The Resources Report: 2nd Quarter 2015 Market Report

the

RESOURCES

report

Monmouth County Real Estate Market Report 2nd Quarter 2015

ESOU CES R E A L E S TAT E B R O K E R

I am happy to announce that our company single family home sales are up 13.9%. year to date. I believe our continued growth is the result of careful strategic planning, downtown locations, careful hiring and excellent training.

We are always mindful of hiring the best and the brightest. We offer training like no other company — in addition to our new agent training, we offer at least two workshops per week.

In this beautiful area with access to waterfront living, we are committed to being knowledgeable of the latest rules, regulations and flood maps so our agents and clients are informed. We hire waterfront experts to keep us updated and give us important presentations to our group on a regular basis.

Technology is key in today’s real estate business and we are constantly adding innovative products to our arsenal.

Carolynn Ozar-Diakon Broker - Senior Partner carolynn@resourcesrealestate.com

Ethics play an important role in all training and in all our decision making. Perhaps most importantly is the character of our agents and our company culture.

I look forward to more growth in the market and the continued growth with Resources Real Estate.

Carolynn

In January, summer seemed like a distant dream… and now it’s here. Following a winter that inspired few to venture outside to go buy a house, it came as no surprise that second quarter sales demonstrated an improvement with 75% of the towns in our market report posting higher unit sales and two thirds showing a higher median sale price. Since 2014 sales were pale in comparison to 2013, perhaps that’s not that impressive, but it’s welcome nevertheless.

Indeed Monmouth County overall showed increases in both average and median sale prices, continuing a trend over the past few years.

Once again we saw how capricious the market can be and how important timing is… Earlier in the season it felt as if someone had flipped the switch to begin the buying season, but by the end of June, while the switch hadn’t been turned off completely, it certainly had dimmed quite a bit. Spring sales saw a rebound of buyers in parts of the market that had been stagnant since mid-2014 but by mid-June much of this contract activity had already tapered off, even while everyone was keeping busy with closings on their early Spring contracts.

Of course, summertime is primetime along the beach so we expect to see strong sales along the shore especially as the memory of Superstorm Sandy fades and newly built homes continue to come on the market ready for buyers eager to achieve their dream of a beach house. And with interest rates still low and prices still well under the market peak perhaps it’s time for some dreams to come true.

