Latest Monmouth County residential stats from Resources Real Estate: last week’s sales and new listings, week ending 7-5-20, compared with same period one year ago.
Shrewsbury, NJ: Resources Real Estate, the premier independent real estate brokerage in Monmouth County, recently hosted a leadership conference for their agents and staff during which they recognized several sales associates for their achievements during the month of April, the initial days of the coronavirus pandemic. The gathering took place during an online virtual company meeting which took place on May 13, 2020.
“Our agents are providing an important service to our clients during this crisis and taking a leadership role, particularly for those clients who were already in contract and moving toward closing,” said Thomas McCormack, Broker and Senior Partner of Resources Real Estate. “Assisting our clients’ relocation in relocation has drastically changed — showings, inspections, appraisals, and ongoing negotiations have been an integral part of getting our clients relocated.”
The company has implemented CDC and state recommendations since the crisis first began with administrative and marketing staff working remotely from home and agents in the field servicing their clients while implementing safety protocols such as masks, gloves and social distancing during all showings and more.
The agents and staff also have supported local healthcare workers and people in need with food and donations to the staffs of Monmouth Medical Center, Riverview Medical Center and the Atlantic Highlands Food Pantry, the most recent events in their yearlong #20deeds2020 campaign.
Agents honored for their achievements during this period include broker associate Mary Lynn Hughes, from the company’s Atlantic Highlands office, who was named Agent of the Month for the second month in a row. The award is given to an agent in recognition of sales success including new listings, recent contracts and sold transactions, as well as client recognition of their efforts, and other business-building activities. Hughes had closed sales in Rumson, Eatontown, and the Leonardo and New Monmouth sections of Middletown, NJ.
Sales associate Sahar Karykous (Shrewsbury office) was named Top Listing Agent for having the greatest number of new listings in April including properties in Long Branch and Woodbridge, NJ.
The Featured Luxury Agent Award was presented to sales associate Stacey Farinacci (Rumson office) in recognition of her recent success in the luxury market. Farinacci, a member of Who’s Who in Luxury Real Estate’s Board of Regents, currently represents 22-B Crescent Drive, Brielle, NJ, a land listing available at $3,299,000.
Joyce Diamond, sales associate (Atlantic Highlands), received the Rainmaker Award for her efforts to build her business in an innovative or otherwise significant way.
The Perseverance Award was presented to sales associate Colleen McGowan (Shrewsbury) for having successfully closed a transaction despite great challenges.
Lastly, sales associate Regina “Gina” Gallagher (Shrewsbury) received the Team Spirit Award for coordinating a company virtual sales training called “Pivot!” addressing recent drastic market changes with renowned real estate trainer, Jeff Lobb from SparkTank Media.
“The resilience of our agents and staff continues to impress us during this challenging time,” said McCormack. “Our productivity continues to grow but more importantly, our service to our clients and community calls forth even greater commitment to exceptionalism.”
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.