Monmouth County New Jersey Luxury Housing Market Update November 218
Monmouth County, New Jersey - November 218 The real estate market is always changing, and if you re buying or selling a home especially a luxury property it s critical to understand the current market conditions. More than simply seeing what s happening to real estate as a whole in your local area, you need insights on what s taking place in the highend market, specifically with uncommon and unique homes like yours or those for which you re shopping. That s why Long & Foster publishes our exclusive LuxInsight report giving consumers like you invaluable information on the luxury market performance in your local area. Published monthly, LuxInsight provides you with A broad overview of real estate trends in the high-end real estate market. From median sale prices and active inventory to the current housing Demand and available active listings, LuxInsight gives you access to essential statistics you need to know. Beyond this valuable market information, Long & Foster s team of luxury sales associates is available to guide you through the real estate process. We believe luxury real estate is all about the individual, and when you work with us, you'll receive an experience tailored to your unique needs. You'll enjoy exceptional service and expertise, provided by agents who specialize in marketing and selling the most stunning luxury homes. You'll gain our exclusive connections around the world and get a luxury home experience with proven results. AT A GLANCE Active Inventory 484 New Listings 6 Units Sold Median Sale Price $1,325, 71 66 61 56 51 46 41 36 18 16 1 12 1 8 6 2 7 6 5 3 2 1 $2,1, $2,, $1,9, $1,8, $1,7, $1,6, $1,5, $1,, $1,3, $1,2, Down -3.4% Down -23.1% Down -12.5% Down -3.% 2
Monmouth County, New Jersey - November 218 Compared to last November, the total number of homes more than $1 Million available this month was lower by 3.4% and lower by 6.7% compared to November 216. Active inventory this November was 9.9% lower than the previous month s supply of available inventory. Total Inventory INVENTORY PRICE RANGES $1M + 16.3% $1M - $2M 1.58% $2M - $5M 4.78% $5M+.94% 8 7 6 5 3 2 1 ACTIVE INVENTORY 539 479 476 47 534 61 638 67 677 649 61 573 519 459 58 531 537 583 627 638 614 59 548 529 51 438 451 471 51 534 579 62 69 593 568 537 484 NEW LISTINGS & NEW CONTRACTS New Listings New Contracts ACTIVE INVENTORY Versus Previous Years 18 16 1 12 1 8 6 2 84 83 27 23 78 38 6 53 52 51 5 49 48 47 46 519 51 484 3
Monmouth County, New Jersey - November 218 This month s units sold for homes more than $1 Million was lower than at this time last year, a decrease of 12.5% versus last November and an increase of 45.8% versus November of 216. There was a decrease of 45.3% in luxury units sold in November compared to October of this year. 5 3 2 1 24 UNITS SOLD Versus Previous Years 7 UNITS SOLD 6 64 5 3 2 1 21 21 22 25 32 26 39 36 24 29 29 18 31 34 46 51 51 5 41 3 32 34 42 39 5 46 59 53 Sold Date City Zip Code RECENT SELECTED LUXURY SALES Final List Price Final Sale Price Sale Price as % of List Price October 9, 218 Middletown 7748 $1,275, $1,21, 94.9% 186 September 14, 218 Middletown 7748 $1,1, $1,5, 95.5% 13 August 28, 218 Rumson 776 $2,799, $2,799, 1.% 128 July 2, 218 Rumson 776 $1,375, $1,3, 94.5% 5 DOM Buyer Long & Foster Represented Seller 4
Monmouth County, New Jersey - November 218 In November, the median sales price for homes more than $1 Million was $1,325,, a decrease of 3.% compared to last year. The current median sales price was lower by 3.2% than in October. $1,42, $1,, $1,38, $1,36, $1,3, $1,32, $1,3, $1,28, $1,412,5 MEDIAN SALES PRICE Versus Previous Years $1,366,25 $1,325, $2,5, MEDIAN SALES PRICE $2,, $1,5, $1,, $1,, $1,425, $1,9, $1,45,736 $1,995, $1,59, $1,497,5 $1,585, $1,275, $1,378,75 $1,76, $1,425, $1,412,5 $1,3, $1,588, $1,364,5 $1,625, $1,645,75 $1,487,5 $1,475, $1,28, $1,45, $1,437,5 $1,4, $1,366,25 $1,485, $1,59, $1,59, $1,537,5 $1,613,213 $1,45, $1,412,5 $1,318,5 $1,5, $1,, $1,368,5 $1,325, $5, $ $12,, TOTAL DOLLAR VOLUME SOLD $1,, $8,, $6,, $,, Total volume sold this November was 13.6% lower than the same month one year ago. $2,, $ $47,87,7 $,512,499 $68,472,582 $59,183,36 5
Monmouth County, New Jersey - November 218 In November, the average sale price for homes more than $1 Million was 94.8% of the average list price, which is 2.5% higher than at this time last year. This month, the average number of days on market was 76, lower than the average last year, which was 97, a decrease of 21.6%. 1% 98% 96% 94% 92% 9% 88% 86% 94.6% 93.8% SALE PRICE AS % OF LIST PRICE 92.3% 94.8% DAYS ON MARKET 16 1 12 1 8 6 2 88 11 141 127 112 96 77 7 1 84 83 75 121 143 111 88 13 126 84 129 8 16 82 77 97 73 14 83 78 66 82 78 85 8 111 99 76 MONTHS OF SUPPLY In November, there were 13. months of supply available, compared to 12. in November of 217. That is an increase of 8.3% versus a year ago. 3 25 2 15 1 5 25. 14. 22. 21. 21. 18. 24. 2. 17. 18. 17. 17. 21. 15. 17. 29. 17. 17. 13. 12. 18. 11. 1. 13. 12. 1. 15. 14. 14. 12. 14. 12. 13. 1. 1. 8. 13. 6
Monmouth County, New Jersey - November 218 References & Definitions MONMOUTH COUNTY, NJ: LISTING SOURCE, REPORTING AREA, & DEFINITION Based on data supplied by the Monmouth County Association MLS, and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. This report includes coverage for the county of Monmouth, New Jersey only. Analysis dates for all regions are November 1, 215 through November 3, 218. MEDIA CONTACT Vicki Bendure, Bendure Communications Email: Vicki@bendurepr.com Phone: (5) 687-6 Contacts & Disclaimers CREATED BY Michael Bystry, Long & Foster Real Estate, Inc. Senior Market Research Analyst DISCLAIMER "Information contained in this report is based on data provided by the local area Multiple Listing Service and its member Association(s) of REALTORS. No representation, expressed or implied, should be taken from information herein. Neither these organizations nor Long & Foster Real Estate, Inc. guarantee or are in any way responsible for the accuracy of these results, which do not reflect all activity in the marketplace. For more information regarding your specific market, contact one of Long & Foster s knowledgeable and experienced sales associates. Analysis dates are November 1, 215 through November 3, 218. Information contained in this report is not limited to transactions done by Long & Foster Real Estate, Inc. The data reported is solely for residential real estate transactions. Information contained in this report is deemed reliable but not guaranteed, should be independently verified and does not constitute an opinion of Long & Foster Real Estate, Inc. For more information regarding your specific market, contact one of Long & Foster s knowledgeable and experienced sales associates. Analysis dates are November 1, 215 through November 3, 218". Material appearing in this report may be reproduced or copied without permission. Please use the following acknowledgement for citation: Source: Long & Foster Real Estate, Inc. and also cite the appropriate MLS. 7