The Resources Report: 1st Quarter 2016 Market Report

the

RESOURCES

report

Monmouth County Real Estate Market Report 1st Quarter 2016

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

The simple fact that 2015 residential sales in New Jersey were the highest they’ve been in ten years should provide ample context for our optimism in 2016. That means it’s second only to the market highpoint of 2005 — before the recession and lender belt-tightening. Strong sales, low inventory and high numbers for new construction permits are all powerful indicators of the current confidence in our market. Indeed, through January New Jersey has seen 17 straight months of increased sales relative to the previous year.

Having been spared the harsh winters of the past two years, 2016 has so far demonstrated remarkable strength with significant increases in Monmouth County homes sold relative to first quarter last year. And despite the scarcity of supply, home prices have only risen modestly. Couple this with great mortgage rates, an ever-strengthening economy and strong affordability, and the result is that we have been seeing many multiple offer situations which is now requiring buyers to strategically craft their offers to increase likelihood of acceptance. Contingencies, financing, closing schedules… all are important factors that must be carefully considered.

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

But the concerns are not all on the buyer side of the equation.

In an appreciating market (even a market demonstrating modest appreciation) appraisals will frequently lag behind market values given they rely on historical market data which is likely to be lower than current sales prices. Depending on loan-to-value ratios, buyer ability to come up with more downpayment and seller flexibility on price, many transactions are failing to make it to closing.

Of course, a qualified sales professional can best help buyers and sellers alike to structure their best (and smartest) deal and the Resources Real Estate sales force is trained to make it happen for their clients. We are proud of the sales achievements of our team and believe they are the best and brightest in our marketplace.

