Latest Monmouth County residential stats from Resources Real Estate: last week’s sales and new listings, week ending 5-23-20, compared with same period one year ago.
The Coronavirus emergency has greatly impacted real estate markets and they are changing on a rapid basis. We will now be posting weekly market updates to keep you informed of what’s happening out there! Here’s last week’s market activity.
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Residential Market Report Provides Context in Time of Change and Uncertainty
Shrewsbury, NJ: Resources Real Estate, Monmouth County’s award-winning luxury real estate firm, released the company’s most recent The Resources Report for 1st Quarter 2020 single-family residential sales in Monmouth County, NJ, which shows a market in flux even prior to the current Coronavirus shutdowns.
“In this moment of constant daily change in the economy, the public health situation and the world as we know it, it seems hardly meaningful to discuss business that occurred “B.C.” (aka Before Covid),” said Thomas McCormack, Senior Partner and Broker of Resources Real Estate, “And yet, even in times of change and uncertainty, context is helpful.”
The report indicates that while 2019 set new records state-wide for single-family unit sales, Monmouth County did not with 2/3 of the surveyed municipalities showing fewer sales than in the previous year according to Monmouth Ocean Regional Realtors Multiple Listing Service data. In the first quarter 2020 this situation improved with about half of towns showing flat or increased sales numbers; overall county-wide sales were up by over 4% in both units and average sale price for single-family homes.
“The increased demand seemed to indicate that our Spring market would be robust especially as inventory was on the rise,” said McCormack. “While low inventory was at issue in much of the state, we saw total available homes almost twice that of a year ago when many local professionals surmised that sales were down because there were not enough homes to sell.”
How this will play out throughout 2020 is yet to be seen with many sellers pulling their house from the rotation and many buyers observing the quarantine.
While some buyers previously in the market may drop out due to a change in financial ability, others may choose to enter. If transitioning to a buyer’s market, investors will likely enter the fray. Historically low mortgage interest rates will also promote a stronger buyer push.
Agents at Resources Real Estate believe the new market will favor some property types (e.g. spacious yards capable of both fun & social distancing) over others (e.g. high density developments) and pricing will be a key factor.
“The market will continue to be volatile,” said McCormack, “No one has a crystal ball and all will depend on how COVID-19 cases, treatments and vaccines progress. We are already seeing an uptick in buyer activity and expect a rebound of sorts but so many other factors are in play that we will monitor the situation daily and keep our clients well informed.”
Barr, an award-winning agent with 20 years experience, has established herself as a top producing agent with in-depth knowledge of the Monmouth County market.
“We are thrilled to welcome Laura Barr to Resources,” said Thomas McCormack, Senior Partner and Broker of Resources Real Estate. “Her tremendous skills and talent combined with her deep connection to the local community makes her a very strong client advocate.”
Barr comes to Resources Real Estate with an extensive track record of satisfied clients and successful transactions. An active member of the community, she and her family have been longtime supporters of local charities and non-profit organizations including the Eisenberg Family Center at Monmouth Medical Center.
As an agent with Resources Real Estate, Barr is now a member of Who’s Who in Luxury Real Estate as well as the Board of Regents of Luxury Real Estate, an exclusive organization of luxury brokers and elite agents from around the world with properties in over 70 countries with a combined value of over $240 billion. Barr is also a member of the National Association of Realtors, New Jersey Realtors, and Monmouth Ocean Regional Realtors.
One of Barr’s newest offerings will take full advantage of the company’s luxury marketing channels: a spacious, waterfront Rumson estate with a rich history and stunning views.
“I am excited to join such a vibrant and progressive company,” said Barr. “Their commitment to client success and agent professionalism as well as their award-winning marketing is a very powerful combination. I am grateful for the opportunity to join the Resources Real Estate and look forward to expanding my business and achieving even greater success for my clients.”
RUMSON, NJ – Twenty years ago, Carolynn Ozar Diakon founded Resources Real Estate with the goal of building an independent real estate agency with strong market instincts, exceptional customer service and a commitment to the community. In 2020, Resources Real Estate will celebrate her legacy and their 20th anniversary with an initiative designed to match her distinctive personality: “20 Deeds in 2020.”
Diakon, who passed away in 2019, always had big ideas and a powerful personality to bring them to fruition. The Carolynn Ozar Diakon Foundation was created by her family and Resources Real Estate to honor her spirit, with a mission to empower women who face challenges of all kinds. Carolynn’s husband, Robert Diakon, and her three adult children, Gabriel Diakon, Christopher Ozar and Brett Diakon will direct the organization along with Thomas McCormack, Broker of Resources Real Estate.