Tom

res ou rc esre a le st a te. c om

Thomas McCormack Managing Partner - Broker tom@resourcesrealestate.com

cover image mobile website: bit.ly/528locustpoint

mobile website: bit.ly/48seventh

Quarterly Report 2014 1st Qtr

2015

2nd Qtr

3rd Qtr

4th Qtr

1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

Atlantic Highlands Number of Sales

9

10

18

4

2

18

Days on Market

105

176

52

131

35

83

Average Price

$341,014

$488,902

$462,361

$494,874

$806,000

$516,588

Median Price

$330,250

$412,792

$338,500

$389,750

$806,000

$445,750

Highest Price

$510,000

$1,087,500 $1,475,000

$999,999

$1,100,000 $1,400,000

Colts Neck Number of Sales

22

22

39

35

20

26

Days on Market

155

79

74

75

115

59

Average Price

$681,766

$781,278

$1,078,418

$751,557

$787,495

$816,758

Median Price

$572,283

$702,500

$725,000

$630,000

$667,500

$725,610

Highest Price

$1,800,000 $1,580,000 $5,400,000 $1,900,000 $2,088,500 $1,950,000

Fair Haven Number of Sales

19

31

23

20

18

46

Days on Market

105

53

101

75

46

44

Average Price

$884,601

$778,042

$784,716

$837,650

$850,661

$773,104

Median Price

$691,166

$691,333

$723,333

$783,750

$766,250

$708,700

Highest Price

$2,250,000 $2,725,000 $2,250,000 $1,500,000 $1,750,000 $1,820,000

Holmdel Number of Sales

21

37

43

35

20

40

Days on Market

75

91

79

106

113

78

Average Price

$750,407

$707,379

$759,902

$793,439

$724,025

$804,352

Median Price

$687,650

$642,417

$696,333

$675,000

$693,000

$750,000

Highest Price

$1,400,000 $2,017,500 $2,267,582 $2,000,000 $1,200,000 $1,970,000

re source sre al es tate. co m

mobile website: bit.ly/7imbrie

Quarterly Report 2014

2015

1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

1st Qtr

2nd Qtr

Number of Sales

10

21

20

15

9

19

Days on Market

46

67

64

67

84

54

Average Price

$601,875

$623,314

$814,755

$885,000

$751,000

$695,289

Median Price

$616,167

$590,833

$765,666

$660,000

$675,000

$535,000

Little Silver

Highest Price

$1,137,500 $1,170,000 $1,659,000 $2,450,000 $1,800,000 $1,850,000

Long Branch Number of Sales

27

30

40

34

19

29

Days on Market

152

124

146

115

105

128

Average Price

$261,630

$293,631

$247,886

$305,461

$281,732

$387,831

Median Price

$253,333

$282,800

$256,666

$282,500

$260,000

$315,000

Highest Price

$484,000

$870,000

$800,000

$2,700,000

$1,850,000 $3,051,000

Middletown Number of Sales

77

166

185

151

97

193

Days on Market

91

89

66

77

74

73

Average Price

$422,157

$471,400

$453,989

$414,826

$433,007

$447,673

Median Price

$374,667

$370,000

$422,000

$366,100

$350,000

$395,000

Highest Price

$1,835,000 $5,125,000 $2,700,000 $1,300,000 $1,900,000 $2,200,000

MONMOUTH BEACH Number of Sales

5

12

6

14

8

14

Days on Market

83

53

55

122

52

88

Average Price

$1,042,708

$919,103

$893,722

Median Price

$1,096,875

$782,083

$804,833

Highest Price

$2,125,000 $2,175,000 $1,575,000 $1,637,500 $1,675,000 $2,400,000

res ou rc esre a le st a te. c om

$1,046,696 $1,201,857 $1,170,714 $975,000

$1,230,000 $1,050,000

3rd Qtr

4th Qtr

mobile website: bit.ly/7popomora

Quarterly Report 2014

2015

1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

1st Qtr

2nd Qtr

Number of Sales

8

19

12

16

4

17

Days on Market

143

71

74

75

109

90

Average Price

$579,000

$503,472

$523,015

$450,531

$480,000

$597,617

Median Price

$510,917

$400,833

$533,166

$368,500

$495,000

$500,000

$980,000

$1,025,000

$575,000

$1,400,000

3rd Qtr

4th Qtr

OCEANPORT

Highest Price

$1,250,000 $1,950,000

RED BANK Number of Sales

6

18

15

12

9

21

Days on Market

46

81

55

92

77

48

Average Price

$426,583

$351,073

$382,985

$336,791

$328,211

$326,090

Median Price

$422,166

$340,000

$387,666

$329,750

$320,000

$305,900

Highest Price

$724,000

$760,000

$785,000

$500,000

$690,000

$999,000

Number of Sales

17

31

30

32

11

27

Days on Market

115

86

71

57

79

102

Rumson

Average Price

$1,056,945 $1,202,513 $1,486,825 $1,321,765 $1,099,666 $1,782,862

