the
RESOURCES
report
Real Estate Market Report 2nd Quarter 2020
R E A L E S TAT E B R O K E R
Thomas McCormack Senior Partner - Broker tom@resourcesrealestate.com
While the world continues to resemble a bad movie (that we never asked to see), we are all encouraged to stay positive despite a storyline that includes catastrophic job losses, resurging infection totals, protests in the streets, and an approaching presidential campaign season that promises to be as novel as the coronavirus. (Spoiler alert: this movie is not a musical comedy.) Grab your popcorn, silence your phones and welcome to our mid-year market report with year-to-date single-family (SF) home sales data for Monmouth County, NJ.
urban buyers from NYC & northern NJ eager for greater personal space within which to social distance. While much of this has been first home buyer activity, we’ve seen increases across all price points including the luxury market which previously had been limping along but which is now sporting renewed swagger. Mix in historically low mortgage rates, steadily rising available inventory -- 79% of towns surveyed have more homes for sale than this time in 2019 -- and rising median sales prices (69% of municipalities report higher prices) and we’ve got the makings of a summer blockbuster. At least for those looking to sell. (Spoiler alert: despite rising values, pricing is still key...)
We’ve got the makings of a summer long this will continue is anyone’s blockbuster, at least for How guess but likely it will dissipate as normal seasonal increases. Our those looking to sell. do expectation is that buyer demand will
Shortly after Gov. Murphy issued his executive order closing most businesses, real estate was deemed “essential” so we were able to get to work... and we haven’t stopped since. Although the struggle for many locally remains very real, as far as residential real estate is concerned, the market is rebounding strongly. While early expectations pointed to a shift favoring buyers, we have seen inventory shrink & demand soar… a scenario that is pretty much the definition of a “seller’s market”.
The numbers are evolving quickly (which is why we’ve begun a weekly market update you can view on our blog at Housebuzz.com) so careful consideration is required: although 64% of Monmouth County towns showed fewer closed sales of SF homes in the first half of 2020, the total number of accepted contracts has now surpassed last year’s mid-point mark for pending transactions, a positive indicator. In part, this has been due to the normal, seasonal increase in sales activity generally seen each Spring but which was delayed due to the pandemic. Added to this: an influx of
wane by mid-third quarter but healthy sales will remain for most of this year and into next.
