Red Bank Single Family Sales in 2014

SOLD 51 
average days on market 65
Average Sales price 374,631

Red Bank market is hot! Becoming a Sellers market!

What Happened in Monmouth County Real Estate in 2014

Monmouth County Residential Real Estate for details (live)

 

Download Market Stats2014 MonCty pdf file

 

2014 was an active year!

2013 was more active!

We started out with an absorption rate of 7% and ended the year similar.

What that means is it would take 7 months to sell off ALL the inventory.
During August, September and October the rate went up to 9.5%.

Average Days on market at the beginning of the year was 92 days and ended higher, that would be normal because of the holidays.

The SALE to Original Price  started out at 92% and ended similarly.

2014 Average List price was $480,125 up from 2013 $458,189

2014 Average SOLD price was $341,422 up 3.77 % from  2013 at $329,004

Most active price range for the county was              2014             2013

$300,000-$399,999

2727

2743

-0.6

 

If you owuld like to get detailed info on your town please email me at [email protected]

Monmouth County Real Estate Market Predictions for 2014-2015

Will home prices be higher in twelve months? 

IN Monmouth County I expect prices to remain fairly consistent over the next six to nine months. I do not see a big dip in values or a rapid increase in market values. What I predict is a very small gain more than likely to occur in the spring of next year.

There have been some towns that have been stronger than others. Certain price points and towns have lower inventory levels than others and this has kept values moving in a positive direction in these communities. We also see other places that are not quite as strong and inventory might be a little more plentiful. Real estate sales are always driven by things such as location and desirable schools. It is those communities that have these factors going for them that are continuing to thrive. 

Should a prospective home buyer purchase a home today, even if they may be in a better position to do so in twelve months? 

It is always better for a buyer not to make the jump into home ownership until they are completely ready to take on that financial responsibility. A buyer needs to really go over their finances and determine whether waiting would make more financial sense. The X factor is interest rates. As you know right now they are extremely attractive and almost gotten back to record low territory. When interest rates jump it certainly affects a buyer’s purchasing power.

Next year I believe there will be higher rates . When you look at the big picture it makes sense that if a buyer feels they are ready financially to purchase they should give strong consideration to do so. Not only will they lock in a low interest rate but more than likely build equity as home prices increase. 

Most important thing a buyer can do before they even consider putting a deposit down on a home is to understand what and how to prepare to get a mortgage. Buyers should realize a lot of time and energy goes into being prepared to take on homeownership.

Home buyers are having a tough time due to lack of inventory. Will sellers come out of the woodwork next year?

I do expect we will see more sellers putting homes on the market for the Fall but the bulk of this inventory increase won’t happen until the Spring of 2015. There are a number of owners that are just starting to come back into the black after having little or no equity. With market values continuing to rise over the last year and a half I expect more people to enter the market. There are also some folks who will see the opportunity to make a move up as long as the interest rates continue to remain low.

Final thoughts for buyers considering purchasing a home in the next six to twelve months?

One of the most important things to consider is to know exactly what you are getting yourself into. There are many buyers who will think about the fact they will be paying a mortgage, home insurance and taxes but oftentimes forget about all the other expenses that come along with owning your own property.

When purchasing a home never forget there will be extra home buying expenses that you didn’t plan for. As a new home owner there should be additional money set aside not only for all the standard costs associated with buying a home but the incidentals as well. Many new purchasers forget about these things and end up being house poor to the point where they become a slave to their property.

 

 

LITTLE SILVER FEBRUARY 2014 REAL ESTATE REPORT

LITTLE SILVER MONTHLY REAL ESTATE REPORT
February 1 - February 28, 2014
Total Number of closed sales	4
Average days on market	48
Ratio of sale price to list price	96%
Lowest closed price	$365,000
Highest closed price	$1,137,500
Average closed price	$783,125
Distribution of Closed Sales
# under $500,000	1
# $500,001 - $1,000,000	2
# above $1,000,000	1
Total under contract as of 3/6/14	7
Total homes available as of 3/6/14	31
Average price of available homes	$1,234,219
Source: Monmouth/Ocean MLS. Information deemed reliable but not   guaranteed.

