the
RESOURCES
report
Real Estate Market Report 3rd 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
OCTOBER, 2017 - We’ve been busy! As members of the global Closer to home, we have been awarded NJBiz250, presented Board of Regents of Luxury Real Estate we were in Toronto earlier to the top 250 private businesses in the state of New Jersey this month as part of their annual international conference because of outstanding growth and sales. where Resources Real Estate was nominated for 5 marketing awards and honored for our company’s special culture & And to share some of this red carpet love with our sales team, agents. While there, Tom was a featured later this month, we will be rewarding our top panelist (Carolynn has been a past conference Frequent flyer miles agents with a luxury vacation at the Breakers panelist) and we deepened our relationships in Palm Beach, FL, in recognition of & trophies aside, all of Hotel with brokers from around the world. This their having received the NJ Realtors Circle of esteemed gathering is a critically important this celebration is due Excellence Sales Award. source for new trends and business practices to our sales growth in our industry, as well as referrals, and their Frequent flyer miles & trophies aside, all of acknowledgment of our achievements is & superior marketing this celebration is due to our sales growth & greatly valued. superior marketing efforts which resulted this efforts which resulted quarter in a YTD unit sales increase of 21% The following week Resources Real Estate was this quarter in a YTD over last year… significantly higher than the in Palm Desert, CA, to be honored as part Monmouth County average of 12%. unit sales increase of of the Inc. 5000 - the fastest-growing private companies in America. Having now been named 21% over last year… We are proud of our progress and of our to Inc. Magazine’s list for the 2nd year in a row exceptional sales team & staff and are pleased is a powerful independent confirmation of our to serve the residents of Monmouth County sales success on a national level. We are one of only two NJ real with our sales & marketing expertise. Please let us know if you estate firms to be honored. have any questions about the market in general, home values, or other real estate concerns.
res ou rc esre a le st a te. c om
cover image mobile website: bit.ly38first
mobile website: bit.ly/45riverave
YTD 3Q 2016
YTD 3Q 2017
Change
Number of Sales
60
46
-23.33%
Days on Market
77
69
-10.39%
Average Price
$527,265
$489,804
-7.10%
Median Price
$435,000
$445,000
2.30%
Highest Price
$2,450,000
$975,000
-60.20%
11
21
90.91%
Current Inventory
YTD 3Q 2016
YTD 3Q 2017
Change
Number of Sales
89
113
26.97%
Days on Market
73
81
10.96%
Average Price
$826,736
$845,285
2.24%
Median Price
$660,000
$760,000
15.15%
Highest Price Current Inventory
YTD 3Q 2016
YTD 3Q 2017
Change
Number of Sales
70
97
38.57%
Days on Market
50
57
14.00%
Average Price
$861,142
$906,210
5.23%
Median Price
$795,000
$830,000
4.40%
Highest Price Current Inventory
$1,830,000 $2,300,000 19
37
$4,000,000 $2,550,000 81
105
-36.25% 29.63%
25.68% 94.74%
re source sre al es tate. co m
mobile website: bit.ly/20alwin
YTD 3Q 2016
YTD 3Q 2017
Change
Number of Sales
124
131
5.65%
Days on Market
79
65
-17.72%
Average Price
$718,457
$729,074
1.48%
Median Price
$660,000
$692,500
4.92%
Highest Price
$1,550,000 $1,512,655
Current Inventory
-2.41%
54
118
118.52%
YTD 3Q 2016
YTD 3Q 2017
Change
Number of Sales
64
82
28.13%
Days on Market
85
58
-31.76%
Average Price
$743,264
$715,562
-3.73%
Median Price
$650,000
$590,000
-9.23%
Highest Price
$3,175,000 $2,600,000
Current Inventory
25
43
-18.11% 72.00%
YTD 3Q 2016
YTD 3Q 2017
Change
Number of Sales
112
137
22.32%
Days on Market
82
64
-21.95%
Average Price
$307,248
$367,813
19.71%
Median Price
$275,000
$300,000
9.09%
Highest Price
$740,000
$3,700,000
400.00%
54
73
35.19%
Current Inventory
res ou rc esre a le st a te. c om
mobile website: bit.ly/10wardell
YTD 3Q 2016
YTD 3Q 2017
Change
Number of Sales
597
665
11.39%
Days on Market
59
53
-10.17%
Average Price
$456,863
$460,813
0.86%
Median Price
$400,000
$405,000
1.25%
Highest Price Current Inventory
YTD 3Q 2016
YTD 3Q 2017
Change
Number of Sales
31
22
-29.03%
Days on Market
74
93
25.68%
Average Price
$1,026,032
$974,250
-5.05%
Median Price
$937,500
$899,000
-4.11%
Highest Price Current Inventory
$2,550,000 $1,535,000 14
25
$5,500,000 $5,200,000 142
282
-5.45% 98.59%
-39.80% 78.57%
YTD 3Q 2016
YTD 3Q 2017
Change
Number of Sales
11
53
381.82%
Days on Market
36
70
94.44%
Average Price
$457,831
$529,243
15.60%
Median Price
$382,500
$495,000
29.41%
Highest Price
$875,000
$1,190,000
36.00%
23
84
265.22%
Current Inventory
re source sre al es tate. co m
mobile website: bit.ly/22ebergen YTD 3Q 2016
YTD 3Q 2017
Change
Number of Sales
71
89
25.35%
Days on Market
83
50
-39.76%
Average Price
$399,023
$420,668
5.42%
Median Price
$400,000
$415,000
3.75%
Highest Price
$830,000
$894,500
7.77%
25
31
24.00%
YTD 3Q 2016
YTD 3Q 2017
Change
Number of Sales
109
99
-9.17%
Days on Market
70
91
30.00%
Current Inventory
Average Price
$1,468,981 $1,550,515
5.55%
Median Price
$1,250,000 $1,330,000
6.40%
Highest Price
$4,682,500 $4,575,000
-2.30%
Current Inventory
50
83
66.00%
YTD 3Q 2016
YTD 3Q 2017
Change
Number of Sales
36
45
25.00%
Days on Market
107
64
-40.19%
Average Price
$574,175
$533,322
-7.12%
Median Price
$525,000
$511,797
-2.51%
Highest Price
$1,512,000 $1,460,000
Current Inventory
res ou rc esre a le st a te. c om
14
16
-3.44% 14.29%
mobile website: bit.ly/560shrewsbury
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 3Q 2016
YTD 3Q 2017
Change
Number of Sales
4,855
5,454
12.34%
Days on Market
68
58
-14.71%
Average Price
$507,336
$511,148
0.75%
Median Price
$410,000
$415,000
1.22%
Highest Price Current Inventory
$5,995,000 $7,250,000 1,440
2,636
20.93% 83.06%
re source sre al es tate. co m
mobile website: bit.ly/135center
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
ESOU CES R E A L E S TAT E B R O K E R
732-212-0440 | resourcesrealestate.com 112 East River Road Rumson, NJ 07760
36 Beach Rd Suite 3 Monmouth Beach, NJ 07750
4A West Front St Red Bank, NJ 07701
65 First Ave Atlantic Highlands, NJ 07716
Information deemed reliable but not guaranteed. Data as of 10/6/17. Copyright 2015 by the Monmouth County Association of REALTORSÂŽ