Of course, the uncertainties of the pandemic (as well as the other plotlines mentioned) make this all less than predictable, so we are encouraging all players, both buyers & sellers, to engage with the market now so that if any future plot twists emerge, the hard work will have already been done. We are eager for new inventory as our shelves have been emptied of product and our sales force has been specially trained to ensure our buyer clients are equipped to win in multiple bid scenarios. Whatever your goal, please give us a call at Resources Real Estate. We’ll do our best to make sure this movie has a happy ending.
resourcesrealestate.com Cover image, 82 W River Road, Rumson, "Waterside", 6+ acre waterfront estate, mobile website: bit.ly/82WestRiverRd
459 Locust Point Road, Locust mobile website: bit.ly/459LocustPointRd YTD 2Q 2019
YTD 2Q 2020
Change
YTD 2Q 2019
YTD 2Q 2020
Number of Sales
110
85
-22.73%
Change
Number of Sales
33
25
-24.24%
Days on Market
48
47
-2.08%
Days on Market
61
51
-16.39%
Average Price
344,406
349,510
1.48%
Average Price
375,363
550,610
46.69%
Median Price
340,000
356,500
4.85%
Median Price
346,000
470,000
35.84%
Highest Price
695,000
550,000
-20.86%
Highest Price
835,000
1,365,000
63.47%
24
35
45.83%
Current Inventory
12
25
108.33%
YTD 2Q 2019
YTD 2Q 2020
Change
ATLANTIC HIGHLANDS
YTD 2Q 2019
YTD 2Q 2020
Change
Number of Sales
2
4
100.00%
Number of Sales
39
24
-38.46%
Days on Market
56
22
-60.71%
Days on Market
55
65
18.18%
Average Price
685,350
1,553,725
126.71%
Average Price
518,034
556,454
7.42%
Median Price
520,700
499,900
-3.99%
Median Price
399,000
520,000
30.33%
Highest Price
850,000
3,050,000
258.82%
Highest Price
1,550,000
995,000
-35.81%
1
4
300.00%
Current Inventory
11
16
45.45%
YTD 2Q 2019
YTD 2Q 2020
Change
AVON-BY-THE-SEA
YTD 2Q 2019
YTD 2Q 2020
Change
14
9
-35.71%
Number of Sales
8
13
62.50%
ABERDEEN
Current Inventory
ALLENHURST
Current Inventory
ALLENTOWN Number of Sales Days on Market
ASBURY PARK
56
42
-25.00%
Days on Market
81
71
-12.35%
Average Price
299,757
699,330
133.30%
Average Price
1,575,437
1,655,673
5.09%
Median Price
341,700
315,000
-7.81%
Median Price
1,587,500
1,575,000
-0.79%
Highest Price
460,000
4,000,000
769.57%
Highest Price
2,450,000
3,000,000
22.45%
1
7
600.00%
5
7
40.00%
Current Inventory
$
Current Inventory
ASBURY PARK median sales price UP 35.84
%
re source sre al es tate. co m
89 Memorial Parkway, Atlantic Highlands mobile website: bit.ly/89MemorialPkwy
BELMAR Number of Sales Days on Market
YTD 2Q 2019
YTD 2Q 2020
Change
32
30
-6.25%
Number of Sales
COLTS NECK
YTD 2Q 2019
YTD 2Q 2020
Change
65
57
-12.31%
84
72
-14.29%
Days on Market
80
83
3.75%
Average Price
731,578
857,801
17.25%
Average Price
832,499
990,498
18.98%
Median Price
550,000
725,000
31.82%
Median Price
650,000
778,000
19.69%
Highest Price
2,265,000
2,250,000
-0.66%
Highest Price
3,780,000
2,900,000
-23.28%
16
16
0.00%
Current Inventory
51
75
47.06%
YTD 2Q 2019
YTD 2Q 2020
Change
YTD 2Q 2019
YTD 2Q 2020
Change
Number of Sales
32
25
-21.88%
Number of Sales
5
3
-40.00%
Days on Market
39
72
84.62%
Days on Market
33
213
545.45%
Average Price
721,410
680,196
-5.71%
Average Price
1,569,800
2,326,000
48.17%
Median Price
649,000
610,000
-6.01%
Median Price
999,000
2,750,000
175.28%
Highest Price
1,400,000
