the
RESOURCES
report
Real Estate Market Report 2nd Quarter 2019
ESOU CES R E A L E S TAT E B R O K E R
Thomas McCormack Managing Partner - Broker tom@resourcesrealestate.com Ahhh summer. Prime time for those lucky enough to call Monmouth County “home” especially in the shore communities where the season is the reason for living here.
In most of our survey, the high-end is experiencing the brunt of this with 2/3 having a median sale price which is flat or down from the same period last year. The outlook is a bit better at the county level where the median sale price is up 2.35%.
For those of us in the real estate trade, we’ve grown accustomed to the typical frenzy of the Spring market followed It’s not all bad, of course. We have been seeing pockets of by a summertime lull. While frustrating, the strong sales activity, primarily in the low and mid When given a choice, price ranges where multiple contracts and bidding inevitable doldrums which follow the Spring market, are not entirely surprising: when given most prefer their wars are still waging. While there have been a choice, most prefer their cake by the ocean high-end closed sales – several towns have closed over searching high & low in the summer heat cake by the ocean transactions at higher prices than previous year — for a new home. over searching high the available inventory in the $1million+ category has certainly risen. Pricing is clearly an important But what is surprising is the less than stellar & low in the summer factor and, with much to choose from, the buyer numbers posted for sales closed during Spring heat for a new home. in the luxury category is clearly advantaged. Those 2019 market. Among towns surveyed, 75% shopping in the less-than-luxury range are having a showed fewer sales YTD thru end of 2Q than harder time with tight inventory & lots of buyer competition. the year prior (which itself was a down year). Indeed unit sales are down county-wide. While it’s true that some springtime As always, having a strong real estate professional working for contracts won’t close until 3rd quarter, these sales figures you is key. Because of inventory constraints experienced agents accompanied by an increase in days on market and higher are searching for off-market product. Let us know if you have a inventory, would indicate that much of our local market is need, we’re here to help. showing signs of a slowdown.
re s ou rc esre a le st a te. c om
cover image mobile website: bit.ly/124Bbinghamave
mobile website: bit.ly/192windingway YTD 2Q 2018
YTD 2Q 2019
Change
Number of Sales
29
39
34.48%
Days on Market
49
55
12.24%
Average Price
446,894
518,034
15.92%
Median Price
405,000
399,000
-1.48%
Highest Price
1,205,000
1,550,000
28.63%
28
23
-17.86%
YTD 2Q 2018
YTD 2Q 2019
Change
Number of Sales
59
65
10.17%
Days on Market
82
80
-2.44%
Average Price
920,557
832,499
-9.57%
Median Price
765,000
650,000
-15.03%
Highest Price
2,920,000
3,780,000
29.45%
100
114
14.00%
YTD 2Q 2018
YTD 2Q 2019
Change
Number of Sales
45
44
-2.22%
Days on Market
53
53
0.00%
Average Price
883,260
921,766
4.36%
Median Price
790,000
823,000
4.18%
Highest Price
1,775,000
1,900,000
7.04%
43
36
-16.28%
Current Inventory
Current Inventory
Current Inventory
re source sre al es tate. co m
mobile website: bit.ly/50bayside
YTD 2Q 2018
YTD 2Q 2019
Change
Number of Sales
110
81
-26.36%
Days on Market
95
74
-22.11%
Average Price
1,071,656
810,673
-24.35%
Median Price
890,000
680,000
-23.60%
Highest Price
2,748,342
2,395,682
-12.83%
110
116
5.45%
Current Inventory
YTD 2Q 2018
YTD 2Q 2019
Change
Number of Sales
47
46
-2.13%
Days on Market
67
71
5.97%
Average Price
816,174
753,654
-7.66%
Median Price
727,500
652,500
-10.31%
Highest Price
2,200,000
1,650,000
-25.00%
41
41
0.00%
Current Inventory
YTD 2Q 2018
YTD 2Q 2019
Change
Number of Sales
66
76
15.15%
Days on Market
53
65
22.64%
Average Price
429,396
442,338
3.01%
Median Price
365,000
365,000
0.00%
Highest Price
1,600,000
2,100,000
31.25%
70
53
-24.29%
Current Inventory
res ou rc esre a le st a te. c om
mobile website: bit.ly/580patten18
YTD 2Q 2018
YTD 2Q 2019
Change
Number of Sales
377
360
-4.51%
Days on Market
54
48
-11.11%
Average Price
435,285
454,563
4.43%
Median Price
407,400
409,000
0.39%
Highest Price
1,745,000
1,600,000
-8.31%
232
265
14.22%
Current Inventory
YTD 2Q 2018
YTD 2Q 2019
Change
Number of Sales
19
13
-31.58%
Days on Market
62
64
3.23%
Average Price
1,233,394
1,202,769
-2.48%
Median Price
1,200,000
1,225,000
2.08%
Highest Price
2,750,000
1,825,000
-33.64%
26
35
34.62%
Current Inventory
YTD 2Q 2018
YTD 2Q 2019
Change
Number of Sales
38
33
-13.16%
Days on Market
41
74
80.49%
Average Price
548,909
599,477
9.21%
Median Price
530,000
480,000
-9.43%
Highest Price
860,000
1,500,000
74.42%
26
34
30.77%
Current Inventory
re source sre al es tate. co m
mobile website: bit.ly/6taylorlake YTD 2Q 2018
YTD 2Q 2019
Change
Number of Sales
61
38
-37.70%
Days on Market
33
46
39.39%
Average Price
441,035
455,318
3.24%
Median Price
426,000
410,000
-3.76%
Highest Price
1,180,000
1,114,000
-5.59%
23
28
21.74%
Current Inventory
YTD 2Q 2018
YTD 2Q 2019
Change
Number of Sales
63
54
-14.29%
Days on Market
75
60
-20.00%
Average Price
1,462,773
1,470,944
0.56%
Median Price
1,195,000
1,250,000
4.60%
Highest Price
4,750,000
4,200,000
-11.58%
74
85
14.86%
Current Inventory
YTD 2Q 2018
YTD 2Q 2019
Change
Number of Sales
31
25
-19.35%
Days on Market
42
60
42.86%
Average Price
521,279
524,252
0.57%
Median Price
510,000
485,000
-4.90%
Highest Price
900,000
859,900
-4.46%
18
12
-33.33%
Current Inventory
res ou rc esre a le st a te. c om
mobile website: bit.ly/3evergreen
YTD 2Q 2018
YTD 2Q 2019
Change
Number of Sales
3,329
3,122
-6.22%
Days on Market
56
56
0.00%
Average Price
536,688
537,987
0.24%
Median Price
425,000
435,000
2.35%
Highest Price
6,450,000
5,500,000
-14.73%
2,359
2,563
8.65%
Current Inventory
re source sre al es tate. co m
mobile website: bit.ly/61highland
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732-212-0440 resourcesrealestate.com
ESOU CES R E A L E S TAT E B R O K E R
Corporate Headquarters 457 Broad Street, Suite B, Shrewsbury, NJ 07702 112 East River Road 457 Broad Street, Suite A 65 First Avenue Rumson, NJ 07760 Shrewsbury, NJ 07702 Atlantic Highlands, NJ 07716 Information deemed reliable but not guaranteed. Data as of 7/12/19. Copyright 2019 by the Monmouth County Association of REALTORSÂŽ