The Resources Report

the RESOURCESreport

Monmouth CountyReal Estate Market Report2nd Quarter 2016

E S O U C E SR E A L E S T A T E B R O K E R

Thomas McCormackManaging Partner - [email protected]

Carolynn Ozar-DiakonBroker - Senior [email protected]

resourcesrealestate.com cover image mobile website: bit.ly/16conover

Because we saw an early start to the spring market due to a relatively mild winter, we were hopeful but uncertain about 2nd quarter sales activity. While not an across the board sweep, 3/4 of our market survey show increases relative to the same period in the previous year and of the remaining towns, only one — Fair Haven — showed a significant decrease and this was more than compensated by the stellar sales that happened there during 1st quarter.

As we have all now settled into summer mode and are enjoying the perks of living at the shore, we are seeing a typical seasonal sales slowdown. Although sales are certainly continuing many would-be consumers are opting for bodysurfing or tiki bar adventures rather than house hunting (and who can blame them!) Of course, we would love to see a more robust sales climate but summertime is prime time and we understand the pull of the shore lifestyle.

Certain segments of the market, particularly the high end, appear to be gathering increasing inventory while the more mid-priced inventory seems in greater demand and shorter supply. Overall,

of those homes sold, the listing prices seem to be staying in line with what the market will bear with only modest increases. Days on market are mixed relative to last year with some markets languishing and others moving inventory much more quickly.

A trend toward downsizing — one sure to grow with the baby boomers eyeing retirement — is certainly in effect which has created an opportunity for buyers looking to trade up. Currently there are many fine homes to choose from with a great number of resales available as well as several new construction options. And even for those looking to downsize there are a good number of interesting possibilities, especially in the condo market.

If you have any questions relating to trading up, downsizing or just the market in general, please let us know. And if you are curious about towns not included in our survey be sure to drop us a line, we’re glad to help. We have the best team available and they will gladly assist you. Enjoy your summer!

Carolynn and Tom

QuARTERly REPORT2015 2016

1st Qtr 2nd Qtr 3rd Qtr 4th Qtr 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr

