MILLION-DOLLAR HOMES GROWING PART OF THE GLUT

Million-dollar homes are a growing factor in the glut of properties for sale in Monmouth County, according to today’s Asbury Park Press.

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The Press reports that the number of Monmouth County homes for sale priced at or above the $1 million mark soared more than 39 percent in August from the year-prior level.

And in a second article, the Press reports that 6,884 Monmouth County homes sat unsold in the second quarter of this year, a 57 percent increase from the same period last year.

Christina Banasiak, president of the Monmouth County Association of Realtors, told the Press that there were 824 homes in the million-dollar-plus category for sale last month, up from 591 a year earlier. The average time on the market was 83 days, up from 77 days.

Banasiak reported that 54 homes in the category sold in August, compared with 53 homes in the same month last year.

From the story:

“This year they are selling for less than what they sold for last year, and it means that sellers are reconsidering their price,” she said. “I don’t know if I’d say the market was soft, but there are more homes on the market and it takes longer to sell.”

The Monmouth-Ocean Multiple Listing Service, from which Banasiak derived the figures, shows 801 million-dollar homes for sale in Monmouth this morning. Eighty-six of them were listed as Rumson properties, and 23 of those were priced above $3 million, with the highest just under $6 million.

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There were 40 million-dollar-plus homes listed in Middletown, 18 in Sea Bright, 10 in Little Silver, eight each in Fair Haven and Tinton Falls, five in Red Bank, and three in Shrewsbury.

Jeffrey Otteau of the Otteau Appraisal Group told the Press that his data show that the median price of a home sold in Monmouth County in the second quarter was $490,602, up 13 percent from the same period the year before. But he says evidence of price declines may show up in the third-quarter figures.

No comment yet from the anonymous author of the Jersey Shore Real Estate Bubble blog, which has been keeping close tabs on the climbing number of MLS listings.

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