2009 Monmouth County Luxury Home Market Report

LUXURY HOME MARKET REPORT 2009

M O N M O U T H C O U N T Y , N E W J E R S E Y

PREPARED BY THOMAS MCCORMACK, SALES ASSOCIATE

2009 Luxury Home Market Report: Monmouth County © 2010 Thomas McCormack. All rights reserved. All data provided by Monmouth County Association of Realtors. Information is deemed reliable but not guaranteed.

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2009 HOME MARKET REPORT: Monmouth County Overview

Despite the economic downturn, Monmouth County continues to be a highly desirable real estate market within

the New York metropolitan area, allowing for a relatively easy commute to Manhattan with varied transportation

options that include high-speed ferry to Wall Street.

Equally important is its location: with the north Jersey Shore as its eastern border, Monmouth County is one of the

closest oceanfront regions to Manhattan, providing many areas of interest to both primary and secondary

homeowners. Its fine schools are an example of New Jersey’s exemplary public education system and relative to

many northern New Jersey counties, Monmouth is perceived as providing some welcome tax relief.

In the market overall, much of 2009 has been about returning to where we were at the close of 2008. Across all

price tiers, six of the last seven months of 2009 have shown an increase in sales over the previous year, with the total

year ending at much the same place it was at the end of 2008. Interestingly, this pattern was mirrored in sales above

$1 million although the luxury segment of the market still finished the year significantly down. Overall dollar sales

were down about 12% ($1.9 billion vs. $2.15 in 2008) while the number of homes sold was basically the same as the

year before.

The highest price paid for a home in Monmouth County in 2009: $5,558,500 for an oceanfront, 8800 square foot

2-year old home which closed in October. (It sold for about 20% off the asking price of $6,999,900

without a mortgage.) The highest sale price in 2008? $5.6 million.

Thomas McCormack Sales Associate


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Sales and Inventory Single-Family Sales for all of Monmouth County from 1/1/2008 - 12/31/2009

Month Year Sales Volume Avg List Avg Sale Median Sold Avg DOM % Sold/List Inventory Months Inventory

