MONMOUTH COUNTY, NJ - Resources Real Estate, Monmouth County’s award-winning luxury real estate firm, released The Resources Report, its annual local area market report recapping 2018. Fewer single-family home sales were recorded last year in Monmouth County with ⅔ of the surveyed towns reporting fewer sales than the previous year, as well as higher days on market.
“While 2018 did show a slight downturn in sales -- about 1.5% -- it is worth noting that it follows three straight years of significant growth,” said Thomas McCormack, Senior Partner. “So, I don’t believe it’s cause for concern moving forward.”
Low inventory is likely a factor in slumping sales with more than half of the survey offering fewer available homes. The supply shortage also could be the cause for local price increases. The median sale price in the county went up 4.22% to $432,500 and 75% of the survey showed median and average sales prices up — sometimes significantly as in the case of Long Branch which experienced a 23% increase in median sale price in 2018 (although inventory was actually up 42%).
“At Resources Real Estate we continue to find new technologies, agent training and lead generation platforms which have allowed us to grow,” said McCormack. “We saw an overall 20% increase in unit transactions for the year and we expect even greater gains in 2019.”
The full report and more information is available in The Resources Report: 4Q2018 available at the company’s website and bit.ly/resourcesmarketreport
About Resources Real Estate
Resources Real Estate is Monmouth County’s premier independent brokerage serving both residential and commercial clients with an exceptional standard of professionalism and service, state-of-the-art technology and in-depth market knowledge. With over 90 sales associates and support staff, Resources Real Estate services Monmouth, Ocean, Middlesex and Hudson counties and maintains strong referral relationships with brokers throughout the U.S. and internationally. Resources Real Estate has offices in Rumson, Red Bank, Atlantic Highlands and Shrewsbury, NJ. Resources Real Estate has been recognized by Who’s Who in Luxury Real Estate, The Board of Regents of Luxury Real Estate, Inc. 5000, NJBiz 250 and are members of the Forbes Real Estate Council. For assistance with residential or commercial property sales or to inquire about a career in real estate visit resourcesrealestate.com.