The number one question that REALTORS® are asked is, “How’s the market?”. There are lots of ways to answer that question, and one of the best answers is that it depends whether you’re a Buyer, a Seller or an Investor. There are other good answers as well, and one of them is that all real estate is LOCAL. You can’t read an article in a national newspaper giving statistics for the housing market across the country, because real estate is doing well (i.e., prices are increasing) in some states more than in others. Within a given state you can see some counties that are doing better, and others that are doing worse. The same is true for towns within a given county.
The 2nd quarter statistics are in, and I thought I’d share some of the Monmouth County real estate information with you. I looked at 25 towns in the Eastern part of the county. If we compare the January 1 – June 30 median sales prices of single-family homes for this year to those from 2013, Long Branch has seen the greatest price increase (15.2%) and Eatontown the greatest price decrease (-10.2%). Five of the towns that I follow had fewer than 20 home sales in one or both years, so I didn’t calculate the percentage changes for those towns because I feel those numbers wouldn’t be statistically significant.
Here’s the town by town information for the 25 Monmouth County towns I follow:
Six of the towns saw the median sales price increase by more than 10%, 3 saw increases between 5% and 10%, 6 saw price increases less than 5%, 5 saw median price decreases, and the last 5 had too few sales to calculate a percentage change.
|Town||Jan 1 – Jun 30 2014|
|Homes Sold||Median Price|
|West Long Branch||26||$355,500||-6.0%|
The bottom line is that real estate is doing very well in some towns and not in others. If you’re thinking of buying a home in Monmouth County, you’ll have to pay more than you would have a year ago in 15 towns but you’ll pay less than you would have in 5 other towns. The old adage about real estate is true: location, location, location.
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