Jan 2008 227 $137,712,131 $650,604 $606,661 $429,900 107 93.24% 3672 16.17

Feb 2008 226 $124,287,239 $589,150 $549,943 $405,417 112 93.34% 3862 17.08

Mar 2008 302 $157,095,747 $552,640 $520,184 $415,000 115 94.12% 4029 13.34

Apr 2008 342 $194,027,208 $600,195 $567,331 $436,000 97 94.52% 4288 12.53

May 2008 377 $214,297,873 $603,870 $568,429 $449,900 95 94.13% 4516 11.97

Jun 2008 434 $221,735,822 $541,385 $510,912 $440,000 89 94.37% 4594 10.58

Jul 2008 449 $254,638,374 $603,241 $567,123 $455,000 95 94.01% 4573 10.18

Aug 2008 433 $240,931,457 $589,879 $556,423 $455,000 94 94.32% 4597 10.61

Sep 2008 338 $178,061,284 $561,255 $526,808 $400,000 92 93.86% 4484 13.26

Oct 2008 341 $169,546,744 $528,491 $497,204 $405,000 99 94.08% 4388 12.86

Nov 2008 248 $126,015,008 $546,390 $508,125 $402,500 103 92.99% 4199 16.93

Dec 2008 249 $128,865,981 $565,809 $517,534 $390,000 103 91.46% 3946 15.84

Annual: 2008 3966 $2,147,214,868 $576,955 $541,405 $425,000 99 93.83% 4262 12.89

Jan 2009 176 $77,258,404 $474,331 $438,968 $368,750 104 92.54% 3660 20.79

Feb 2009 151 $67,469,390 $483,174 $446,817 $379,900 116 92.47% 3884 25.72

Mar 2009 251 $105,089,344 $448,469 $418,682 $355,000 106 93.35% 4019 16.01

Apr 2009 245 $118,513,971 $527,803 $483,730 $370,000 108 91.64% 4231 17.26

May 2009 303 $149,244,681 $530,022 $492,556 $390,000 118 92.93% 4338 14.31

Jun 2009 435 $217,284,243 $533,344 $499,504 $385,000 89 93.65% 4481 10.3

Jul 2009 483 $229,552,284 $504,612 $475,263 $400,000 92 94.18% 4450 9.21

Aug 2009 402 $197,268,101 $526,075 $490,716 $425,000 100 93.27% 4449 11.06

Sep 2009 391 $202,392,486 $558,899 $517,627 $400,000 98 92.61% 4383 11.2

Oct 2009 423 $216,297,660 $546,230 $511,341 $380,000 107 93.61% 4366 10.32

Nov 2009 366 $169,029,336 $495,963 $461,828 $350,000 98 93.11% 4224 11.54

Dec 2009 346 $173,242,693 $538,186 $500,701 $396,250 104 93.03% 3997 11.55

Annual: 2009 3972 $1,922,642,593 $519,499 $484,048 $385,000 102 93.17% 4184 12.64

Notes: The Current Inventory columns reflect the number of Active (on market) listings on the 3rd day of each month.

The Months Inventory column values equal Current Inventory divided by Monthly Sales. This reflects how many months it would take to sell out of inventory at the current

month's rate of sale.

Total Months Inventory = Total Current Inventory / (Total Monthly Sales/12 Months)


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Unit Sales: 2009 vs 2008 percentage differential JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC TOTAL

2009 176 151 251 245 303 435 483 402 390 424 362 94 3716

2008 227 226 302 342 377 434 449 433 338 341 248 74 3791 % Change: -22.46% -33.18% -16.88% -28.36% -19.62% 0.23% 7.57% -7.15% 15.38% 24.34% 45.96% 27.02% -1.98%

0200400600

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2009 176 151 251 245 303 435 483 402 391 423 366 346

2008 227 226 302 342 377 434 449 433 338 341 248 249

Unit Sales: 2009 vs 2008

The first half of the year reflected the mood of the overall economy with significant sales decreases relative to 2008, ending the period flat in June. Unit Sales were higher than the previous year during 6 of the last 7 months of 2009 ending the year at about 2% under the previous year.


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2009 2008 Diff % Chg

JAN

$77,258,404 $137,712,131 ($60,453,727) -43.90%

FEB $67,469,390 $124,287,239 ($56,817,849) -45.71%

MAR $105,089,344 $157,095,747 ($52,006,403) -33.10%

APR $118,513,971 $194,027,208 ($75,513,237) -38.92%

MAY $149,244,681 $214,297,873 ($65,053,192) -30.36%

JUN $217,284,243 $221,735,822 ($4,451,579) -2.01%

JUL $229,552,284 $254,638,374 ($25,086,090) -9.85%

AUG $197,268,101 $240,931,457 ($43,663,356) -18.12%

SEP $202,392,486 $178,061,284 $24,331,202 13.66%

OCT $216,297,660 $169,546,744 $46,750,916 27.57%

NOV $169,029,336 $126,015,008 $43,014,328 34.13%

DEC $173,242,693 $128,865,981 $44,376,712 34.44%

Dollar volume took a major hit all the

way through the end of summer with

rebounds starting in September and

carrying thru the end of the year.

$0

$100

$200

$300

Mill

ion

s

Dollar Volume: 2009 vs 2008

2009 2008


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Sales by Area Single-Family Home Sales by Town in Monmouth County from 1/1/2009 to 12/31/2009 as reported in Monmouth MLS.

