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

the RESOURCESreport

Monmouth CountyReal Estate Market Report2nd Quarter 2014

the RESOURCESreport

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Thomas McCormackManaging Partner - Brokertom@resourcesrealestate.com

At the conclusion of 2nd quarter we see Monmouth County’s housing market in more positive territory relative to 12 months ago ~ unit sales are up 9%, median sale price up 5.4%, and less than 7 months of inventory.* Despite this, there’s a feeling that the exuberance of 2013 ~ as the sleeping giant that was our real estate market awakened and revived ~ did not continue as anticipated. Certainly a challenging winter slowed down 1st quarter’s pace but even after the snow and cold exited, 2nd quarter sales were lower than the previous year.

Of course we’re happy for overall positive growth but it’s curious why gains haven’t been stronger given positive jobs reports, record-breaking Wall Street numbers, low mortgage interest rates and home prices that are still attractive.

Perhaps our current state is one of equilibrium with neither seller or buyer having an advan-tage and each required to play by the market’s rules: Sellers acknowledging that not every home sells in a bidding war and correct pricing and home preparation are both smart and necessary; and Buyers presuming they are in competition and must act quickly if they are to succeed. Of course a strong agent will help you succeed and we are here to help.

Tom

(* For the 12 month period ending with second quarter 2014.)

As the Spring gave way to the glorious days of Summer, I looked around and couldn’t help but notice what a wonderful place we live. Kids biking to the beach, some with surfboards. Ice cream places are open and parents and kids alike enjoy the creamy experience together.

I confess to spending several lazy evenings having dinner at the beach and enjoying the peaceful and rejuvenating sounds of the ocean.

As many of you know I had cancer and chemo treatments in 2013 and into 2014, with several surgeries. As all seasons roll around, the season of me getting back into shape and getting physically moving has arrived and I must say as reluctant as I was to exercise, the beauty of the Hartshorne and Huber Woods are winning me over.

Our company boat, a 50’ Sundancer, did not make it up from Florida yet this year as we lost an engine and anyone that knows boats knows the frustration of waiting for parts. As soon as she gets safely to SRYC in Fair Haven, I look forward to client tours and cocktails aboard the “Sea Lion.”

In the meantime I continue to plan for the future with innovations that are constantly copied in the industry, we don’t mind. We are after all innovators, and that is one of the reasons our clients pick us. In addition, our culture attracts the best professional talent and our training is considered to be one of the best in the industry. Look for more innovation and real estate strides in the second half of this year.

