the
RESOURCES
report
Real Estate Market Report 2nd Quarter 2017
ESOU CES R E A L E S TAT E B R O K E R
Carolynn Ozar-Diakon
Thomas McCormack
Broker - Senior Partner carolynn@resourcesrealestate.com
Managing Partner - Broker tom@resourcesrealestate.com
In the heat of summer most people are more likely to be choosing between beach or pool rather than move or stay and with 2nd quarter now behind us we can understand why the frazzled competition to find a new home this past spring might make the prospect of lounging in the deep end with a frozen margarita a distinctly more The frazzled satisfying choice. In much of our market we find available inventory significantly depleted: increased sales in 75% of our market survey towns (as well as county-wide) have been followed by little more than the sound of flip flops running to the ice cream truck rather than the sight of new homes coming on market.
competition to find a new home this past spring might make the prospect of lounging in the deep end with a frozen margarita a distinctly more satisfying choice.
Inventory is down —sometimes way down (down 53% in Oceanport!)— down in all but one of these surveyed markets. This has proven to be a somewhat frustrating process for some homebuyers who are eager to move but are tired of losing out in multiple bid situations. And while many think that the seller’s side of the patio is more desirable, price point is still a key factor. Two thirds of markets
res ou rc esre a le st a te. c om
surveyed showed increases in median sale prices since last year and in those areas where the median sale price was $550,000 or less, sales have been brisk. However, towns with median prices above that range saw their average days on market actually climb relative to a year ago. Some of these higher priced markets may need to adjust — while sales in Fair Haven continue to astound (up 60% with a modest 1.9% price increase), Rumson sales were flat and Monmouth Beach was significantly down, both with declining median sale prices. Our perspective: Sellers reluctant to jump into the pool should see an opportune moment right now as long as they price right. Buyers should not give up hope but rather make sure their ability to perform is attractive and contingencyfree as possible.
As always, we’re here to advise, to guide and to help you negotiate the journey (no running around the pool!) We can even make a mean mojito. Happy Summer!
cover image mobile website: bit.ly/sunsetvillas
mobile website: bit.ly/2brownsdockrd
YTD 2Q 2016
YTD 2Q 2017
Change
Number of Sales
35
32
-8.57%
Days on Market
90
70
-22.22%
Average Price
$476,200
$486,616
2.19%
Median Price
$420,000
$430,000
2.38%
Highest Price
$1,210,000
$890,000
-26.45%
32
21
-34.38%
Current Inventory
YTD 2Q 2016
YTD 2Q 2017
Change
Number of Sales
58
71
22.41%
Days on Market
83
83
0.00%
Average Price
$788,399
$813,205
3.15%
Median Price
$640,000
$715,000
11.72%
Highest Price Current Inventory
YTD 2Q 2016
YTD 2Q 2017
Change
Number of Sales
40
64
60.00%
Days on Market
53
62
16.98%
Average Price
$842,979
$909,949
7.94%
Median Price
$795,000
$810,000
1.89%
Highest Price Current Inventory
$1,799,000 $2,300,000 51
43
$2,800,000 $2,000,000 142
120
-28.57% -15.49%
27.85% -15.69%
re source sre al es tate. co m
mobile website: bit.ly/9prince
YTD 2Q 2016
YTD 2Q 2017
Change
Number of Sales
76
79
3.95%
Days on Market
87
73
-16.09%
Average Price
$673,555
$734,295
9.02%
Median Price
$629,000
$695,000
10.49%
Highest Price
$1,275,000 $1,512,655
Current Inventory
18.64%
140
127
-9.29%
YTD 2Q 2016
YTD 2Q 2017
Change
Number of Sales
42
53
26.19%
Days on Market
87
69
-20.69%
Average Price
$752,045
$719,826
-4.28%
Median Price
$650,000
$550,000
-15.38%
Highest Price
$3,175,000 $2,600,000
Current Inventory
66
39
-18.11% -40.91%
YTD 2Q 2016
YTD 2Q 2017
Change
Number of Sales
70
93
32.86%
Days on Market
94
72
-23.40%
Average Price
$315,592
$339,607
7.61%
Median Price
$288,000
$282,000
-2.08%
Highest Price
$740,000
$875,000
18.24%
98
80
-18.37%
Current Inventory
res ou rc esre a le st a te. c om
mobile website: bit.ly/41marlpit
YTD 2Q 2016
YTD 2Q 2017
Change
Number of Sales
332
418
25.90%
Days on Market
58
56
-3.45%
Average Price
$442,320
$448,152
1.32%
Median Price
$395,000
$400,000
1.27%
Highest Price Current Inventory
YTD 2Q 2016
YTD 2Q 2017
Change
Number of Sales
25
12
-52.00%
Days on Market
72
116
61.11%
Average Price
$1,002,499
$926,458
-7.59%
Median Price
$935,000
$865,000
-7.49%
Highest Price Current Inventory
$2,550,000 $1,475,000 29
32
$1,614,773 $3,212,500 408
293
98.94% -28.19%
-42.16% 10.34%
YTD 2Q 2016
YTD 2Q 2017
Change
Number of Sales
27
37
37.04%
Days on Market
90
64
-28.89%
Average Price
$458,014
$528,186
15.32%
Median Price
$415,000
$450,000
8.43%
Highest Price
$989,000
$1,190,000
20.32%
58
27
-53.45%
Current Inventory
re source sre al es tate. co m
mobile website: bit.ly/12carriagegate YTD 2Q 2016
YTD 2Q 2017
Change
Number of Sales
45
54
20.00%
Days on Market
88
59
-32.95%
Average Price
$360,817
$422,364
17.06%
Median Price
$370,000
$403,150
8.96%
Highest Price
$743,000
$894,500
20.39%
55
39
-29.09%
YTD 2Q 2016
YTD 2Q 2017
Change
Number of Sales
62
62
0.00%
Days on Market
77
93
20.78%
Current Inventory
Average Price
$1,548,443 $1,511,975
-2.36%
Median Price
$1,360,000 $1,330,000
-2.21%
Highest Price
$4,515,000 $4,575,000
1.33%
Current Inventory
118
79
-33.05%
YTD 2Q 2016
YTD 2Q 2017
Change
Number of Sales
20
25
25.00%
Days on Market
120
60
-50.00%
Average Price
$559,290
$529,876
-5.26%
Median Price
$479,900
$485,000
1.06%
Highest Price
$1,100,000 $1,460,000
Current Inventory
res ou rc esre a le st a te. c om
32
23
32.73% -28.13%
mobile website: bit.ly/24gullpoint
Inventory is down —sometimes way down (down 53% in Oceanport!)— down in all but one of these surveyed markets. This has proven to be a somewhat frustrating process for some homebuyers who are eager to move but are tired of losing out in multiple bid situations.
YTD 2Q 2016
YTD 2Q 2017
Change
Number of Sales
2,839
3,344
17.79%
Days on Market
75
62
-17.33%
Average Price
$506,167
$504,768
-0.28%
Median Price
$400,000
$410,000
2.50%
Highest Price Current Inventory
$5,995,000 $5,400,000 3,587
2,898
-9.92% -19.21%
re source sre al es tate. co m
mobile website: bit.ly/146rumsonrd
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
112 East River Road Rumson, NJ 07760
36 Beach Rd Suite 3 Monmouth Beach, NJ 07750
4A West Front St Red Bank, NJ 07701
Information deemed reliable but not guaranteed. Data as of 7/7/17. Copyright 2015 by the Monmouth County Association of REALTORSÂŽ
65 First Ave Atlantic Highlands, NJ 07716