This year, the #20Deeds2020 effort will take Diakon’s philanthropic efforts to a new level. Resources Real Estate is asking people to perform 20 good deeds during the course of the year. To maximize the impact, the first good deed each participant must perform is to find 20 more people willing to make the same commitment.
“It’s simple really — we want to change the world,” said McCormack, who worked with Diakon since 2002 and was her business partner since 2010.
Not only do they want each person to commit to performing 20 good deeds in 2020, they want each of them to recruit an additional 20 people to commit to 20 good deeds with each of their recruits also committed to adding 20 more people to the effort.
“We intend to create a ripple effect throughout our community, the state of New Jersey and beyond,” said McCormack, “to create a movement that will, in time, improve the lives of thousands of people.”
If that sounds audacious, it’s in keeping with the bold character of Diakon herself.
Throughout its 20-year history, Resources Real Estate has always been a strong community partner. Diakon personally overcame many hardships in her life and was known for her efforts on behalf of mental health, historic preservation, victims of domestic abuse, women’s health and much more. One dramatic example included Diakon taking her family in a rented RV to New Orleans immediately following Hurricane Katrina to assist in relief efforts. Diakon received the Clara Barton Corporate Humanitarian Award from the New Jersey Red Cross in 2013 because of her unflinching commitment to help others.
The #20Deeds2020 initiative doesn’t define what constitutes a good deed — big/small, grand/modest, solo/group, public/anonymous — they all qualify. In addition, the organizers hope that the campaign will provide a platform for many non-profits to gain wider attention and support.
The company, its agents and supporters have already put in motion efforts to support people in need and local non-profits. Resources Real Estate’s commercial division has initiated an effort to collect items needed by Ronald McDonald House of Central NJ located in Long Branch which provides a ‘home away from home’ for families of seriously ill children receiving medical treatment in local medical facilities. Other initiatives include promoting volunteerism at Lunch Break in Red Bank and Mary’s Place by the Sea in Ocean Grove, food donations to the Atlantic Highlands Food Pantry and other efforts. They’ve even enlisted local businesses to provide rewards for those participating in the challenge.
“Positive change starts with one good deed at a time,” said McCormack.
To accept the #20deeds2020 challenge or find out more info on volunteer opportunities and promotions, visit www.20Deeds2020.com or search social feeds for #20deeds2020.
About Resources Real Estate
Resources Real Estate is Monmouth County NJ’s premier ind
New Expanded Report includes all of Monmouth County
Rumson, NJ, January 17, 2019 — Resources Real Estate, Monmouth County’s award-winning luxury real estate firm, released its The Resources Report, its quarterly market report recapping all of 2019. 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 in most municipalities
“Our company dollar volume sales were up in 2019 but that was not true county-wide,” said Thomas McCormack, Senior Partner and Broker. “With sales down, prices up, higher days on market and increasing inventory, there appears to be an ongoing change occurring in the marketplace with 2019 being the second year in a row for declining sales in Monmouth County.”
Whereas nationally low inventory continues to be an issue, 83% of towns in Monmouth County reported higher inventory by year-end than in 2018 according to the report. Typically higher supply has a negative impact on prices but, for now, prices are up: well over half of surveyed towns showed higher average & median sales prices.
McCormack cautions not to make blanket assumptions about the changing market. In homes priced above $1million he notes there is a downward trend but among starter and mid-range homes there is brisk activity and frequently multiple offers. “Certainly in the early weeks of 2020 we are seeing a strong uptick in showing activity which bodes well, at least for first quarter,” he said.
“Our advice is that if you are planning to make a move, make it happen earlier in the year,” said McCormack. “A shifting market in a presidential election year is not necessarily a positive scenario: best to get out in front of the market and get the job done — price it right, hire a professional and move on… especially if you are in the higher price points.”
Shrewsbury, NJ, October 29, 2019. – Monmouth County sales results were mixed for third quarter according to one local luxury broker, Resources Real Estate, who just released The Resources Report, its quarterly assessment of local market activity, showing 3rd quarter single-family sales roughly evenly split: half of surveyed towns showed the same or increased sales year to date relative to a year ago and half with fewer home sales.
“At this point in the year, we should have a clearer picture of the trends of 2019 as well as for 1st quarter 2020,” said Thomas McCormack, Resources’ Senior Partner and Broker. “But not only are we seeing a lack of clarity relative to sales, we’re also seeing a less than clear picture regarding prices with increases and decreases year to date, evenly split. It appears the market may be shifting — across all price points.”
While some area towns have experienced significant gains — such as Fair Haven with an almost 22% jump in unit sales — many others are experiencing double digit decreases in single-family sales including Monmouth Beach with an overall 34% drop. Many of the sales increases were a result of 3rd quarter activity, in some cases making up for lackluster sales for the first half of the year.
