Monmouth County Multi-family 2010 Profile

What happened in the Monmouth County Multi-family market last year?  This breakdown analyzes Multi-family properties as defined as 2-4 families, however there are some 5+ unit exceptions as per the Monmouth and Ocean MLS January 2010 – December 2010 as reported for MONMOUTH COUNTY. 

Please note I have included the entire year in Monmouth closed listings, then a town by town breakdown.  What I found interesting the least expensive properties were found in Keansburg.  My first guess would have been Asbury Park, maybe because I know the market so well here.  I live so close to the City of Asbury Park and have a soft spot in my heart for the area.  I've watched it change so much in some parts but not enough in others.

The other interesting statistic was the highest overall AVERAGE closed price with more than 1 closed property went to Manasquan.  Manasquan has a good school system, nice downtown, beautiful beach and river access you can’t go wrong.

Investor buyers if you can get a good deal in a Multi-family home, now is the time to buy.  Rentals are in demand, interest rates are still low and there are some pretty good deals still there to be had.

MULTI-FAMILY PROPERTIES, NJ CLOSED AS REPORTED THROUGH THE MLS BY YEAR

January 1, 2010 – December 31, 2010

Status   Total      Avg Price             Median                   Low                High                Avg DOM

CLS         123       $327,490            $285,000                  $50,550            $1,325,000           115

ASBURY PARK

Status   Total      Avg Price             Median                   Low                 High                Avg DOM

CLS         17           $192,253              $162,000              $55,000             $420,000              119

ATLANTIC HIGHLANDS

Status   Total      Avg Price             Median                  Low                  High                Avg DOM

CLS         1              $225,357              $225,357             $225,357           $225,357              115

BELMAR

Status   Total      Avg Price             Median                   Low                  High                Avg DOM

CLS         12           $501,750              $474,000              $242,500            $889,000              211

BRADLEY BEACH

Status   Total      Avg Price             Median                    Low                  High                Avg DOM

CLS         8              $562,375              $555,000              $220,000            $937,500              66

ENGLISHTOWN

Status   Total      Avg Price             Median                    Low                    High                Avg DOM

CLS         1              $420,000              $420,000              $420,000              $420,000           130

FREEHOLD BORO

Status   Total      Avg Price             Median                    Low                    High                Avg DOM

CLS         6              $254,750              $258,750              $101,000              $375,000              84

HIGHLANDS

Status   Total      Avg Price             Median                    Low                     High                Avg DOM

CLS         1              $600,000              $600,000              $600,000              $600,000              288

KEANSBURG

Status   Total      Avg Price             Median                    Low                     High                Avg DOM

CLS         13           $155,881              $141,000              $50,550                 $290,000              91

KEYPORT

Status   Total      Avg Price             Median                    Low                     High                Avg DOM

CLS         5              $276,400             $215,000               $188,000              $540,000              30

LONG BRANCH

Status   Total      Avg Price             Median                    Low                     High                Avg DOM

CLS         33           $309,330              $277,425               $150,000              $975,000              115

MANASQUAN

Status   Total      Avg Price             Median                    Low                      High                Avg DOM

CLS         3              $791,667             $277,425                $150,000              $1,325,000             115

MATAWAN

Status   Total      Avg Price             Median                   Low                       High                Avg DOM

CLS         1              $246,000             $246,000               $246,000               $246,000              148

MIDDLETOWN

Status   Total      Avg Price             Median                   Low                        High                Avg DOM

CLS         1              $343,000             $343,000              $343,000              $343,000              171

NEPTUNE CITY

Status   Total      Avg Price             Median                   Low                        High                Avg DOM

CLS         3              $199,500             $250,000              $58,500                 $290,000              51

NEPTUNE TOWNSHIP

Status   Total      Avg Price             Median                  Low                         High                Avg DOM

CLS         13           $380,762              $367,500              $77,400                 $610,000              121

RED BANK

Status   Total      Avg Price             Median                   Low                        High                Avg DOM

CLS         8              $311,250             $330,000              $110,000               $500,000              126

SPRING LAKE HEIGHTS

Status   Total      Avg Price             Median                   Low                       High                Avg DOM

CLS         3              $402,333             $437,000              $230,000               $540,000              132

UNION BEACH

Status   Total      Avg Price             Median                    Low                        High                Avg DOM

CLS         1              $215,000              $215,000              $215,000              $215,000              169

WALL TOWNSHIP

Status   Total      Avg Price             Median                    Low                        High                Avg DOM

CLS         3              $240,333              $241,000              $215,000              $265,000              66

WEST LONG BRANCH

Status   Total      Avg Price             Median                     Low                        High              Avg DOM

CLS         1              $360,000              $360,000              $360,000              $360,000              74

This CMA is not an appraisal and should not be considered the equivalent of an appraisal.
--Information deemed reliable but not guaranteed--Copyright: 2011 by the Monmouth County Association of REALTORS®
Prompt, Professional and Personalized Service. Call me direct 732-684-1559 or email lucyk@remax.net. Check out my website, www.RealEstateLu.com for more great information.