Area # of Sales Total Volume Avg Sales $ Median Sales $ Highest

ABERDEEN 136 $40,736,840 $299,535 $305,000 $549,900

ALLENHURST 2 $3,449,000 $1,724,500 $1,724,500 $2,800,000

ALLENTOWN 15 $5,996,000 $399,733 $330,000 $730,000

ASBURY PARK 36 $7,817,875 $217,163 $157,500 $970,000

ATLANTIC HIGHLANDS 32 $13,881,400 $433,793 $361,000 $1,515,000

AVON-BY-THE-SEA 23 $22,788,400 $990,800 $925,000 $2,400,000

BELMAR 32 $22,711,500 $709,734 $491,000 $1,950,000

BRADLEY BEACH 17 $6,889,900 $405,288 $380,000 $725,000

BRIELLE 39 $31,905,000 $818,076 $665,000 $3,662,500

COLTS NECK 88 $79,729,490 $906,016 $735,000 $3,031,000

DEAL 1 $537,500 $537,500 $537,500 $537,500

EATONTOWN 58 $19,324,900 $333,187 $334,000 $625,000

ENGLISHTOWN 6 $2,251,500 $375,250 $381,250 $460,000

FAIR HAVEN 57 $42,901,180 $752,652 $620,000 $3,500,000

FARMINGDALE 8 $2,769,000 $346,125 $290,000 $745,000

FREEHOLD BORO 68 $18,052,900 $265,483 $270,000 $460,000

FREEHOLD TWP 221 $111,798,272 $505,874 $464,900 $1,290,000

HAZLET 174 $48,606,711 $279,348 $300,000 $538,000

HIGHLANDS 21 $7,562,464 $360,117 $313,000 $1,290,000

HOLMDEL 93 $73,033,455 $785,305 $700,000 $2,827,882

HOWELL 328 $111,570,400 $340,153 $322,000 $950,000

INTERLAKEN 11 $6,593,250 $599,386 $540,000 $1,275,000

KEANSBURG 67 $9,827,215 $146,674 $147,000 $265,000

KEYPORT 58 $13,447,300 $231,850 $216,000 $655,000

LAKE COMO 16 $5,535,900 $345,993 $310,000 $725,000


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Area # of Sales Total Volume Avg Sales $ Median Sales $ Highest

LITTLE SILVER 45 $27,105,500 $602,344 $540,000 $1,080,000

LOCH ARBOUR VILLAGE 3 $1,812,000 $604,000 $720,000 $765,000

LONG BRANCH 106 $29,281,537 $276,240 $254,000 $1,598,755

MANALAPAN 224 $117,240,450 $523,394 $487,000 $1,350,000

MANASQUAN 56 $37,312,027 $666,286 $605,000 $1,900,000

MARLBORO 265 $155,631,674 $587,289 $520,000 $2,500,000

MATAWAN 75 $24,286,933 $323,825 $325,000 $672,000

MIDDLETOWN 429 $178,033,725 $414,997 $375,000 $3,100,000

MILLSTONE 67 $38,804,086 $579,165 $585,000 $1,010,000

MONMOUTH BEACH 35 $27,612,404 $788,925 $700,000 $2,160,000

NEPTUNE CITY 21 $4,770,000 $227,142 $233,000 $355,000

NEPTUNE TWP 202 $67,833,800 $335,810 $290,000 $1,600,000

OCEAN 139 $56,263,150 $404,770 $360,500 $1,450,000

OCEANPORT 33 $13,698,900 $415,118 $370,000 $805,000

RED BANK 51 $18,090,660 $354,718 $325,000 $830,000

ROOSEVELT 6 $1,565,500 $260,916 $266,000 $415,000

RUMSON 70 $89,759,000 $1,282,271 $995,000 $3,850,000

SEA BRIGHT 11 $10,361,500 $941,954 $850,000 $2,865,000

SEA GIRT 26 $37,479,240 $1,441,509 $1,232,500 $3,3,25,000

SHREWSBURY BORO 34 $15,272,650 $449,195 $395,000 $1,100,000

SPRING LK HEIGHTS 19 $7,811,100 $411,110 $375,000 $665,000

SPRING LAKE 52 $89,320,936 $1,717,710 $1,413,500 $5,558,500

TINTON FALLS 93 $35,559,620 $382,361 $375,000 $885,000

UNION BEACH 61 $14,735,100 $241,559 $245,000 $399,900

UPPER FREEHOLD 41 $20,176,240 $492,103 $475,000 $1,100,000

WALL 158 $77,303,684 $489,263 $443,500 $1,275,000

WEST LONG BRANCH 43 $15,803,825 $367,530 $350,000 $720,000


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Monmouth County Monthly Sales: 2009 vs. 2008 All Prices