Carolynn

Carolynn Ozar-DiakonBroker - Senior Partnercarolynn@resourcesrealestate.com

QuARTERLY REPORT2013 2014

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

AtlAntic HigHlAnds

Number of Sales 6 14 14 19 9 10

Days on Market 223 106 90 116 105 176

Average Price $805,555 $656,374 $385,187 $475,960 $341,014 $488,902

Median Price $765,000 $542,350 $396,042 $404,133 $330,250 $412,792

Highest Price $1,150,000 $1,480,488 $745,000 $1,280,000 $510,000 $1,087,500

colts neck

Number of Sales 21 31 47 25 22 22

Days on Market 105 134 115 134 155 79

Average Price $786,751 $951,222 $783,952 $852,680 $681,766 $781,278

Median Price $634,375 $855,500 $673,150 $735,833 $572,283 $702,500

Highest Price $2,200,000 $3,750,000 $2,450,000 $1,765,000 $1,800,000 $1,580,000

FAir HAven

Number of Sales 16 23 39 30 19 31

Days on Market 93 74 85 71 105 53

Average Price $647,638 $932,338 $703,259 $919,854 $884,601 $778,042

Median Price $586,763 $711,500 $692,333 $711,500 $691,166 $691,333

Highest Price $1,352,000 $3,300,000 $1,479,000 $3,600,000 $2,250,000 $2,725,000

Holmdel

Number of Sales 22 38 58 38 21 37

Days on Market 117 105 70 92 75 91

Average Price $716,528 $828,609 $718,749 $757,560 $750,407 $707,379

Median Price $610,816 $698,500 $648,500 $694,167 $687,650 $642,417

Highest Price $1,750,000 $2,582,200 $1,852,150 $2,750,000 $1,400,000 $2,017,500

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QuARTERLY REPORT2013 2014

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

little silver

Number of Sales 13 32 33 13 10 21

Days on Market 95 94 45 39 46 67

Average Price $577,394 $632,942 $726,596 $630,041 $601,875 $623,314

Median Price $561,667 $586,067 $611,721 $521,750 $616,167 $590,833

Highest Price $1,100,000 $1,575,000 $1,800,000 $1,670,000 $1,137,500 $1,170,000

long BrAncH

Number of Sales 19 36 38 29 27 30

Days on Market 115 128 119 85 152 124

Average Price $262,542 $277,010 $365,869 $302,180 $261,630 $293,631

Median Price $217,083 $240,500 $257,500 $248,300 $253,333 $282,800

Highest Price $1,187,500 $750,000 $1,220,295 $1,500,000 $484,000 $1,850,000

middletown

Number of Sales 103 163 208 148 77 166

Days on Market 87 99 67 77 91 89

Average Price $397,076 $441,599 $495,838 $450,906 $422,157 $471,400

Median Price $355,600 $397,500 $416,333 $425,000 $374,667 $370,000

Highest Price $1,352,000 $2,725,000 $6,100,000 $1,325,000 $1,835,000 $5,125,000

monmoUtH BeAcH

Number of Sales 4 5 15 13 5 12

Days on Market 73 113 109 131 83 53

Average Price $865,500 $863,100 $597,694 $900,311 $1,042,708 $919,103

Median Price $963,000 $863,100 $426,500 $862,207 $1,096,875 $782,083

Highest Price $1,315,000 $1,275,000 $1,800,000 $1,575,000 $2,125,000 $2,175,000

bit.ly/147monmouth

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QuARTERLY REPORT2013 2014

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

oceAnPort

Number of Sales 12 9 16 14 8 19

Days on Market 100 61 64 109 143 71

Average Price $396,075 $377,097 $526,507 $489,233 $579,000 $503,472

Median Price $372,167 $350,750 $382,417 $443,500 $510,917 $400,833

Highest Price $699,900 $770,000 $2,400,000 $805,000 $1,250,000 $1,950,000

red BAnk

Number of Sales 14 21 18 20 6 18

Days on Market 201 105 90 57 46 81

Average Price $251,867 $475,638 $497,644 $527,553 $426,583 $351,073

Median Price $264,583 $365,667 $388,000 $446,683 $422,166 $340,000

Highest Price $535,100 $2,550,000 $1,650,000 $2,281,700 $724,000 $760,000

rUmson

Number of Sales 20 32 38 38 17 31

Days on Market 93 87 86 79 115 86

Average Price $1,271,269 $1,063,287 $1,444,824 $1,178,908 $1,056,945 $1,202,513

Median Price $1,095,833 $857,417 $1,358,417 $855,166 $1,127,500 $980,833

Highest Price $3,034,000 $3,175,000 $3,200,000 $5,600,000 $2,125,000 $3,550,000

sHrewsBUry

Number of Sales 6 8 12 10 5 9

Days on Market 86 150 63 89 154 53

Average Price $348,944 $653,633 $425,450 $664,436 $638,333 $460,711

Median Price $328,500 $667,250 $444,167 $664,150 $640,000 $484,000

Highest Price $490,000 $960,000 $515,000 $875,000 $950,000 $837,000

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bit.ly/80wriver

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bit.ly/11rivergateANNuAL REPORT

2012 2013%

Change

monmoUtH coUnty

Number of Sales 4601 5192 13

Days on Market 107 91 -15

Average Price $472,637 $480,350 2

Median Price $371,875 $384,188 3

Highest Price $7,300,000 $6,425,000 -12

FAir HAven

Number of Sales 91 108 19

Days on Market 90 79 -12

Average Price $735,940 $805,139 9

Median Price $698,833 $667,000 -5

Highest Price $3,500,000 $3,600,000 3

Holmdel

Number of Sales 150 156 4

Days on Market 118 92 -22

Average Price $678,630 $757,940 12

Median Price $643,212 $658,500 2

Highest Price $1,975,000 $2,750,000 39

2012 2013%

Change 2012 2013%

Change

AtlAntic HigHlAnds

Number of Sales 45 53 18

Days on Market 107 120 12

Average Price $434,129 $522,798 20

Median Price $345,396 $420,000 22

Highest Price $1,650,000 $1,480,488 -10

colts neck

Number of Sales 87 124 43

Days on Market 117 121 3

Average Price $889,336 $831,089 -7

Median Price $672,345 $672,500 0

Highest Price $4,450,000 $3,750,000 -16

Monmouth County Price Comparisons

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ANNuAL REPORT

2012 2013%

Change

little silver

Number of Sales 67 91 36

Days on Market 106 75 -29

Average Price $564,014 $670,679 19

Median Price $514,270 $555,000 8

Highest Price $1,800,000 $1,800,000 0

long BrAncH

Number of Sales 90 122 36

Days on Market 167 117 -30

Average Price $254,966 $311,803 22

Median Price $205,000 $236,000 15

Highest Price $1,900,000 $1,500,000 -21

middletown

Number of Sales 526 624 19

Days on Market 89 80 -10

Average Price $450,668 $456,357 1

Median Price $374,937 $399,250 6

Highest Price $7,300,000 $6,100,000 -16

monmoUtH BeAcH

Number of Sales 46 37 -20

Days on Market 135 119 -12

Average Price $879,905 $766,947 -13

Median Price $851,079 $634,000 -26

Highest Price $1,620,000 $1,800,000 11

2012 2013%

Change

oceAnPort

Number of Sales 58 51 -12

Days on Market 116 84 -28

Average Price $452,924 $446,027 -2

Median Price $394,500 $375,000 -5

Highest Price $1,200,000 $2,400,000 100

red BAnk

Number of Sales 58 74 28

Days on Market 80 109 36

Average Price $339,447 $435,018 28

Median Price $301,245 $333,500 11

Highest Price $1,640,000 $2,550,000 55

rUmson

Number of Sales 101 129 28

Days on Market 128 80 -38

Average Price $1,287,289 $1,280,255 -1

Median Price $1,171,833 $1,070,000 -9

Highest Price $4,090,000 $5,600,000 37

sHrewsBUry

Number of Sales 48 36 -25

Days on Market 88 87 -1

Average Price $503,429 $501,629 0

Median Price $481,950 $480,500 0

Highest Price $1,300,000 $960,000 -26

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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 7/8/14.Copyright 2014 by the Monmouth County Association of REALTORS®