The Resources Report: 4th Quarter 2016 Market Report

the

RESOURCES

report

Real Estate Market Report 2016 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

It may seem unfair but frequently we view the last quarter of each year less as an important sales period unto itself and moreso as a wrap-up for the year or sometimes even a harbinger of the Spring market. Anyone who has followed real estate trends in our market understands that the notion of “Spring market” has little or no relationship to the actual date of the vernal equinox a/k/a the first day of Spring (which this year falls on March 20th). Spring Market is simply shorthand for whenever the market shakes off its post-holiday, cold weather doldrums and shows signs of life. Many factors influence when and how dramatic the sales activity will manifest including weather, interest rates, consumer confidence, jobs and the general economy.

(which was the highest year for NJ residential sales since 2005), it says a lot about the state of our local real estate markets.

While inventories were down, something which might and did embolden many home sellers to increase their asking prices, the homeowners that were ultimately successful in finding a buyer showed an overall 2.8% decrease in average sales price.

Of course, this past year’s final quarter played out in unique fashion due to the drama and suspense of the presidential election which, despite providing some relief by virtue of it simply being over, brings a continued sense of uncertainty in the new year as the new administration begins to take shape and take power.

On a hyperlocal level, 2016 played out very differently depending on location. While many towns in our survey, including Atlantic Highlands, Long Branch, Rumson and Oceanport, showed dramatic sales increases ranging from 2549%, others such as Fair Haven (long the leader of Monmouth County residential sales pacing) showed a significant downturn (over 24% fewer than 2015). Perhaps more than ever, it pays to be an educated consumer as past rates of sales, current inventories, and average changes in sales prices will be important factors for both sellers and buyers. Of course, your best ally in this transaction is a trained professional who knows your market, the inventory and the changing trends which impact sales in your segment of the market.

That said, 2016 single-family residential sales in Monmouth County showed a substantial increase of 16.2% over the previous year. As this follows on the great market improvement of 2015

We hope you enjoy our current market report. Please don’t hesitate to reach out if you have any questions specific to your market or clarification on any of the report data.

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

cover image mobile website: bit.ly/hookharbor

mobile website: bit.ly/154hance

2015

2016

Change

Number of Sales

55

83

49.1%

Days on Market

79

71

-10.1%

Average Price

$558,606

$490,925

-12.1%

Median Price

$455,000

$432,500

-4.9%

Highest Price Current Inventory

31

-13.9%

2015

2016

Change

Number of Sales

112

119

4.5%

Days on Market

91

82

-9.9%

Average Price

$844,555

$854,493

1.2%

Median Price

$687,750

$660,000

-4.0%

Current Inventory

2016

Change

Number of Sales

119

91

-24.4%

Days on Market

47

55

17.0%

Average Price

$849,364

$879,600

3.6%

Median Price

$745,000

$795,000

6.7%

Highest Price Current Inventory

$3,479,000 $4,275,000 36

40

75.0%

36

Highest Price

2015

$1,400,000 $2,450,000

$2,450,000 $4,000,000 119

127

63.3% 6.7%

22.9% 11.1%

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mobile website: bit.ly/18yellowbrook

2015

2016

Change

Number of Sales

158

163

3.2%

Days on Market

80

80

0.0%

Average Price

$770,657

$715,558

-7.1%

Median Price

$720,000

$680,000

-5.6%

Highest Price

$2,180,000 $1,550,000

Current Inventory

-28.9%

112

116

3.6

2015

2016

Change

Number of Sales

77

86

11.7%

Days on Market

62

87

40.3%

Average Price

$751,801

$744,472

-1.0%

Median Price

$675,000

$644,500

-4.5%

Highest Price

$2,632,500 $3,175,000

Current Inventory

53

51

20.6% -3.8%

2015

2016

Change

Number of Sales

112

155

38.4%

Days on Market

100

78

-22.0%

Average Price

$369,014

$326,116

-11.6%

Median Price

$276,250

$275,000

-0.5%

Highest Price Current Inventory

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

$2,955,000 $3,100,000 100

95

4.9% -5.0%

mobile website: bit.ly/12shore

2015

2016

Change

Number of Sales

717

785

9.5%

Days on Market

71

60

-15.5%

Average Price

$469,826

$451,156

-4.0%

Median Price

$408,000

$395,000

-3.2%

Highest Price Current Inventory

$5,583,270 $5,500,000

-1.5%

374

349

-6.7%

2015

2016

Change

Number of Sales

40

39

-2.5%

Days on Market

94

70

-25.5%

Average Price

$1,068,562 $1,007,846

-5.7%

Median Price

$1,037,500

-9.6%

Highest Price

$2,400,000 $2,550,000

Current Inventory

41

$937,500 24

6.3% -41.5%

2015

2016

Change

Number of Sales

51

66

29.4%

Days on Market

82

62

-24.4%

Average Price

$552,105

$532,292

-3.6%

Median Price

$500,000

$491,000

-1.8%

Highest Price Current Inventory

$1,500,000 $1,425,000 34

41

-5.0% 20.6%

re source sre al es tate. co m

mobile website: bit.ly/44forrest

2015

2016

Change

Number of Sales

82

94

14.6%

Days on Market

82

73

-11.0%

Average Price

$409,143

$425,520

4.0%

Median Price

$360,000

$409,750

13.8%

Highest Price Current Inventory

2016

Change

Number of Sales

44

50

13.6%

Days on Market

61

92

50.8%

Average Price

$577,368

$571,154

-1.1%

Median Price

$497,500

$522,500

5.0%

Highest Price

$1,415,000 $1,560,000

Current Inventory

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

19

25

10.2% 31.6%

21.2%

51

46

-9.8%

2015

2016

Change

Number of Sales

107

134

25.2%

Days on Market

74

74

0.0%

Average Price

$1,509,847 $1,418,347

-6.1%

Median Price

$1,200,000 $1,187,500

-1.0%

Highest Price

$5,950,000 $4,682,500

27.1%

Current Inventory

2015

$2,600,000 $3,150,000

78

93

19.2%

mobile website: bit.ly/3drewct

2015

2016

Change

Number of Sales

5,566

6,470

16.2%

Days on Market

76

68

-10.5%

Average Price

$514,951

$500,654

-2.8%

Median Price

$402,250

$405,000

0.7%

Highest Price Current Inventory

$7,300,000 $5,995,000 3,502

3,204

-17.9% -8.5%

re source sre al es tate. co m

mobile website: bit.ly/809navesinkriverrd

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

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

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

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 1/6/17.

Copyright 2017 by the Monmouth County Association of REALTORSÂŽ

65 First Ave Atlantic Highlands, NJ 07716