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC TOTAL 2009 176 151 251 245 303 435 483 402 391 423 366 346 3972 2008 227 226 302 342 377 434 449 433 338 341 248 249 3966

% Change: -22.47% -33.19% -16.89% -28.36% -19.63% 0.23% 7.57% -7.16% 15.68% 24.05% 47.58% 38.96% 0.15%

Monmouth County Monthly Sales: 2009 vs. 2008 Sold for more than $1,000,000


% Change: -65.22% -53.33% -52.63% -56.25% -48.48% 100.00% -34.29% -34.48% 4.35% 52.63% 43.75% 22.22% -18.77%

Monmouth County Monthly Sales: 2009 vs. 2008 Sold between $1 - $2 million


% Change: -42.86% -12.50% -38.46% -60.00% -50.00% 83.33% -22.22% -15.79% -10.53% 57.14% 38.46% 50.00% -10.50%

Monmouth County Monthly Sales: 2009 vs. 2008 Sold for more than $2,000,000


% Change: -88.89% -100.00% -83.33% -28.57% -44.44% 166.67% -75.00% -70.00% 60.00% 40.00% 66.67% -33.33% -37.18%


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LUXURY MARKET REVIEW

Typically, the term “luxury real estate” refers to the top 10% value-tier of a given market. For Monmouth County in

2008 this price point for homes that had sold started just under $850,000; in 2009 the top 10% mark fell closer to

$800,000. Despite this, given that several towns’ average sale price was well over $1 million (see “Sales by Area” in

this report) we’ve rounded the cut-off up to the $1 million mark with an additional focus on sales above $2 million.

While the county as a whole remained essentially flat with a less than 1% increase in annual unit sales above that of

2008, the “high-end” of the market ~ above the $1 million mark ~ experienced severe sales losses relative to the

year before. The first half of the year proved especially daunting when sales for the period were down 38%. The

second half of the year proved much more promising with sales increases in each of the last four months of the year

relative to 2008. As a whole, the luxury segment seemed to be showing some signs of a rebound: sales ended the

year at about 19% lower than the previous year, reducing the first half of the year’s loss by half.

In examining the segment of the market above $2 million we see a less promising year-end tally with sales 37%

down from 2008, but we also see a similar market improvement in the tail-end of the year, with 3 of the last 4 months

of the year showing significant gains over sales for the same period the year before. This segment of the market was

down 51% at the mid-year mark, so while progress was measured, it is certainly welcome and hopefully a sign of

improvement in 2010. Indeed, in January 2010 there were already 5 homes that closed over $2 million… already a big

increase over the same time last year.

If there are any trends to note among the highest price homes that sold last year, it’s the frequency of waterfront,

water view and new or newer construction. See charts for the top prices, top waterfront and new construction.


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View all available homes listed above $2 million,

the highest-priced home currently available is $16,800,000.

View all available homes listed between $1 - $2 million.

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Rumson

Spring Lake

Colts Neck

Marlboro

Middletown

Brielle

Allenhurst

Avon by the Sea

Fair Haven

Holmdel

Monmouth …

Sea Bright

2009 Sales by Town $2 million & above

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Spring Lake

Colts Neck

Rumson

Marlboro

Holmdel

Sea Girt

Wall

Avon by the Sea

Brielle

Manasquan

Fair Haven

Middletown

Belmar

Monmouth Beach

Sea Bright

Upper Freehold

Atlantic Highlands

Highlands

Little Silver

Millstone

Neptune

Ocean

2009 Sales by Town between $1 - $2 mil

http://www.monmouthoceanmls.com/PropertyResults.aspx?gateway_la_code=17786&SavedSearchID=909852



