The First Half of 2020

The Jersey Shore Real Estate Market
Despite COVID-19 wreaking havoc around the world, the Jersey Shore Real Estate Market has been robust. During the first half of 2020, Monmouth County is one of five in New Jersey which has seen an increase in sales during 2020. Considering the overall 20% decrease of inventory in Monmouth County since mid-2019, this market has defied the predictions.
Many sought to leave the confines of the city to come to the beautiful shoreline of the Jersey Shore. According to the trends experienced by Brenda Connolly, Broker and Owner of The Connolly Agency, she understands “those who may have desired to have a home at the beach decided to fulfill this dream sooner than later. Employees working from home can work anywhere, so why not at the beach? We are seeing multiple bids on properties, and in many instances homes are selling over list price. If living at the Jersey Shore has been the dream, people are making it a reality now. Record low mortgage rates are also driving the demand for homes.”
The first half of 2020 in Allenhurst saw double the increase from 2019 by the sale of 4 single family homes compared with 2 in 2019. The average sale price more than doubled from the same time in 2019 from $685,350, with the current average sales price is now at $1,553,725. Homes are spending an average of 22 days on market, which is significantly down from 56 DOM in 2019.
Asbury Park is another town on the rise, despite a decrease in overall sale of single family homes for the first half of 2020. The decline of inventory was from 33 single family homes sold during the first half of 2019 to 25 sold in 2020. The value of the average sales price in 2019 was $375,363. At this same time in 2020, homes are being sold at an average sale price of $550,610; an increase of 36%. Homes are currently spending an average of 51 days on the market.
Avon by the Sea recorded sales of 13 single family homes during the first half of 2020, up from 8 during the same time frame last year. Homes sold at $1,655,673 the first half of the year. This is a 5% increase from an average of $1,575,437 this time last year. Homes were on the market for an average of 71 days.
Belmar recorded the sale of 30 single family homes in 2020 through June. The average sale price is currently $857,801 which is up from the average of $731,578 from this time last year; an increase of 17%. Homes are averaging 72 days on market.
Bradley Beach recorded the sales of 25 single family homes during 2020 through June, which is a reduction from 32 homes sold during the first half of 2019. Bradley Beach also saw a slight decrease in average home sale price from $721,410 in 2019 to $680,196 for 2020 reflecting a 6% decrease for the first half of the year. Homes are spending an average of 72 days on the market.
Brielle recorded the sale of 23 single family homes in the first half of 2020, a slight decline from the 27 homes sold in the first half of 2020. Average sales price is $681,550 in 2020 and homes are spending an average of 64 days on the market.
Lake Como reflected sales of 9 homes during 2020 through June. This is half the sales during this time in 2019. Average sales price declined from $469,161 to $413,777 in 2020; a 12% decrease. Homes spent an average of 96 days on the market.
Manasquan had 37 single family home sales during the first half of 2020, a small decline from the 44 homes sold the first half of 2019. Average sale prices increased to $888,678. Homes are on the market for an average of 54 days.
Neptune City recorded the sale of 18 single family homes during 2020; down from 29 homes sold during the first half of 2019. Despite this, the average sales price is up to $322,216 in 2020 from $285,624 during the first six months of 2019.
Neptune Township saw the sale of 153 single family homes for the first half of 2020, compared with 168 homes in 2019. Average sales prices went from $355,835 in 2019 to average sales price of $386,550 in 2020; a 9% increase. Homes are spending an average of 49 days on the market.
Ocean Grove recorded the sale of 34 single family homes for the first half of 2020. For comparison, 33 single family homes were sold during the first half of 2019. Average sales prices are recorded as $571,732 in 2020, up slightly from 2019. Homes are spending an average of 51 days on the market.
Point Pleasant Beach saw the sale of 47 single family homes in the first six months of 2020. Average sales price is reflecting $660,884 and homes are spending an average of 111 days on the market.
Sea Girt sold 22 single family homes during the first half of 2020, up from 14 homes sold the same time last year. Average sales prices increased from to $2,212,232 during 2020 from $2,103,857 in 2019; a 5% increase. Homes are spending an average of 82 days on the market.
Spring Lake recorded the sales of 32 single family homes during the first half of 2020, up from the 2019 comparison of 24 homes sold at the same time. Average sales price is $2,579,109; up 2% from the previous year. Homes are on the market for an average of 109 days.
Spring Lake Heights saw the sale of 21 single family homes for the first half of 2020. Average sales price in 2020 is $573,961, which is a 1% increase over 2019’s average. Homes are averaging 73 days on the market.
Wall recorded the sale of 137 single family homes for the first half of 2020, a slight decline from 149 homes sold during the same time in 2019. Average sales price in 2020 through the end of June is $557,336; a 2% increase over 2019. Homes in Wall are spending an average of 67 days on the market.
The Jersey Shore Real Estate market continues to be strong going into the third quarter of 2020.