Resources Real Estate Reports a 34% Increase in Sales for 2017; Comments on the New Tax Law
Monmouth County, NJ, February 5th, 2018 -- Resources Real Estate, Monmouth County’s award-winning luxury real estate firm, released its annual market report recapping 2017. Resources saw an overall increase of 34% in sales across all categories for the year.
Through December 31st, 2017, Resources Real Estate’s single-family unit sales were up 31.5% relative to 2016 – compare that with 11.33% across all of Monmouth County - while median price for Monmouth County went up 2.47% to $415,000.
2017 was the 10th year in a row of increased unit sales in Monmouth County, overall. However, the growing popularity of Monmouth County has led to a steep 35.3% decrease in inventory, with Atlantic Highlands at over 45% decrease, which may explain why it was the single town with a lower number of sales relative to 2016. All other Monmouth County towns in the company survey saw an increase in the number of sales, ranging from a 2.56% increase for Monmouth Beach, all the way up to a 29.06% increase for Colts Neck. Fair Haven, Red Bank, and Shrewsbury all had sales increases above 25% for 2017. Spring Lake boasted the highest price for a sale, with a property selling at $7.25M.
“As you can tell, we were busy in 2017,” said Carolynn Ozar-Diakon, Senior Partner and Broker at Resources Real Estate. “Since the decline in inventory is holding back even greater market increases, we are taking strategic steps to ensure growth in 2018. We continue to expand our new construction property offerings, as well as introducing our clients’ properties to international buyers. Customer service is paramount for us, so the launch of Resources Title, a joint venture with Foundation Title, will allow us to offer additional services and expertise to our customers.”
Low inventory, rising sales prices, low mortgage rates, and a strong economy all signal a perfect time to sell. Some have been wondering how the new tax law will impact real estate markets given the reduction in state and local tax deductions and a lower mortgage interest deduction cap.
Resources Real Estate believes that although there may be some “sorting out” time as taxpayers understand the law’s impact, overall they do not expect any major disruption to the Monmouth County market. While some higher-end buyers may pause their search due to reduced deductions, these buyers will likely find similar scenarios awaiting them in competing luxury suburban communities in northern New Jersey, Westchester, Long Island, and southern Connecticut. Monmouth County prices and taxes are generally more favorable compared with much of its competition among NYC commuter communities.
“There’s reason to expect that much of our higher-end market will benefit because of corporate tax benefits and a robust and growing stock market,” said Thomas McCormack, Managing Partner and Broker, “so we are cautiously optimistic about 2018 sales. We are extremely proud of our 34% sales increase in 2017, and we will continue to innovate with marketing technology, smart promotional activities and by putting our customers’ needs at the forefront of our business.”
More information is available on Resources Real Estate’s “Market Report” at this link: http://www.resourcesrealestate.com/marketreport.html
Home buyers and sellers and those selling or seeking to purchase commercial properties are welcome to contact Resources Real Estate at 732-212-0440 or stop into one of the four local offices in Rumson, Red Bank, Atlantic Highlands, or Monmouth Beach.
About Resources Real Estate:
Resources Real Estate is an award-winning Monmouth County, NJ full-service independent residential brokerage firm, with four offices and a team of more than 95 sales and support personnel. It has been included in Inc. Magazine’s list of the fastest-growing privately owned companies in the U.S. -- the Inc. 5000 -- as well as the NJ Biz 250 of the top private companies in New Jersey. It has been recognized by Who’s Who in Luxury Real Estate for its innovative and superior marketing. Resources Real Estate was opened by Carolynn Diakon in 2000. Thomas McCormack has been with the company since 2002, and joined Diakon as a partner in 2010. Both Diakon and McCormack are members of the prestigious Forbes Real Estate Business Council. Resources Real Estate locations are: 36 Beach Rd. in Monmouth Beach, NJ, 112 River Rd. in Rumson, NJ, 4A W. Front St. in Red Bank, NJ, and 65 First Ave. in Atlantic Highlands, NJ.
For more information call (732) 212-0440 or visit http://resourcesrealestate.com