1,255,000
-10.36%
Highest Price
3,075,000
2,828,000
-8.03%
6
7
16.67%
Current Inventory
5
15
200.00%
YTD 2Q 2019
YTD 2Q 2020
Change
YTD 2Q 2019
YTD 2Q 2020
Change
Number of Sales
27
23
-14.81%
Number of Sales
46
33
-28.26%
Days on Market
64
64
0.00%
Days on Market
48
37
-22.92%
Average Price
668,780
681,550
1.91%
Average Price
405,462
444,121
9.53%
Median Price
598,000
700,000
17.06%
Median Price
370,000
440,000
18.92%
Highest Price
2,450,000
996,000
-59.35%
Highest Price
865,000
990,000
14.45%
18
21
16.67%
8
15
87.50%
Current Inventory
BRADLEY BEACH
Current Inventory
BRIELLE
Current Inventory
DEAL
EATONTOWN
$ UP 175.28%
DEAL median sales price re s ou rc esre a le st a te. c om
Current Inventory
29 Buena Vista Avenue, Rumson mobile website: bit.ly/29BuenaVistaAv YTD 2Q 2019
YTD 2Q 2020
Change
YTD 2Q 2019
YTD 2Q 2020
Change
Number of Sales
4
4
0.00%
Number of Sales
52
37
-28.85%
Days on Market
31
94
203.23%
Days on Market
50
41
-18.00%
Average Price
317,916
373,412
17.46%
Average Price
275,258
291,829
6.02%
Median Price
267,500
325,000
21.50%
Median Price
285,000
279,100
-2.07%
Highest Price
480,000
460,000
-4.17%
Highest Price
460,000
605,000
31.52%
5
7
40.00%
Current Inventory
12
6
-50.00%
YTD 2Q 2019
YTD 2Q 2020
Change
YTD 2Q 2019
YTD 2Q 2020
Change
Number of Sales
44
51
15.91%
Number of Sales
134
115
-14.18%
Days on Market
53
58
9.43%
Days on Market
59
61
3.39%
Average Price
921,766
1,156,021
25.41%
Average Price
518,240
526,143
1.52%
Median Price
823,000
971,700
18.07%
Median Price
496,895
498,750
0.37%
Highest Price
1,900,000
4,200,000
121.05%
Highest Price
1,140,000
995,000
-12.72%
18
25
38.89%
Current Inventory
50
44
-12.00%
YTD 2Q 2019
YTD 2Q 2020
Change
YTD 2Q 2019
YTD 2Q 2020
Change
Number of Sales
4
6
50.00%
Number of Sales
127
134
5.51%
Days on Market
34
45
32.35%
Days on Market
38
36
-5.26%
Average Price
289,875
461,483
59.20%
Average Price
312,331
322,324
3.20%
Median Price
268,800
349,000
29.84%
Median Price
335,000
340,000
1.49%
Highest Price
357,500
949,900
165.71%
Highest Price
585,000
575,000
-1.71%
1
6
500.00%
Current Inventory
10
33
230.00%
ENGLISHTOWN
Current Inventory
FAIR HAVEN
Current Inventory
FARMINGDALE
Current Inventory
FREEHOLD BORO
FREEHOLD
HAZLET
ď ’
FAIR HAVEN unit sales UP 15.91
%
re source sre al es tate. co m
16 Osprey Lane, Rumson mobile website: bit.ly/16OspreyLn YTD 2Q 2019
YTD 2Q 2020
Change
YTD 2Q 2019
YTD 2Q 2020
Change
Number of Sales
25
29
16.00%
Number of Sales
2
5
150.00%
Days on Market
76
57
-25.00%
Days on Market
16
56
250.00%
Average Price
444,520
392,809
-11.63%
Average Price
827,450
915,599
10.65%
Median Price
435,000
375,000
-13.79%
Median Price
659,900
887,000
34.41%
Highest Price
1,375,000
825,000
-40.00%
Highest Price
995,000
1,150,000
15.58%
11
14
27.27%
Current Inventory
2
3
50.00%
YTD 2Q 2019
YTD 2Q 2020
Change
YTD 2Q 2019
YTD 2Q 2020
Change
Number of Sales
81
57
-29.63%
Number of Sales
65
67
3.08%
Days on Market
74
72
-2.70%
Days on Market
51
54
5.88%
Average Price
810,673
759,526
-6.31%
Average Price
170,604
193,639