Wall Township Condo/Townhouse Value Anaylsis

In this analysis of closed CONDO/TOWNHOUSE properties, you will find that prices PEAKED in 2006 and 2007 in Wall Township.  Then noticeably going down with the market slide showing less units closed, lower prices and longer time on the market.   

In 2010, the prices seem to still be adjusting up slightly but never to the price levels that the Condo/Townhouse market were getting in 2006 and 2007. 

WALL TOWNSHIP, NJ CLOSED AS REPORTED THROUGH THE MLS BY YEAR – TAKE A LOOK AND COMPARE

January 1, 2006 – December 31, 2006

Status      Total        Avg Price                 Median                   Low                         High                Avg DOM

CLS          37            $389,624                 $375,000                 $250,000                 $630,000                 78

January 1, 2007 – December 31, 2007

Status      Total        Avg Price                 Median                   Low                         High                  Avg DOM

CLS          47            $387,049                 $370,000                 $257,000                 $1,150,000              96

January 1, 2008 – December 31, 2008

Status      Total        Avg Price                 Median                   Low                         High                  Avg DOM

CLS          39            $373,192                 $360,000                 $220,000                 $552,500                 115

January 1, 2009 – December 31, 2009

Status      Total        Avg Price                 Median                   Low                         High                  Avg DOM

CLS          31            $324,677                 $310,000                 $190,000                 $467,500                 117

January 1, 2010 – December 31, 2010

Status      Total        Avg Price                 Median                   Low                         High                  Avg DOM

CLS          36            $333,014                 $320,000                 $171,250                 $515,000                 114

This CMA is not an appraisal and should not be considered the equivalent of an appraisal.
--Information deemed reliable but not guaranteed--Copyright: 2011 by the Monmouth County Association of REALTORS®
Prompt, Professional and Personalized Service. Call me direct 732-684-1559 or email lucyk@remax.net. Check out my website, www.RealEstateLu.com for more great information.

 

Jersey Shore Prices 2003 vs. 2010

I am determined to keep my pulse on the market and share what I learn with my readers.  Today, I would like to analyze 2003 vs. 2010 closed prices for Spring Lake Heights, Neptune City and Sea Bright. 

Spring Lake Heights has remained close in the Average price range but big difference in the highest and lowest numbers with the number of closed being less in 2010.  Neptune City is doing much better in 2010 than 2003 in values overall except for number of closed properties which were higher in 2003. In Sea Bright, the same with values up not down.  Spring Lake Heights most closely reflects Prices on the Average 2003 vs. 2010. 

January 1, 2003 – December 31, 2003 – SPRING LAKE HEIGHTS

Status      Total        Avg Price                 Median                   Low                         High                  Avg DOM

CLS          33            $424,303                 $375,000                 $135,000                 $965,000                 103

January 1, 2010 – December 31, 2010

Status      Total        Avg Price                 Median                   Low                         High                  Avg DOM

CLS          25            $444,452                 $410,000                 $250,000                 $690,000                 116

Neptune City prices improved since 2003.

January 1, 2003 – December 31, 2003 – NEPTUNE CITY

Status      Total        Avg Price                 Median                   Low                         High                  Avg DOM

CLS          36            $194,051                 $182,950                 $85,111                   $300,000                 66

January 1, 2010 – December 31, 2010

Status      Total        Avg Price                 Median                   Low                         High                  Avg DOM

CLS          24            $244,392                 $236,750                 $144,000                 $399,000                 71

Sea Bright prices increased from 2003 to 2010.

January 1, 2003 – December 31, 2003 – SEA BRIGHT

Status      Total        Avg Price                 Median                   Low                         High                  Avg DOM

CLS          12            $643,542                 $432,000                 $235,000                 $1,600,000              62

January 1, 2010 – December 31, 2010

Status      Total        Avg Price                 Median                   Low                         High                  Avg DOM

CLS          8              $1,531,250              $1,587,500              $320,000                 $2,855,000              122

This CMA is not an appraisal and should not be considered the equivalent of an appraisal.
--Information deemed reliable but not guaranteed--Copyright: 2011 by the Monmouth County Association of REALTORS®
Prompt, Professional and Personalized Service. Call me direct 732-684-1559 or email lucyk@remax.net. Check out my website, www.RealEstateLu.com for more great information.

April 2011

A Look at Value for Manasquan

Manasquan Single Family homes are the focus this week.  Manasquan has one mile of sandy beaches located between the Manasquan inlet to the south and Sea Girt to the North.  It has a great downtown full of stylish shops, antiques and restaurants make for a convenient shore town for year round or seasonal living. 

The Unamis Indians, a local branch of the Lenni Lenape’s, lived along the Manasquan River and the beachfront.  The name “Manasquan” is said to mean “an island with enclosure for squans”.  Manasquan offers fishing in the ocean and river, as well as one entire beach devoted to the needs of the handicapped.   It’s a great destination for families just north of Point Pleasant Beach.  Manasquan has its own train station which makes commuting back and forth to NYC, a breeze.

