the
RESOURCES
report
Real Estate Market Report 2017 Summary
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
This past year was nothing if not interesting. Forgive us if we were distracted from much of what was going on... but we were busy. While many this past year were focused on the stock market and Washington, we were engrossed in real estate sales. For local real estate, 2017 was a strong year — the 10th year in a row of increased unit sales in Monmouth County.
Low inventory, sales price gains, low mortgage rates, strong economy… sounds like a perfect time to sell. Of course, there has been discussion of how the new tax law will impact our markets given the reduction in state and local tax deductions and a lower mortgage interest deduction cap.
While there may be some “sorting out” time as taxpayers In all but one of our surveyed markets, single-family unit sales understand the law’s impact, overall we don’t expect any major were up relative to the previous year and if we’re going to single disruption to our market. There may be some higher-end buyers out a possible cause for that one holdout market (Atlantic who pause their search due to reduced deductions but because Highlands) it’s the lack of inventory (down over these issues relate to higher priced homes with 45%). Inventory is down —way down— in all of “Forgive us if we were higher than average tax bills, these buyers will our surveyed towns as well as across Monmouth find similar scenarios awaiting them if they are distracted from much County where it’s down over 35%. This certainly shopping in competing suburban communities is holding back even greater market increases. of what was going on... in northern New Jersey, Westchester and Long Island, and southern Connecticut. but we were busy.” Indeed, Monmouth County prices and taxes While local sales were strong —across all of are generally more favorable to much of its Monmouth County single-family unit sales were competition among NYC commuter communities. And although up over 11% — at Resources Real Estate we far surpassed the norm and saw a 31.5% increase in our single-family unit sales this debatable, there’s reason to expect that much of our higher end market will benefit because of corporate tax benefits and a year (and a 34% increase across all categories.) robust and growing stock market. What about prices you ask? Many, but certainly not all, of our It’s an interesting market. Give us a call if you have any questions surveyed towns showed median sale price increases (they range or if you’re ready to make a move. from -5% to +15%) but it’s important to note that this does not indicate an across the board change in value but certainly indicates buyers have been willing to spend more.
res ou rc esre a le st a te. c om
cover image mobile website: bit.ly124bingham
mobile website: bit.ly/45riverave
2016
2017
Change
Number of Sales
82
61
-25.60%
Days on Market
71
63
-11.27%
Average Price
$490,925
$476,533
-2.93%
Median Price
$430,000
$430,000
0%
Highest Price Current Inventory
$2,450,000 $1,050,000 31
17
-57.14% -45.16%
2016
2017
Change
Number of Sales
117
151
29.06%
Days on Market
82
80
-2.4%
Average Price
$858,509
$853,102
-0.62%
Median Price
$660,000
$760,000
15.15%
Highest Price Current Inventory
2016
2017
Change
Number of Sales
90
116
28.89%
Days on Market
55
55
0%
Average Price
$879,600
$897,632
2.05%
Median Price
$795,000
$825,000
3.77%
Highest Price Current Inventory
$4,275,000 $2,300,000 40
27
$4,000,000 $2,550,000 127
85
-36.25% -33.07%
-46.20% -32.5%
re source sre al es tate. co m
mobile website: bit.ly/40navesinkdr
2016
2017
Change
Number of Sales
163
176
7.98%
Days on Market
80
64
-20%
Average Price
$715,558
$772,724
7.99%
Median Price
$680,000
$710,000
4.41%
Highest Price
$1,550,000 $2,115,748
Current Inventory
3.65%
116
88
-24.14%
2016
2017
Change
Number of Sales
86
98
13.95%
Days on Market
87
59
-32.18%
Average Price
$744,472
$728,410
-2.16%
Median Price
$639,000
$630,000
-1.41%
Highest Price
$3,175,000 $2,600,000
Current Inventory
51
30
-18.11% -41.17%
2016
2017
Change
Number of Sales
155
179
15.48%
Days on Market
78
61
-21.79%
Average Price
$326,116
$372,241
14.14%
Median Price
$275,000
$300,000
9.09%
Highest Price Current Inventory
res ou rc esre a le st a te. c om
$3,100,000 $3,700,000 95
50
19.35% -47.37%
mobile website: bit.ly/80wriverrd
2016
2017
Number of Sales
787
852
8.26%
Days on Market
61
54
-11.47%
Average Price
$449,099
$460,152
2.46%
Median Price
$394,500
$406,000
2.91%
Highest Price Current Inventory
2016
2017
Number of Sales
39
40
2.56%
Days on Market
70
80
14.29%
Average Price Median Price Highest Price Current Inventory
$1,007,846 $1,108,939 $937,500
$925,000
$2,550,000 $3,275,000 24
21
$5,500,000 $5,200,000 349
222
Change
-5.45% -36.39%
Change
10.03% -1.33% 28.43% -12.5%
2016
2017
Change
Number of Sales
66
70
6.06%
Days on Market
62
67
8.06%
Average Price
$532,292
$570,261
7.13%
Median Price
$490,000
$514,500
5%
Highest Price Current Inventory
$1,425,000 $2,200,000 41
17
54.39% 58.54%
re source sre al es tate. co m
mobile website: bit.ly/2brownsdockrd
2016
2017
Change
Number of Sales
94
118
25.53%
Days on Market
73
50
-31.5%
Average Price
$425,520
$436,707
2.62%
Median Price
$409,500
$415,000
1.34%
Highest Price
$3,150,000 $2,375,000
Current Inventory
-24.60%
46
19
-59%
2016
2017
Change
Number of Sales
134
140
4.48%
Days on Market
74
81
9.46%
Average Price
$1,418,347 $1,557,805
9.83%
Median Price
$1,175,000 $1,300,000
10.64%
Highest Price
$4,682,500 $6,450,000
37.75%
Current Inventory
93
62
-33.33%
2016
2017
Change
Number of Sales
50
64
28.00%
Days on Market
92
55
-40.22%
Average Price
$571,154
$534,231
-6.46%
Median Price
$520,000
$493,900
-5.02%
Highest Price
$1,560,000 $1,460,000
Current Inventory
res ou rc esre a le st a te. c om
25
15
-6.41% -40%
mobile website: bit.ly/809navesinkriverrd
2016
2017
Change
Number of Sales
6,476
7,210
11.33%
Days on Market
69
67
-2.90%
Average Price
$500,029
$512,874
2.57%
Median Price
$405,000
$415,000
2.47%
Highest Price Current Inventory
$5,995,000 $7,250,000 3,204
2,073
20.93% -35.30%
re source sre al es tate. co m
mobile website: bit.ly/4hollytree
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 1/5/18. Copyright 2018 by the Monmouth Ocean Regional REALTORSÂŽ