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Luxury Top Ten 2009

Highest # of Sales $2 million & Above ~ All types Rumson 13

Spring Lake 13

Highest # of Sales Above $1 million ~ All types Rumson 33

Highest # of Sales Above $1 million ~ Waterfront Rumson 9

Highest # of Sales Above $1 million: New Construction Holmdel 5

Highest Sale Price Spring Lake $5,558,500

Highest Median Price Allenhurst $1,724,500

Highest Average Price Allenhurst $1,724,500

Towns with Median Sale Price Above $1 million Allenhurst $1,724,500

Sea Girt $1,232,500

Spring Lake $1,413,500

Towns with Average Sale Price Above $1 million Allenhurst $1,724,500

Rumson $1,282,271

Sea Girt $1,441,509

Spring Lake $1,717,710


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Top 15 highest selling homes in Monmouth County in 2009

TOWN SOLD DATE ADDRESS SOLD PRICE BEDROOMS BATHS YEAR BUILT

WATER FRONT

WATER VIEW LISTING PRICE ORIGINAL PRICE

SPRING LAKE 10/30/2009 2222 OCEAN AVE $5,558,500 6 8 2007 Y Y $6,999,900 $6,999,900

SPRING LAKE 11/23/2009 2000 ADRIAN AVE $4,500,000 6 5 1988 N Y $4,999,000 $4,999,000

SPRING LAKE 9/14/2009 205 TUTTLE AVE $4,500,000 5 5 n/a N N $4,989,900 $4,989,900

SPRING LAKE 8/5/2009 2103 OCEAN AVE $4,500,000 4 5 2000 Y Y $5,400,000 $6,200,000

SPRING LAKE 5/4/2009 101 MONROE AVE $4,112,500 5 4 2000 N Y $4,550,000 $4,550,000

RUMSON 10/15/2009 150 RUMSON RD $3,850,000 7 9 2005 N N $3,950,000 $3,950,000

RUMSON 6/30/2009 7 BUTTONWOOD LN E $3,675,000 6 8 2002 N N $3,799,000 $3,799,000

BRIELLE 9/4/2009 804 ASHLEY AVE $3,662,500 7 7 n/a Y Y $3,999,999 $5,875,000

FAIR HAVEN 5/1/2009 117 BATTIN RD $3,500,000 5 5 n/a Y Y $3,750,000 $3,750,000

SEA GIRT 6/30/2009 210 PHILADELPHIA BLVD $3,325,000 6 7 2009 N N $3,399,000 $3,399,000

RUMSON 12/11/2009 31 SHREWSBURY DR $3,300,000 5 7 1998 Y Y $3,550,000 $3,750,000

RUMSON 10/1/2009 7 N ROHALLION DR $3,275,000 6 8 2003 N N $3,400,000 $3,849,000

RUMSON 6/16/2009 5 TYSON LN $3,250,000 5 8 2009 N N $3,499,000 $3,499,000

SPRING LAKE 5/18/2009 38 VROOM AVE $3,100,000 8 7 2003 N N $3,498,900 $3,650,000

MIDDLETOWN 8/13/2009 51 BLOSSOM COVE RD $3,100,000 5 8 2000 Y Y $3,950,000 $6,450,000

http://mls.momls.com/ListitMonmouth/ListitLib/report_builder.aspx?report=members_full_prop1&mls_acct=120917325&category=1