Carolynn and Tom

cover image mobile website: bit.ly/310cooperrd

mobile website: bit.ly/6hillrd

Quarterly Report 2015 1st Qtr

2016

2nd Qtr

3rd Qtr

4th Qtr

1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

Atlantic Highlands Number of Sales

2

18

20

13

12

Days on Market

35

83

83

75

88

Average Price

$806,000

$516,588

$595,200

$518,076

$453,666

Median Price

$806,000

$445,750

$457,000

$375,000

$365,000

$957,000

$900,000

Highest Price

$1,100,000 $1,400,000 $1,325,000

Colts Neck Number of Sales

20

26

40

24

22

Days on Market

115

59

96

101

99

Average Price

$787,495

$816,758

$892,192

$886,641

$795,886

Median Price

$667,500

$725,610

$679,750

$658,950

$593,750

Highest Price

$2,088,500 $1,950,000 $2,375,000 $2,450,000 $2,500,000

Fair Haven Number of Sales

18

46

40

15

17

Days on Market

46

44

45

66

68

Average Price

$850,661

$773,104

$893,917

$962,866

$757,994

Median Price

$766,250

$708,700

$762,450

$795,000

$655,000

Highest Price

$1,750,000 $1,820,000 $3,479,000 $1,995,000 $1,435,000

Holmdel Number of Sales

20

40

60

38

25

Days on Market

113

78

68

85

108

Average Price

$724,025

$804,352

$835,132

$650,033

$631,820

Median Price

$693,000

$750,000

$720,000

$635,000

$570,000

Highest Price

$1,200,000 $1,970,000 $2,180,000 $1,500,000 $1,075,000

re source sre al es tate. co m

mobile website: bit.ly/46bammhollow

Quarterly Report 2015

2016

1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

1st Qtr

Number of Sales

9

19

25

24

18

Days on Market

84

54

44

77

104

Average Price

$751,000

$695,289

$703,976

$846,658

$681,616

Median Price

$675,000

$535,000

$655,000

$770,088

$610,750

Little Silver

Highest Price

$1,800,000 $1,850,000 $1,225,000 $2,632,500 $1,900,000

Long Branch Number of Sales

19

29

31

30

25

Days on Market

105

128

74

103

112

Average Price

$281,732

$387,831

$436,170

$346,188

$285,775

Median Price

$260,000

$315,000

$280,000

$262,000

$273,000

Highest Price

$800,000

$2,700,000 $2,955,000 $1,787,500

$650,000

Middletown Number of Sales

97

193

251

164

117

Days on Market

74

73

63

81

69

Average Price

$433,007

$447,673

$519,951

$447,138

$413,852

Median Price

$350,000

$395,000

$439,900

$380,000

$367,500

Highest Price

$1,900,000 $2,200,000 $5,583,270 $2,425,000 $1,614,773

MONMOUTH BEACH Number of Sales

8

14

6

12

11

Days on Market

52

88

66

142

86

Average Price

$1,201,857 $1,170,714

$938,333

$925,625

$941,227

Median Price

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

$755,000

$885,000

$896,000

Highest Price

$1,675,000 $2,400,000 $1,510,000 $1,575,000 $1,625,000

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

2nd Qtr

3rd Qtr

4th Qtr

mobile website: bit.ly/11post

Quarterly Report 2015

2016

1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

1st Qtr

Number of Sales

4

17

20

9

9

Days on Market

109

90

68

90

86

Average Price

$480,000

$597,617

$434,170

$663,277

$456,111

Median Price

$495,000

$500,000

$425,000

$632,500

$406,000

Highest Price

$575,000

$1,400,000

$710,000

$1,500,000

$805,000

Number of Sales

9

21

32

19

22

Days on Market

77

48

79

130

87

Average Price

$328,211

$326,090

$550,255

$315,976

$319,040

Median Price

$320,000

$305,900

$475,500

$360,000

$273,000

Highest Price

$690,000

$999,000

$2,600,000

$525,000

$743,000

Number of Sales

11

27

46

18

23

Days on Market

79

102

50

88

64

2nd Qtr

3rd Qtr

4th Qtr

OCEANPORT

RED BANK

Rumson

Average Price Median Price Highest Price

$1,099,666 $1,782,862 $1,548,432 $1,409,694 $1,526,891 $950,000

$1,182,500 $1,362,500 $1,162,500 $1,271,000

$2,725,000 $4,040,000 $5,950,000 $3,962,500 $3,150,000

Shrewsbury Number of Sales

7

13

15

9

9

Days on Market

48

58

77

47

77

Average Price

$514,285

$544,038

$552,146

$716,611

$493,433

Median Price

$425,000

$435,000

$550,000

$550,000

$452,000

Highest Price

$955,000

$930,000

$845,000

$1,415,000

$785,000

re source sre al es tate. co m

mobile website: bit.ly/287ehighland

ANNUAL Report 2014

2015

% Change

Monmouth County Units Sold Price Comparisons

MONMOUTH COUNTY Number of Sales

5047

5566

10

Days on Market

80

76

-5

Average Price

$533,400

$515,369

-3

Median Price

$399,000

$402,500

1

Highest Price

$7,500,000 $7,300,000

2014

2015

-3

% Change

2014

2015

% Change

Fair Haven

Atlantic Highlands Number of Sales

41

55

34

Number of Sales

93

119

28

Days on Market

91

79

-13

Days on Market

74

47

-36

Average Price

$470,923

$558,606

19

Average Price

$827,075

$849,364

3

Median Price

$369,000

$455,000

23

Median Price

$700,000

$745,000

6

-5

Highest Price

Highest Price

$1,475,000 $1,400,000

$2,725,000 $3,479,000

28

HOLMDEL

Colts Neck Number of Sales

118

112

-5

Number of Sales

147

158

7

Days on Market

82

91

11

Days on Market

86

80

-7

Average Price

$863,951

$844,555

-2

Average Price

$748,302

$770,657

3

Median Price

$683,750

$687,750

1

Median Price

$680,000

$715,000

5

-55

Highest Price

Highest Price

$5,400,000 $2,450,000

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$2,263,582 $2,180,000

-4

mobile website: bit.ly/17brucepl

Annual Report 2014

2015

% Change

2014

2015

% Change

Oceanport

Little SIlver Number of Sales

67

77

15

Number of Sales

57

51

-11

Days on Market

60

62

3

Days on Market

87

82

-6

Average Price

$756,579

$751,801

-1

Average Price

$506,890

$552,105

9

Median Price

$670,000

$675,000

1

Median Price

$410,000

$500,000

22

7

Highest Price

Highest Price

$2,450,000 $2,632,500

$1,950,000 $1,500,000

-23

Red Bank

LONG BRANCH Number of Sales

132

112

-15

Number of Sales

51

82

61

Days on Market

125

100

-20

Days on Market

65

82

26

Average Price

$278,456

$369,014

33

Average Price

$374,631

$409,143

9

Median Price

$267,000

$275,000

3

Median Price

$335,000

$360,000

7

Highest Price

$870,000

$2,955,000

240

Highest Price

$785,000

$2,600,000

231

rumson

middletown Number of Sales

581

717

23

Number of Sales

110

107

-3

Days on Market

76

71

-7

Days on Market

75

74

-1

Average Price

$447,072

$469,826

5

Average Price

$1,294,832 $1,509,847

17

Median Price

$388,000

$408,000

5

Median Price

$1,130,000 $1,200,000

6

9

Highest Price

$4,300,000 $5,950,000

38

Highest Price

$5,125,000 $5,583,270

Shrewsbury

monmouth beach Number of Sales

37

40

8

Number of Sales

42

44

5

Days on Market

84

94

12

Days on Market

76

61

-20

Average Price

$983,860

$1,068,562

9

Average Price

$561,559

$577,368

3

Median Price

$850,000

$999,999

18

Median Price

$550,000

$490,000

-11

10

Highest Price

$982,500

$1,415,000

44

Highest Price

$2,175,000 $2,400,000

re source sre al es tate. co m

mobile website: bit.ly/37redcoach

Portfolio

lifestyle magazine

Resources Real Estate’s 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 Stacey Lonergan 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 4/8/16.

Copyright 2015 by the Monmouth County Association of REALTORSÂŽ

65 First Ave Atlantic Highlands, NJ 07716