In this analysis of closed Single family homes from January 2006 to December 2010, the average and median price differences have dropped to close to 100K respectively.  The number of closed properties peaked in 2006 and 2007.  As Manasquan is still weathering the rocky real estate market as prices continue to adjust in this Shore community.

I cover the Middlesex, Monmouth and Ocean county area.  With my primary focus being the Jersey Shore residential market.  Wishing you Great Success in all your Real Estate Dreams.

MANASQUAN, NJ CLOSED AS REPORTED THROUGH THE MLS BY YEAR – TAKE A LOOK AND COMPARE

January 1, 2006 – December 31, 2006

Status      Total        Avg Price                 Median                   Low                         High                  Avg DOM

CLS          83            $725,469                 $660,000                 $370,000                 $2,100,000              84

January 1, 2007 – December 31, 2007

Status      Total        Avg Price                 Median                   Low                         High                  Avg DOM

CLS          82            $698,816                 $603,500                 $327,500                 $2,005,000              108

January 1, 2008 – December 31, 2008

Status      Total        Avg Price                 Median                   Low                         High                  Avg DOM

CLS          66            $659,731                 $540,000                 $340,000                 $2,125,000              119

January 1, 2009 – December 31, 2009

Status      Total        Avg Price                 Median                   Low                         High                  Avg DOM

CLS          56            $666,286                 $605,000                 $340,000                 $1,900,000              124

January 1, 2010 – December 31, 2010

Status      Total        Avg Price                 Median                   Low                         High                  Avg DOM

CLS          46            $627,136                 $555,000                 $300,000                 $1,850,000              103

This CMA is not an appraisal and should not be considered the equivalent of an appraisal.
--Information deemed reliable but not guaranteed--Copyright: 2011 by the Monmouth County Association of REALTORS®
Prompt, Professional and Personalized Service. Call me direct 732-684-1559 or email lucyk@remax.net. Check out my website, www.RealEstateLu.com for more great information.

I CAN'T wait until Summer

It's such a gloomy April Saturday.  I thought putting some of my favorite summer pics would brighten up the day.  I'm counting the days to Memorial Day, officially 6 weeks to go, to fun in the sun, more time outdoors and just enjoy the warm balmy breezes. Until then, I'll be enjoying my hot chocolate and cozy warm sweaters.

Jersey Shore Towns - 2003 vs. 2010

I keep reading that our residential market is reflecting the numbers back in 2003. Since Real Estate is local I wanted to look at certain Jersey Shore Towns the year 2003 vs. 2010 to see how close we really are to prices eight years ago.  

The Monmouth/Ocean MLS was my source for SOLD Single Family for the previous decade.  In Wall, you will note a significant drop in closed homes for 2010.  While the Average and Median prices fluctuated a bit, the lowest priced sold stayed the same, the luxury market really jumped in price in 2010.  In all three towns profiled, there have been less closed homes but prices haven’t necessarily dropped down.  Take a look, be the judge.   It’s not so bad here at the Shore. 

January 1, 2003 – December 31, 2003 – WALL TOWNSHIP

Status      Total        Avg Price                 Median                   Low                         High                  Avg DOM

CLS          248          $416,387                 $385,000                 $130,000                 $815,000                 76

January 1, 2010 – December 31, 2010

Status      Total        Avg Price                 Median                   Low                         High                  Avg DOM

CLS          181          $487,190                 $434,000                 $130,000                 $2,540,000              93

Belmar seemed to keep a higher average last year overall, the lowest price got lower, less closing and longer DOM’s.

January 1, 2003 – December 31, 2003 – BELMAR

Status      Total        Avg Price                 Median                   Low                         High                  Avg DOM

CLS          64            $ 464,508                $379,950                 $ 180,000                $1,500,000              86

January 1, 2010 – December 31, 2010

Status      Total        Avg Price                 Median                   Low                         High                  Avg DOM

CLS          45            $643,578                 $480,000                 $165,000                 $1,800,000              106

Bradley Beach also looks like overall increased values since 2003 with significantly less closed and more time on the market.

January 1, 2003 – December 31, 2003 – BRADLEY BEACH

Status      Total        Avg Price                 Median                   Low                         High                  Avg DOM

CLS          57            $395,298                 $375,000                 $155,000                 $825,000                 66

January 1, 2010 – December 31, 2010

Status      Total        Avg Price                 Median                   Low                         High                  Avg DOM

CLS          29            $539,443                 $525,000                 $300,000                 $1,290,000              91

This CMA is not an appraisal and should not be considered the equivalent of an appraisal.
--Information deemed reliable but not guaranteed--Copyright: 2011 by the Monmouth County Association of REALTORS®
Prompt, Professional and Personalized Service. Call me direct 732-684-1559 or email lucyk@remax.net. Check out my website, www.RealEstateLu.com for more great information.

April 2011