Latest Monmouth County residential stats from Resources Real Estate: last week’s sales and new listings, week ending 7-12-20, 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.”
Shrewsbury, NJ – Dolores Isoldi, Resources Real Estate Sales Associate, was recently honored by the National Association of REALTORS® who bestowed her with Realtor Emeritus status for her contributions to the real estate profession through leadership efforts, committee service, and a longtime commitment to client service and success.
Isoldi, a member of the National Association of Realtors for over 40 years, has demonstrated her industry service by participating in the Monmouth / Ocean Regional Realtors Association Professional Standards, RPAC and Grievance Committees. She is also a certified mediator for the Monmouth / Ocean Board of Realtors. Her local community involvement exemplifies this same unselfish commitment and has included membership in the Sea Bright Planning & Zoning Board, Concerned Citizens of Sea Bright and Clean Ocean Action.
“Dolores’ dedication and continued service to her clients, colleagues and community is admirable,” said Thomas McCormack, Senior Partner and Broker of Resources Real Estate. “But to have done this for over 40 years — and counting — is truly a great accomplishment deserving our respect. We are thrilled that her service has been recognized in such a prestigious manner.”
The National Association of REALTORS® is America’s largest trade association, representing 1.4 million members, including NAR’s institutes, societies, and councils, involved in all aspects of the residential and commercial real estate industries.
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.”
Shrewsbury, NJ – Everyone loves a best seller. Resources Real Estate proudly announced their associates who have been honored with the New Jersey Realtors® Circle of Excellence Sales Award® for sales excellence in 2019.
Considered one of the most prestigious honors awarded to Realtors in New Jersey, the NJ Realtors® Circle of Excellence® Sales Award® recognizes those members who have demonstrated excellence in the field of real estate salesmanship.
“Our #1 focus at Resources Real Estate is our clients’ success,” said Thomas McCormack, Senior Partner and Broker at Resources Real Estate. “Our team clearly demonstrates how exceptional service and a total commitment to our clients’ needs translates into sales achievement. It’s a win-win.”
Resources Real Estate associates who were recognized for sales achievement in 2019 included the following:
The Gold Level award for sales of at least $12 million and 25 units was presented to Helen George from the company’s Shrewsbury office.
Receiving the Silver Level award recognizing sales in excess of $6.5 million and at least 20 units were Mary Lynn Hughes from the Atlantic Highlands office, Stacey Farinacci from the Rumson office, and Allison Gregory, Colleen McGowan and JoAnn Davenport all from the Shrewsbury sales office.
The Bronze Level honor signifying sales of at minimum $2.5 million and 15 units was awarded to Tammy Brindise, Gina Farkouh, Lori Eipel and Irene Zitzner from the Rumson office, Carly York from the Atlantic Highlands office, and JoAnn Kulat from the Shrewsbury office.
“Our agents’ passion, perseverance and attention to detail are an asset to both our clients and our company,” said McCormack. “We celebrate their success and look forward to an even more successful 2020. We are already off to a strong start.”