Resources Real Estate Releases 2016's Quarter 1 Market Report
Posted by Stacey Lonergan — May 2, 2016
RUMSON, NJ - Resources Real Estate has released its Resources Report for the first quarter of 2016, which highlights the strength of New Jersey’s residential sales in 2015 and forecasts continuing growth through 2016. “The 2015 numbers are the highest they’ve been in 10 years, second only to the market highpoint of 2005 — before the recession and lender belt-tightening,” said Thomas McCormack, Managing Partner at the company. “Through January 2016, New Jersey has seen 17 straight months of increased sales relative to the previous year.” Broker and Senior Partner Carolyn Ozar-Diakon added, “Our report data reflects what we have been seeing in the field: multiple offer situations forcing buyers to craft their offers carefully to help assure acceptance.” The company attributes the growth to a number of factors: modest price growth, favorable mortgage rates and a slowly strengthening economy. The 2015 Monmouth County residential market saw a 10 percent increase in homes sold (5,566) for a median price of $402,500, versus 5,047 homes in 2014 at $399,000. Continuing the trend, sales have shown significant increases in the first quarter of 2016 across many residential submarkets throughout the county over the same period in 2015. “Buyers must be smart,” said Diakon. “Contingencies, financing, closing schedules are important factors that must be carefully considered.” “Sellers are also facing a number of considerations in deciding which offer to accept,” said McCormack. “Appraised value is usually slower to reflect increasing market value, making it difficult to determine a favorable listing price. Sellers must negotiate the pitfalls between listing and closing.” “The sales team at Resources Real Estate makes it happen for their clients through hard work, attention to detail and dedication to our clients’ goals,” said Diakon. Resources Real Estate, a Monmouth County, NJ firm, has four offices and a team of more than 75 sales and support personnel. Resources Real Estate is a full-service independent residential brokerage opened by Carolynn Diakon in 2000. Thomas McCormack, with the company since 2002, joined Diakon as a partner in 2010. Resources Real Estate is at 112 E. River Rd. in Rumson, 36 Beach Rd. in Monmouth Beach and 4A W. Front St. in Red Bank. For more information or a copy of The Resources Report, visit resourcesrealestate.com or contact Stacey Lonergan at 732.212.0440.