SHREWSBURY TWSP.
SPRING LAKE
$
Current Inventory
SHREWSBURY median sales price UP 41.35 re s ou rc esre a le st a te. c om
%
120 Lincoln Avenue, Fair Haven mobile website: bit.ly/120LincolnAvenue YTD 1Q 2019
YTD 1Q 2020
Change
Number of Sales
32
27
-15.63%
Days on Market
42
39
Average Price
501,712
Median Price Highest Price
TINTON FALLS
Current Inventory
UNION BEACH Number of Sales Days on Market
YTD 1Q 2019
YTD 1Q 2020
Change
Number of Sales
57
64
12.28%
-7.14%
Days on Market
70
75
7.14%
521,929
4.03%
Average Price
559,885
521,005
-6.94%
478,000
525,000
9.83%
Median Price
460,000
489,500
6.41%
1,072,000
885,000
-17.44%
Highest Price
1,600,000
950,000
-40.63%
8
34
325.00%
Current Inventory
27
58
114.81%
YTD 1Q 2019
YTD 1Q 2020
Change
WEST LONG BRANCH
YTD 1Q 2019
YTD 1Q 2020
Change
25
19
-24.00%
Number of Sales
22
18
-18.18%
WALL
57
50
-12.28%
Days on Market
62
59
-4.84%
Average Price
267,636
325,831
21.74%
Average Price
671,089
579,161
-13.70%
Median Price
233,500
329,750
41.22%
Median Price
615,000
525,000
-14.63%
Highest Price
795,000
520,000
-34.59%
Highest Price
1,700,000
850,000
-50.00%
16
35
118.75%
Current Inventory
14
22
57.14%
YTD 1Q 2019
YTD 1Q 2020
Change
Number of Sales
9
10
11.11%
Days on Market
71
140
97.18%
Average Price
499,129
548,915
9.97%
Median Price
565,000
370,000
-34.51%
Highest Price
720,000
1,500,000
108.33%
21
36
71.43%
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 median sales price UP 41.22
%
re source sre al es tate. co m
1540-3 Ocean Avenue, Sea Bright mobile website: bit.ly/mobile website: bit.ly/1540ocean3
YTD 1Q 2019
YTD 1Q 2020
Change
Number of Sales
1,261
1,314
4.20%
Days on Market
63
61
-3.17%
Average Price
541,526
564,159
4.18%
Median Price
420,000
455,000
8.33%
Highest Price
5,500,000
3,995,000
-27.36%
882
1,724
95.46%
MONMOUTH COUNTY
Current Inventory
$
highest price home sale ytd
3,995,000
average price
UP $ 4.18%
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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. 2020 Data as of 4/10/20. 2019 Data as of 4/17/20. Copyright 2020 by the Monmouth County Association of REALTORS®