13.50%
Median Price
680,000
700,000
2.94%
Median Price
160,000
180,000
12.50%
Highest Price
2,395,682
1,645,000
-31.33%
Highest Price
399,900
405,000
1.28%
57
77
35.09%
Current Inventory
16
25
56.25%
YTD 2Q 2019
YTD 2Q 2020
Change
YTD 2Q 2019
YTD 2Q 2020
Change
Number of Sales
276
255
-7.61%
Number of Sales
41
24
-41.46%
Days on Market
58
54
-6.90%
Days on Market
56
28
-50.00%
Average Price
384,380
377,528
-1.78%
Average Price
260,824
296,860
13.82%
Median Price
360,000
370,000
2.78%
Median Price
262,500
302,500
15.24%
Highest Price
970,000
837,000
-13.71%
Highest Price
562,000
405,000
-27.94%
78
94
20.51%
13
11
-15.38%
HIGHLANDS
Current Inventory
HOLMDEL
Current Inventory
HOWELL
Current Inventory
INTERLAKEN
KEANSBURG
KEYPORT
$
Current Inventory
INTERLAKEN median sales price UP 34.41 re s ou rc esre a le st a te. c om
%
228 Beach Avenue, Leonardo mobile website: bit.ly/228BeachAve
LAKE COMO Number of Sales Days on Market
YTD 2Q 2019
YTD 2Q 2020
Change
18
9
-50.00%
Number of Sales
LONG BRANCH
YTD 2Q 2019
YTD 2Q 2020
Change
77
65
-15.58%
44
96
118.18%
Days on Market
66
60
-9.09%
Average Price
469,161
413,777
-11.80%
Average Price
442,892
622,102
40.46%
Median Price
424,900
360,000
-15.27%
Median Price
374,900
475,000
26.70%
Highest Price
1,065,000
850,000
-20.19%
Highest Price
2,100,000
4,400,000
109.52%
4
5
25.00%
Current Inventory
25
53
112.00%
YTD 2Q 2019
YTD 2Q 2020
Change
YTD 2Q 2019
YTD 2Q 2020
Change
47
53
12.77%
Number of Sales
153
143
-6.54%
Days on Market
Current Inventory
LITTLE SILVER Number of Sales Days on Market
MANALAPAN
74
51
-31.08%
44
57
29.55%
Average Price
755,491
756,749
0.17%
Average Price
559,312
564,033
0.84%
Median Price
673,500
660,000
-2.00%
Median Price
530,000
551,000
3.96%
Highest Price
1,650,000
1,500,000
-9.09%
Highest Price
1,485,000
1,165,000
-21.55%
16
20
25.00%
Current Inventory
47
68
44.68%
YTD 2Q 2019
YTD 2Q 2020
Change
YTD 2Q 2019
YTD 2Q 2020
Change
Number of Sales
0
0
n/a
Number of Sales
44
37
-15.91%
Days on Market
0
0
n/a
Days on Market
73
54
-26.03%
Average Price
0
0
n/a
Average Price
838,529
888,678
5.98%
Median Price
0
0
n/a
Median Price
685,000
775,000
13.14%
Highest Price
0
0
n/a
Highest Price
2,462,500
3,985,900
61.86%
Current Inventory
0
3
n/a
Current Inventory
15
19
26.67%
Current Inventory
LOCH ARBOUR
MANASQUAN
ď ’
LITTLE SILVER unit sales UP 12.77
%
re source sre al es tate. co m
1540-3 Ocean Avenue, Sea Bright mobile website: bit.ly/1540ocean3
MARLBORO Number of Sales Days on Market
YTD 2Q 2019
YTD 2Q 2020
Change
158
141
-10.76%
Number of Sales
MILLSTONE
YTD 2Q 2019
YTD 2Q 2020
Change
49
59
20.41%
50
51
2.00%
Days on Market
82
65
-20.73%
Average Price
614,007
597,591
-2.67%
Average Price
542,467
559,930
3.22%
Median Price
559,900
555,000
-0.88%
Median Price
540,000
575,000
6.48%
Highest Price
2,250,000
1,940,000
-13.78%
Highest Price
1,099,000
1,175,000
6.92%
71
68
-4.23%
Current Inventory
44
64
45.45%
YTD 2Q 2019
YTD 2Q 2020
Change
MONMOUTH BEACH
YTD 2Q 2019
YTD 2Q 2020
Change
44
28
-36.36%
Number of Sales
13
19
46.15%
Current Inventory