Median Price

$1,127,500

Highest Price

$2,125,000 $3,550,000 $3,125,000 $4,300,000 $2,725,000 $4,040,000

$980,833

$1,467,500 $1,022,000

$950,000

$1,182,500

Shrewsbury Number of Sales

5

9

17

11

7

13

Days on Market

154

53

59

64

48

58

Average Price

$638,333

$460,711

$592,920

$583,772

$514,285

$544,038

Median Price

$640,000

$484,000

$566,750

$550,000

$425,000

$435,000

Highest Price

$950,000

$837,000

$982,500

$750,000

$955,000

$930,000

re source sre al es tate. co m

mobile website: bit.ly/72navesink

ANNUAL Report 2013

2014

% Change

Monmouth County Units Sold Price Comparisons

MONMOUTH COUNTY Number of Sales

5192

5047

-3

Days on Market

91

80

-12

Average Price

$480,350

$533,400

11

Median Price

$384,148

$399,000

4

Highest Price

$6,425,000 $7,500,000

2013

2014

17

% Change

2013

2014

% Change

Fair Haven

Atlantic Highlands Number of Sales

53

41

-23

Number of Sales

108

93

-14

Days on Market

120

91

-24

Days on Market

79

74

-6

Average Price

$522,798

$470,923

-10

Average Price

$805,139

$827,075

3

Median Price

$420,000

$369,000

-12

Median Price

$667,000

$700,000

5

0

Highest Price

Highest Price

$1,480,488 $1,475,000

$3,600,000 $2,725,000

-24

HOLMDEL

Colts Neck Number of Sales

124

118

-5

Number of Sales

156

147

-6

Days on Market

121

82

-32

Days on Market

92

86

-7

Average Price

$831,089

$863,951

4

Average Price

$757,940

$748,302

-1

Median Price

$672,500

$683,750

2

Median Price

$658,500

$680,000

3

44

Highest Price

Highest Price

$3,750,000 $5,400,000

res ou rc esre a le st a te. c om

$2,750,000 $2,263,582

-18

mobile website: bit.ly/17robinrd

Annual Report 2013

2014

% Change

2013

2014

% Change

Oceanport

Little SIlver Number of Sales

91

67

-26

Number of Sales

51

57

12

Days on Market

75

60

-20

Days on Market

84

87

4

Average Price

$670,679

$756,579

13

Average Price

$446,027

$506,890

14

Median Price

$555,000

$670,000

21

Median Price

$375,000

$410,000

9

36

Highest Price

Highest Price

$1,800,000 $2,450,000

$2,400,000 $1,950,000

-19

Red Bank

LONG BRANCH Number of Sales

122

132

8

Number of Sales

74

51

-31

Days on Market

117

125

7

Days on Market

109

65

-40

Average Price

$311,803

$278,456

-11

Average Price

$435,018

$374,631

-14

Median Price

$236,000

$267,000

13

Median Price

$333,500

$335,000

0

Highest Price

$1,500,000

$870,000

-42

Highest Price

$2,550,000

$785,000

-69

rumson

middletown Number of Sales

624

581

-7

Number of Sales

129

110

-16

Days on Market

80

76

-5

Days on Market

80

75

-6

Average Price

$456,357

$447,072

-2

Average Price

$1,280,255 $1,294,832

1

Median Price

$399,250

$388,000

-3

Median Price

$1,070,000 $1,130,000

6

-16

Highest Price

$5,600,000 $4,300,000

-23

Highest Price

$6,100,000 $5,125,000

Shrewsbury

monmouth beach Number of Sales

37

37

0

Number of Sales

36

42

17

Days on Market

119

84

-29

Days on Market

87

76

-13

Average Price

$766,947

$983,860

28

Average Price

$501,629

$561,559

12

Median Price

$634,000

$850,000

34

Median Price

$480,500

$550,000

14

21

Highest Price

$960,000

$982,500

2

Highest Price

$1,800,000 $2,175,000

re source sre al es tate. co m

mobile website: bit.ly/3woolley

Portfolio

lifestyle magazine

Resources Real Estate’s new quarterly interactive digital magazine with local lifestyle features, interviews with local design & build professionals, and, of course, some of the most beautiful homes currently available.

If you would like to receive Portfolio, please send your email address to PortfolioHomes@resourcesrealestate.com.

Contact Deirdre Smith at 732-212-0440 x300 for advertising information.

View Portfolio Homes Here

ESOU CES R E A L E S TAT E B R O K E R

732-212-0440 112 East River Road Rumson, NJ 07760

resourcesrealestate.com 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 7/7/15.

Copyright 2015 by the Monmouth County Association of REALTORSÂŽ

65 First Ave Atlantic Highlands, NJ 07716