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The Connolly Agency

First Three Quarters Market Update

The Real Estate Market at the Jersey Shore continues to be very strong in 2017, with high demand, low inventory and home sale prices generally on the rise.  Here is a comparison of this year’s Real Estate Activity through the 3rd Quarter of 2017 compared to last year through the third quarter for single family homes that have been sold:
Allenhurst – So far through 2017, only 5 single family homes have been sold in Allenhurst, one less than this time last year. However, the average sales price for a house has doubled, going from $854,666 last year to $1,865,000 this year. The homes have sold for 9% less than the listing price, consistent with last year, and have spent an average of 96 days on the market, almost the same as 2016.
Asbury Park – With 72 homes in sold in Asbury Park this year, the average sales price has increased 33% to $364,669 since 2016! The average days on the market has also dropped from 82 days to 25 days, selling for 2% less than the listing price.
Avon-by-the-sea – By the third quarter of both 2017 and 2016, 19 single family homes were sold in Avon-by-the-sea. This year, the average sales price of a home is $1,047,078, which is almost 7% less than last year. The average days on the market has also slightly dropped from 110 to 95, and the houses sold for an average of 94% of the listing price.
Belmar – In Belmar 51 single family homes have been sold so far, 5 more than the by the third quarter last year. The average price of a house has only increased by 1%, being at $751,337, and being sold for 92% of the listing price. The average days on the market has also increased from 83 days to 126 days.
Bradley Beach – The most recent data for 2017 in Bradley Beach shows that 30 single family homes were sold for an average of $629,803, which is 8% over the period last year. Homes last year by this time sold for $580,830. The homes were sold for about less than 5% of the listing price, and stayed on the market for an average of 59 days, shorter than the 74 day average of last year.
Brielle -The average sales price for a single family home in Brielle this year is $711,791, only about 3% less than last year. This year 54 homes have been sold, which is 15% more than 2016 around the third quarter. The homes sell for an average of 94% of the listing price, consistent with last year, and spend about 79 days on the market, 15 less than last year.
Lake Como – Three quarters into 2017, the average sales price of a single family home is $443,767, increasing by almost 19% since last year. 30 homes have been sold, 6 more than last year, and the days on the market have decreased from 64 to 55 days. The homes sell for an average of 3% less than listing price.
Manasquan – In Manasquan, 70 single family homes have been sold, a 32% increase from last year. The average sales price of a home has also increased to $443,767, 15% more than last year. The houses sell for 5% less than listing price, and stay on market for 83 days, only a few less than last year.
Neptune City – The current data for Neptune City shows that 46 homes have been sold, 6 more than last year, for an average of $264,874. This is just a 5% increase from last year, and the houses are usually sold for 3% less than listing price. The days on the market, however, have decreased to 49 days, dropping from 70 days last year.
Neptune Township – A total of 281 single family homes have been sold in Neptune Township after three quarters, 50 more than last year’s 231. There has only been a slight 3% increase in the sales price, being at $319,809. The homes are on the market for an average of 57 days in 2017, compared to 69 in 2016, and sell for 97% of the listing price.
Ocean Grove – Data for 2017 so far has shown that 49 homes have been sold in Ocean Grove, a little more than the 42 sold last year. The average sales price has increased by about 7%, selling for $576,5530, and 95% of the listing price. The days on the market has also been reduced from 70 to 57 days on average.
Point Pleasant Beach – The average price for a single family home in Point Pleasant Beach in 2017 is $640,399, a 15% increase from last year. Other than that, the stats have been relatively consistent with last year, both years selling for 95% of the listing price, both on the market for 84 days, and having 62 homes sold in 2017 verse 65 in 2016.
Sea Girt – The most recent data for Sea Girt in 2017 has shown that 41 homes have been sold, while 38 were sold in 2016, and they averaged for $1,979,497, 16% more than the average of last year by the third quarter which was $1,786,703. The average days on the market decreased slightly from 104 to 98 days, and sold for 93% of the listing price.
Spring Lake – In Spring Lake 57 homes have been sold so far, 7 more than last year. The houses sell for an average of $2,148,645; last year at this time they sold for $2,097,190. The average days on the market is 92, a little less than 107 days last year. The houses also sell for 5% less than listing price.
Spring Lake Heights – The current average price of a home in Spring Lake Heights is $466,967, less than a 1% decrease in price from last year. 57 homes have also been sold this year, a 19% increase from last year, and the houses sold for 97% of the listing price. The average days on the market decreased from 76 to 62 days.
Wall – The most recent data for 2017 shows that 260 single family homes were sold in Wall, which is about a 5% increase from last year. The average sales price has also increased by 5%, being at $523,095, and selling for 96% of the listing price, the same as last year. The average days on the market also slightly increased from 65 to 72.

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