MATAWAN Number of Sales Days on Market
42
53
26.19%
Days on Market
64
63
-1.56%
Average Price
369,690
337,508
-8.71%
Average Price
1,202,769
1,314,768
9.31%
Median Price
375,000
350,000
-6.67%
Median Price
1,225,000
950,000
-22.45%
Highest Price
549,999
498,000
-9.45%
Highest Price
1,825,000
3,300,000
80.82%
10
17
70.00%
Current Inventory
18
16
-11.11%
YTD 2Q 2019
YTD 2Q 2020
Change
YTD 2Q 2019
YTD 2Q 2020
Change
Number of Sales
360
333
-7.50%
Number of Sales
29
18
-37.93%
Days on Market
48
49
2.08%
Days on Market
45
26
-42.22%
Average Price
454,570
509,691
12.13%
Average Price
285,624
322,216
12.81%
Median Price
409,000
465,000
13.69%
Median Price
282,800
299,000
5.73%
Highest Price
1,600,000
1,845,000
15.31%
Highest Price
449,900
470,000
4.47%
95
150
57.89%
2
4
100.00%
Current Inventory
MIDDLETOWN
Current Inventory
NEPTUNE CITY
 $
Current Inventory
MONMOUTH BEACH median sales price DOWN 22.45 re s ou rc esre a le st a te. c om
%
6 Waltham Drive, Tinton Falls mobile website: bit.ly/6WalthamRd
NEPTUNE Number of Sales Days on Market
YTD 2Q 2019
YTD 2Q 2020
Change
168
153
-8.93%
Number of Sales
RED BANK
YTD 2Q 2019
YTD 2Q 2020
Change
38
31
-18.42%
50
49
-2.00%
Days on Market
46
51
10.87%
Average Price
348,313
376,694
8.15%
Average Price
455,318
584,184
28.30%
Median Price
325,000
345,500
6.31%
Median Price
410,000
470,000
14.63%
Highest Price
1,350,000
1,525,000
12.96%
Highest Price
1,114,000
2,900,000
160.32%
27
31
14.81%
Current Inventory
5
15
200.00%
YTD 2Q 2019
YTD 2Q 2020
Change
YTD 2Q 2019
YTD 2Q 2020
Change
128
113
-11.72%
Number of Sales
2
6
200.00%
Current Inventory
OCEAN Number of Sales Days on Market
ROOSEVELT
60
65
8.33%
Days on Market
37
41
10.81%
Average Price
568,214
563,391
-0.85%
Average Price
252,500
285,416
13.04%
Median Price
530,000
490,000
-7.55%
Median Price
190,000
265,000
39.47%
Highest Price
1,500,000
2,450,000
63.33%
Highest Price
315,000
465,000
47.62%
56
103
83.93%
Current Inventory
2
0
-100.00%
YTD 2Q 2019
YTD 2Q 2020
Change
YTD 2Q 2019
YTD 2Q 2020
Change
Number of Sales
33
40
21.21%
Number of Sales
54
65
20.37%
Days on Market
74
43
-41.89%
Days on Market
60
68
13.33%
Average Price
599,477
656,284
9.48%
Average Price
1,470,944
1,658,931
12.78%
Median Price
480,000
582,000
21.25%
Median Price
1,250,000
1,415,000
13.20%
Highest Price
1,500,000
1,550,000
3.33%
Highest Price
4,200,000
3,995,000
-4.88%
18
34
88.89%
Current Inventory
43
55
27.91%
Current Inventory
OCEANPORT
Current Inventory
RUMSON
ď ’
OCEANPORT unit sales UP 21.21
%
re source sre al es tate. co m
209 Monmouth Avenue, Middletown mobile website: bit.ly/209MonmouthAve YTD 2Q 2019
YTD 2Q 2020
Change
YTD 2Q 2019
YTD 2Q 2020
Number of Sales
7
9
28.57%
Change
Number of Sales
0
0
n/a
Days on Market
56
92
64.29%
Days on Market
0
0
n/a
Average Price
899,142
1,013,500
12.72%
Average Price
0
0
n/a
Median Price
550,000
865,000
57.27%
Median Price
0
0
n/a
Highest Price
1,850,000
2,375,000
28.38%
Highest Price
0
0
n/a
15
17
13.33%
Current Inventory
0
0
n/a
YTD 2Q 2019
YTD 2Q 2020
Change
YTD 2Q 2019