AtlAntic HigHlAnds

Number of Sales 2 18 20 13 12 29

Days on Market 35 83 83 75 88 78

Average Price $806,000 $516,588 $595,200 $518,076 $453,666 $392,797

Median Price $806,000 $445,750 $457,000 $375,000 $365,000 $350,100

Highest Price $1,100,000 $1,400,000 $1,325,000 $957,000 $900,000 $1,210,000

colts neck

Number of Sales 20 26 40 24 22 35

Days on Market 115 59 96 101 99 75

Average Price $787,495 $816,758 $892,192 $886,641 $795,886 $787,933

Median Price $667,500 $725,610 $679,750 $658,950 $593,750 $695,000

Highest Price $2,088,500 $1,950,000 $2,375,000 $2,450,000 $2,500,000 $2,800,000

FAir HAven

Number of Sales 18 46 40 15 17 22

Days on Market 46 44 45 66 68 44

Average Price $850,661 $773,104 $893,917 $962,866 $757,994 $906,058

Median Price $766,250 $708,700 $762,450 $795,000 $655,000 $825,000

Highest Price $1,750,000 $1,820,000 $3,479,000 $1,995,000 $1,435,000 $1,799,000

Holmdel

Number of Sales 20 40 60 38 25 51

Days on Market 113 78 68 85 108 76

Average Price $724,025 $804,352 $835,132 $650,033 $631,820 $694,014

Median Price $693,000 $750,000 $720,000 $635,000 $570,000 $645,000

Highest Price $1,200,000 $1,970,000 $2,180,000 $1,500,000 $1,075,000 $1,275,000

mobile website: bit.ly/24riverside

resourcesrealestate.com



little silver


Days on Market 84 54 44 77 104 74

Average Price $751,000 $695,289 $703,976 $846,658 $681,616 $804,866

Median Price $675,000 $535,000 $655,000 $770,088 $610,750 $650,000

Highest Price $1,800,000 $1,850,000 $1,225,000 $2,632,500 $1,900,000 $3,175,000

long BrAncH

Number of Sales 19 29 31 30 25 42

Days on Market 105 128 74 103 112 87

Average Price $281,732 $387,831 $436,170 $346,188 $285,775 $336,621

Median Price $260,000 $315,000 $280,000 $262,000 $273,000 $291,000

Highest Price $800,000 $2,700,000 $2,955,000 $1,787,500 $650,000 $740,000

middletown

Number of Sales 97 193 251 164 117 211

Days on Market 74 73 63 81 69 53

Average Price $433,007 $447,673 $519,951 $447,138 $413,852 $458,634

Median Price $350,000 $395,000 $439,900 $380,000 $367,500 $415,000

Highest Price $1,900,000 $2,200,000 $5,583,270 $2,425,000 $1,614,773 $1,525,000

monmoUtH BeAcH


Days on Market 52 88 66 142 86 61

Average Price $1,201,857 $1,170,714 $938,333 $925,625 $941,227 $1,050,642

Median Price $1,230,000 $1,050,000 $755,000 $885,000 $896,000 $935,000

Highest Price $1,675,000 $2,400,000 $1,510,000 $1,575,000 $1,625,000 $2,550,000

mobile website: bit.ly/37redcoach




oceAnPort


Days on Market 109 90 68 90 86 94

Average Price $480,000 $597,617 $434,170 $663,277 $456,111 $458,966

Median Price $495,000 $500,000 $425,000 $632,500 $406,000 $420,000

Highest Price $575,000 $1,400,000 $710,000 $1,500,000 $805,000 $989,000

red BAnk


Days on Market 77 48 79 130 87 90

Average Price $328,211 $326,090 $550,255 $315,976 $319,040 $400,778

Median Price $320,000 $305,900 $475,500 $360,000 $273,000 $409,500

Highest Price $690,000 $999,000 $2,600,000 $525,000 $743,000 $715,000

rUmson

Number of Sales 11 27 46 18 23 43

Days on Market 79 102 50 88 64 83

Average Price $1,099,666 $1,782,862 $1,548,432 $1,409,694 $1,526,891 $1,518,488

Median Price $950,000 $1,182,500 $1,362,500 $1,162,500 $1,271,000 $1,360,000

Highest Price $2,725,000 $4,040,000 $5,950,000 $3,962,500 $3,150,000 $4,515,000

sHrewsBUry


Days on Market 48 58 77 47 77 156

Average Price $514,285 $544,038 $552,146 $716,611 $493,433 $613,172

Median Price $425,000 $435,000 $550,000 $550,000 $452,000 $532,000

Highest Price $955,000 $930,000 $845,000 $1,415,000 $785,000 $1,100,000resourcesrealestate.com

mobile website: bit.ly/86rumson


mobile website: bit.ly/230pineplANNuAl REPORT

2014 2015%

Change

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 -3

FAir HAven



Average Price $827,075 $849,364 3

Median Price $700,000 $745,000 6

Highest Price $2,725,000 $3,479,000 28

Holmdel



Average Price $748,302 $770,657 3

Median Price $680,000 $715,000 5

Highest Price $2,263,582 $2,180,000 -4

2014 2015%

Change 2014 2015%

Change

AtlAntic HigHlAnds



Average Price $470,923 $558,606 19

Median Price $369,000 $455,000 23

Highest Price $1,475,000 $1,400,000 -5

colts neck

Number of Sales 118 112 -5

Days on Market 82 91 11

Average Price $863,951 $844,555 -2

Median Price $683,750 $687,750 1

Highest Price $5,400,000 $2,450,000 -55

Monmouth CountyPrice Comparisonsunits Sold

mobile website: bit.ly/1bladesrun


ANNuAl REPORT

2014 2015%

Change

little silver



Average Price $756,579 $751,801 -1

Median Price $670,000 $675,000 1

Highest Price $2,450,000 $2,632,500 7

long BrAncH



Average Price $278,456 $369,014 33

Median Price $267,000 $275,000 3

Highest Price $870,000 $2,955,000 240

middletown



Average Price $447,072 $469,826 5

Median Price $388,000 $408,000 5

Highest Price $5,125,000 $5,583,270 9

monmoUtH BeAcH



Average Price $983,860 $1,068,562 9

Median Price $850,000 $999,999 18

Highest Price $2,175,000 $2,400,000 10

2014 2015%

Change

oceAnPort



Average Price $506,890 $552,105 9

Median Price $410,000 $500,000 22

Highest Price $1,950,000 $1,500,000 -23

red BAnk



Average Price $374,631 $409,143 9

Median Price $335,000 $360,000 7

Highest Price $785,000 $2,600,000 231

rUmson



Average Price $1,294,832 $1,509,847 17

Median Price $1,130,000 $1,200,000 6

Highest Price $4,300,000 $5,950,000 38

sHrewsBUry



Average Price $561,559 $577,368 3

Median Price $550,000 $490,000 -11

Highest Price $982,500 $1,415,000 44

E S O U C E SR E A L E S T A T E B R O K E R

112 East River Road 36 Beach Rd Suite 3 4A West Front St 65 First AveRumson, NJ 07760 Monmouth Beach, NJ 07750 Red Bank, NJ 07701 Atlantic Highlands, NJ 07716

732-212-0440 resourcesrealestate.com

Information deemed reliable but not guaranteed. Data as of 4/8/16.Copyright 2015 by the Monmouth County Association of REALTORS®

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