LONG BRANCH FEBRUARY 2014 REAL ESTATE REPORT

LONG BRANCH MONTHLY REAL ESTATE REPORT
February 1 - February 28, 2014
Total Number of closed sales	7
Average days on market	187
Ratio of sale price to list price	94%
Lowest closed price	$110,000
Highest closed price	$375,000
Average closed price	$240,166
Distribution of Closed Sales
# under $400,000	7
# $400,001 - $700,000	0
# above $700,001	0
Total under contract as of 3/6/14	30
Total homes available as of 3/6/14	110
Median price of available homes	$367,250
Source: Monmouth/Ocean MLS. Information deemed reliable but not   guaranteed.

MIDDLETOWN FEBRUARY 2014 REAL ESTATE REPORT

MIDDLETOWN  MONTHLY REAL ESTATE REPORT
February 1 - February 28, 2014
Total Number of closed sales	19
Average days on market	105
Ratio of sale price to list price	97%
Lowest closed price	$52,500
Highest closed price	$675,000
Average closed price	$443,750
Distribution of Closed Sales
# under $400,000	11
# $400,001 - $700,000	8
# above $700,001	0
Total under contract as of 3/6/14	110
Total homes available as of 3/6/14	309
Average price of available homes	$682,203
Source: Monmouth/Ocean MLS. Information deemed reliable but not   guaranteed.

MONMOUTH BEACH FEBRUARY 2014 REAL ESTATE REPORT

MONMOUTH BEACH MONTHLY REAL ESTATE REPORT
February 1 - February 28, 2014
Total Number of closed sales	2
Average days on market	86
Ratio of sale price to list price	92%
Lowest closed price	$422,500
Highest closed price	$465,000
Average closed price	$443,750
Distribution of Closed Sales
# under $500,000	2
# $500,001 - $1,000,000	0
# above $1,000,000	0
Total under contract as of 3/6/14	5
Total homes available as of 3/6/14	38
Median price of available homes	$1,529,455
Source: Monmouth/Ocean MLS. Information deemed reliable but not   guaranteed.

OCEAN TOWNSHIP FEBRUARY 2014 REAL ESTATE REPORT

OCEAN MONTHLY REAL ESTATE REPORT
February 1 - February 28, 2014
Total Number of closed sales	13
Average days on market	125
Ratio of sale price to list price	94%
Lowest closed price	$160,000
Highest closed price	$497,500
Average closed price
Distribution of Closed Sales
# under $400,000	12
# $400,001 - $700,000	1
# above $700,001	0
Total under contract as of 3/6/14	41
Total homes available as of 3/6/14	110
Average price of available homes	$586,317
Source: Monmouth/Ocean MLS. Information deemed reliable but not   guaranteed.

RED BANK February 2014 REAL ESTATE REPORT

RED BANK MONTHLY REAL ESTATE REPORT
February 1 - February 28, 2014
Total Number of closed sales	1
Average days on market	20
Ratio of sale price to list price	94%
Lowest closed price	$724,000
Highest closed price	$724,000
Average closed price	$724,000
Distribution of Closed Sales
# under $400,000	0
# $400,001 - $700,000	1
# above $700,001	0
Total under contract as of 3/6/14	12
Total homes available as of 3/6/14	27
Average price of available homes	$341,824
Source: Monmouth/Ocean MLS. Information deemed reliable but not   guaranteed.

 

Will Spring Ever Get Here?

Like most people, I’m eagerly awaiting the arrival of Spring.

RUMSON February 2014 REAL ESTATE REPORT

RUMSON MONTHLY REAL ESTATE REPORT
February 1 - February 28, 2014
Total Number of closed sales	13
Average days on market	206
Ratio of sale price to list price	95%
Lowest closed price	$321,000
Highest closed price	$2,125,000
Average closed price	$1,061,500
Distribution of Closed Sales
# under $500,000	2
# $500,001 - $1,000,000	3
# above $1,000,000	8
Total under contract as of 3/6/14	16
Total homes available as of 3/6/14	58
Average price of available homes	$2,714,405
Source: Monmouth/Ocean MLS. Information deemed reliable but not   guaranteed.

 

Will Spring Ever Get Here?