YTD 2Q 2020
Change
Number of Sales
14
22
57.14%
Number of Sales
24
32
33.33%
Days on Market
82
82
0.00%
Days on Market
109
109
0.00%
Average Price
2,103,857
2,212,232
5.15%
Average Price
2,540,239
2,523,171
-0.67%
Median Price
1,750,000
2,250,000
28.57%
Median Price
1,975,000
2,200,000
11.39%
Highest Price
3,510,000
3,926,225
11.86%
Highest Price
5,500,000
5,500,000
0.00%
Current Inventory
12
21
75.00%
Current Inventory
12
36
200.00%
SHREWSBURY BORO
YTD 2Q 2019
YTD 2Q 2020
Change
SPRING LAKE HEIGHTS
YTD 2Q 2019
YTD 2Q 2020
Change
Number of Sales
25
11
-56.00%
Number of Sales
20
21
5.00%
Days on Market
60
78
30.00%
Days on Market
61
73
19.67%
Average Price
524,252
658,990
25.70%
Average Price
576,520
573,961
-0.44%
Median Price
485,000
699,000
44.12%
Median Price
528,000
505,000
-4.36%
Highest Price
859,900
950,000
10.48%
Highest Price
973,054
980,000
0.71%
7
11
57.14%
Current Inventory
7
6
-14.29%
SEA BRIGHT
Current Inventory
SEA GIRT
Current Inventory
SHREWSBURY TWSP.
SPRING LAKE
ď ’
SEA GIRT unit sales UP 57.14 re s ou rc esre a le st a te. c om
%
116 Stavola Road, Middletown mobile website: bit.ly/116StavolaRd YTD 2Q 2019
YTD 2Q 2020
Change
Number of Sales
75
54
-28.00%
Days on Market
40
51
Average Price
490,464
Median Price Highest Price
TINTON FALLS
Current Inventory
UNION BEACH Number of Sales Days on Market
YTD 2Q 2019
YTD 2Q 2020
Change
Number of Sales
149
137
-8.05%
27.50%
Days on Market
62
67
8.06%
504,237
2.81%
Average Price
548,289
557,336
1.65%
475,000
492,500
3.68%
Median Price
495,000
535,000
8.08%
1,072,500
885,000
-17.48%
Highest Price
1,600,000
1,260,000
-21.25%
13
25
92.31%
Current Inventory
32
64
100.00%
YTD 2Q 2019
YTD 2Q 2020
Change
WEST LONG BRANCH
YTD 2Q 2019
YTD 2Q 2020
Change
59
44
-25.42%
Number of Sales
45
39
-13.33%
WALL
51
47
-7.84%
Days on Market
55
56
1.82%
Average Price
287,937
338,731
17.64%
Average Price
625,923
587,435
-6.15%
Median Price
285,000
345,000
21.05%
Median Price
587,000
571,000
-2.73%
Highest Price
795,000
520,000
-34.59%
Highest Price
1,700,000
1,500,000
-11.76%
16
32
100.00%
Current Inventory
12
6
-50.00%
YTD 2Q 2019
YTD 2Q 2020
Change
Number of Sales
21
26
23.81%
Days on Market
82
102
24.39%
Average Price
573,741
538,598
-6.13%
Median Price
575,000
529,900
-7.84%
Highest Price
999,000
1,500,000
50.15%
23
29
26.09%
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
ď ’
UPPER FREEHOLD unit sales UP 23.81
%
re source sre al es tate. co m
459 Locust Point Road, Locust mobile website: bit.ly/459LocustPointRd
YTD 2Q 2019
YTD 2Q 2020
Change
Number of Sales
3,124
2,835
-9.25%
Days on Market
56
56
0.00%
Average Price
537,905
599,795
11.51%
Median Price
435,000
475,000
9.20%
Highest Price
5,500,000
5,500,000
0.00%
1,078
1,552
43.97%
MONMOUTH COUNTY
Current Inventory
$
highest price home sale ytd
5,500,000
median price
UP $ 9.20%
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Information deemed reliable but not guaranteed. 2020 Data as of 4/10/20. 2019 Data as of 4/10/20. Copyright 2020 by the Monmouth County Association of REALTORS®