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®
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