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WATERFRONT

The top ten highest selling waterfront homes in Monmouth County in 2009

Town SaleDate Address SqFt BR YrBlt WF SalePrice LPrice OrgPrice DOM/CDOM

SPRING LAKE 10/30/2009 2222 OCEAN AVE

8,800 6 2007 OCEAN $5,558,500 $6,999,900 $6,999,900 139/139

SPRING LAKE 8/5/2009 2103 OCEAN AVE n/a 4 2000 OCEAN $4,500,000 $5,400,000 $6,200,000 98/350

BRIELLE 9/4/2009 804 ASHLEY AVE

n/a 7 RIVER $3,662,500 $3,999,999 $5,875,000 503/503

FAIR HAVEN 5/1/2009 117 BATTIN RD n/a 5 RIVER $3,500,000 $3,750,000 $3,750,000 9/9

RUMSON 12/11/2009 31 SHREWSBURY DR

6,200 5 1998 RIVER $3,300,000 $3,550,000 $3,750,000 160/160

MIDDLETOWN 8/13/2009 51 BLOSSOM COVE RD

n/a 5 2000 RIVER $3,100,000 $3,950,000 $6,450,000 817/817

COLTS NECK 8/17/2009 100 RICHDALE RD

n/a 6 2009 RIVER $3,031,000 $3,195,000 $3,195,000 58/58

SEA BRIGHT 5/1/2009 13 TRADEWINDS LN 5,500 5 2008 RIVER $2,865,000 $3,149,999 $3,149,999 25/25

BRIELLE 5/13/2009 1020 QUAIL PL n/a 5 2007 RIVER $2,189,000 $2,189,000 $2,995,000 206/206

MONMOUTH BEACH

12/4/2009 90 OCEAN AVE

5,098 7 1905 OCEAN $2,160,000 $2,000,000 $2,895,000 224/224

Currently available waterfront properties: View all available waterfront homes listed above $1 million ~ all types.

View all available Oceanfront homes listed above $1 million.

View all available Riverfront homes listed above $1 million.

View all available Bayfront homes listed above $1 million.






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LUXURY NEW CONSTRUCTION

Top ten highest selling new construction homes in Monmouth County in 2009

Town SaleDate Address SqFt BR YrBlt WF SalePrice LPrice OrgPrice DOM/CDOM

SEA GIRT 6/30/2009 210 PHILADELPHIA BL 5,000 6 2009 NO $3,325,000 $3,399,000 $3,399,000 251/251

RUMSON 6/16/2009 5 TYSON LN 6,700 5 2009 NO $3,250,000 $3,499,000 $3,499,000 182/182

COLTS NECK 8/17/2009 100 RICHDALE RD

n/a 7 2009 YES $3,031,000 $3,195,000 $3,195,000 58/58

SEA BRIGHT 5/1/2009 13 TRADEWINDS LN 5,500 5 2008 YES $2,865,000 $3,149,999 $3,149,999 25/25

HOLMDEL 7/22/2009 14 HOP BROOK LN

7,870 5 2007 NO $2,827,882 $2,474,000 $2,574,900 366/366

SEA GIRT 3/16/2009 216 BEACON BLVD

5,200 5 2008 NO $2,803,740 $3,125,000 $3,125,000 123/197

RUMSON 4/30/2009 21 CONOVER LN

n/a 4 2006 NO $2,800,000 $2,999,000 $3,850,000 457/457

RUMSON 4/15/2009 1 BELKNAP LN 6,800 5 2008 NO $2,650,000 $2,895,000 $2,975,000 25/25

RUMSON 6/18/2009 2 SUGAR MPALE LN 5,200 5 2008 NO $2,565,000 $2,600,000 $2,500,000 120/120

AVON BY THE SEA

9/18/2009 40 FIRST AVE

5,000 5 n/a NO $2,400,000 $2,650,000 $2,650,000 59/59

View all available new construction homes listed above $1 million.



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For an honest, ongoing discussion about life and living in Monmouth County visit

The Resourceful Realtor blog at www.ResourcefulRealtor.com.

For more information:

Thomas McCormack Resources Real Estate Sales Associate 112 East River Road 732-212-0440 x212 Rumson, NJ 07760 ThomasMcCormack.com ResourcesRealEstate.com ResourcefulRealtor.com [email protected]

All contents © 2010 Thomas McCormack. May not be excerpted or distributed without permission. Data provided by Monmouth County Association of Realtors for period 1/1/2009 – 12/31/2009. Sales data © 2010 Monmouth Association of Realtors.

http://www.resourcefulrealtor.com/


http://www.thomasmccormack.com/

http://www.resourcesrealestate.com/


mailto:[email protected]


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2009 Monmouth County Luxury Home Market Report

Documents

monmouth county overview

luxury home market report

year old home

overall dollar sales

previous year

total year

highest price

highest sale price