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.
--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.
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