“Perhaps most interestingly, right now available inventory is up in ⅔ of the surveyed towns, as well as county-wide,” said McCormack. “This is a distinct divergence from national market trends where inventories are still reportedly down significantly, driving prices higher.”
The company has been reporting on the local market for over 10 years, consistently providing the public with an objective market perspective.
“We believe it is important to provide insight about our market and to provide accurate information to our clients,” said McCormack. “However transitional it may seem, we remain confident in this market. We are still closing significant sales at Resources. Although there have been fewer single-family units sold this year, we’ve experienced an increase in dollar volume sales — almost 47% higher compared with a year ago.”
McCormack was quick to add that while such impressive sales figures could be in part a reflection of rising prices, it’s most certainly a testament to Resources’ agents ability to close transactions across all price points including sales in the higher-end home sector which has been experiencing greater challenges than the rest of the market.
The firm has been recognized for its sales growth and marketing prowess including, most recently, receiving an award for Best Video Marketing from Who’s Who in Luxury Real Estate in September 2019. Resources Real Estate has been recognized by Inc. Magazine for one of the fastest growing private companies in the U.S. for three consecutive years, as well as by NJBiz250 in the state, and was designated a Top Workplace for 2019 by NJ.com.
Shrewsbury, NJ. October 15, 2019: Resources Real Estate was an award winner at the 24th Annual Who’s Who in Luxury Real Estate Fall Conference for Best Video Marketing at the organization’s international gathering held on September 27th in Washington D.C. The distinguished annual event brings together top real estate professionals, industry leaders and accomplished speakers from around the world to connect, share and discuss the latest trends in the luxury real estate industry.
“The Best Video Marketing honor is awarded to the member that best employs video to strategically market or brand their company, community and/or listings,” said Meghan Barry, President of Who’s Who in Luxury Real Estate (LRE). Resources Real Estate’s entry was cited for it’s “Live Like a Local” campaign which promotes local business and well-kept secrets of local communities.
“Video has become more and more important in real estate marketing and we have made it a major focus,” said Thomas McCormack, Senior Partner and Broker of Resources Real Estate, who received the award along with business partner, Robert Diakon. “We use video on multiple platforms with varied goals including property promotion, agent marketing, and lifestyle and local community promotion and we are greatly honored to have received this recognition.”
Resources Real Estate, nominated in 5 categories including Best Brand Integration, Best Video Marketing, Best Overall Marketing Package, Most Innovative Marketing Technique and Outstanding Social Media Savvy, is no stranger to the red carpet. In years past, the company has won for Most Innovative Marketing and Best Overall Marketing at LRE, as well as other industry awards.
Who’s Who in Luxury Real Estate is a global network of select luxury real estate brokers—more than 130,000 professionals with properties in more than 70 countries, who collectively sell in excess of $190 billion annually. This year’s winners were announced at a gala dinner at the Fairmont Washington, D.C. Georgetown and livestreamed around the world.
“We have been a member of LRE for over 10 years and the relationships we have built with brokers from around the globe have been an important component of our marketing plan for luxury properties,” said McCormack. “Having personal relationships with top agents from Europe, Australia, Canada, Central America as well as the U.S. allows us to provide top services for our clients. And being recognized among such prestigious peers is significant.”
Shrewsbury, NJ, October 15, 2019 – Resources Real Estate has earned a place on the list of Top 250 Privately-Owned Companies in New Jersey for 2019 by NJBiz. This is the third consecutive year that the company has been included on this list which ranks NJ-based private companies by global revenue.
“Being listed once again on NJBiz’s Top 250 Privately-Owned Companies is a true validation for us,” said Thomas McCormack, Senior Partner and Broker of Resources Real Estate. “This list includes the most successful and innovative private companies in New Jersey and to be included three years in a row demonstrates Resources Real Estate’s growth and market presence.”
Resources Real Estate is no stranger to awards. In addition to NJBiz, the company has been named for multiple years to the Inc. 5000 list of top private companies in the U.S. as well as having been recognized as a Top Workplace and winning numerous marketing awards from Who’s Who in Luxury Real Estate.
“Our success is due to our strong residential sales and expanding commercial division,” said McCormack “which I believe is a result of our superior agent training and award-winning marketing. We are proud to be among NJ’s elite private companies.”
NJBIZ, New Jersey’s leading business journal, produces a weekly print edition as well as 24/7 business news coverage through its NJBIZ.com is well-known throughout the state for its events honoring New Jersey’s top business professionals.
About Resources Real Estate:
Resources Real Estate is Monmouth County NJ’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 and Middlesex counties and maintains strong referral relationships with brokers throughout the U.S. and internationally. Resources Real Estate has offices in Rumson, 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, are members of the Forbes Real Estate Council and was named a Top Workplace for 2019 by NJ.com. www.resourcesrealestate.com