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®
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April 2011