The Year In Review – Monmouth County NJ Adult Community Stats
The end of the year is a great time to reflect on the past, in both life and business. The real estate market is full of numbers and variables that can affect prices. While the adult community market is generally a little more stable than other residential markets it is not immune to negative news, changing attitudes and overall affordability. This year has been a big one for political news. We have a new President and a new NJ State Governor whos initiatives have an impact on the housing market (especially in New Jersey). The purpose of this article is not to get political but to show you the numbers so you can get a true feel for the local housing market as it pertains to the adult community segment.
For this analysis, we decided to look at Monmouth County, NJ. The reason we chose Monmouth County is that there are over 50 Adult Communities from small to large, older to brand new construction and affordable to high-end luxury. So let’s get into the nitty gritty…. (look at the bottom of the post for the raw data table).
Adult Community Stats – 2016 vs 2017
Number of Homes Sold – Increased by 6.25%
Average Price of home (All Communities) – Increased by 2.29%
Number of Adult Communities that depreciated in value = 7 of 29
Biggest Loser in Average Home Value = Cheshire Square Adult Community (-20.7%)
Biggest Gainer in Average Home Value = Xanadu Adult Community (24.3%)
Some additional takeaways from the data show that the communities where new construction is available had little to no gain in home values. While inventories still remain low in most communities it is evident that prices have been topping out. There are several factors for this including rising interest rates, rising taxes, and many home values have climbed up over the pre-market crash of the mid 2000’s. Affordability is always a concern for seniors living on fixed incomes.
Disclaimer: All information was taken from the Monmouth Ocean MLS system. Data compiled was only of Single Family Home and/or Condominium Adult Community Sales from 2016 – 2017 sales. Communities of less than 2 sales per calendar year were not included. All attempts were made to provide accurate information but is not guaranteed.
| Community | 2016 Units Sold | 2017 Units Sold | 2016 Avg Price | 2017 Avg Price | $ % Increase / Decrease |
|---|---|---|---|---|---|
| Cedar Village – Holmdel | 6 | 4 | $515,667 | $516,250 | 0.11% |
| Cedar Village – Ocean | 10 | 12 | $491,950 | $461,983 | -6.09% |
| Chelsea Square – Marlboro | 5 | 2 | $273,300 | $327,500 | 19.83% |
| Cheshire Square – Little Silver | 2 | 3 | $425,000 | 344,967 | -20.70% |
| Covered Bridge – Manalapan | 83 | 117 | $141,198 | $146,413 | $3.69% |
| Enclave at Shark River | 10 | 15 | $507,993 | $522,066 | 2.77% |
| Equestra – Howell | 22 | 17 | $522,865 | $500,176 | -4.34% |
| Four Seasons – Upper Freehold | 9 | 10 | $389,794 | $407,600 | 4.57% |
| Four Seasons – Wall | 26 | 33 | $592,885 | $618,753 | 4.36% |
| Four Seasons – Manalapan | 18 | 26 | $521,911 | $536,708 | 2.84% |
| Greenbriar – Marlboro | 37 | 41 | $305,384 | $323,509 | 5.84% |
| Greenbriar Falls – Tinton Falls | 14 | 18 | $658,811 | $671,665 | 1.95% |
| Jumping Brook – Neptune | 2 | 13 | $422,500 | $409,819 | -3.00% |
| Marlboro Greens | 28 | 19 | $195,586 | $169,221 | -13.48% |
| Nobility Crest – Ocean | 12 | 7 | $353,692 | $341,857 | -3.35% |
| Pineview Estates – Howell | 10 | 6 | $269,853 | $303,050 | 12.30% |
| Regency at Trotters Pointe | 28 | 29 | $792,167 | $780,996 | -1.41% |
| Renaissance – Manalapan | 3 | 6 | $431,667 | $453,167 | 4.98% |
| Riviera – Freehold | 14 | 12 | $465,321 | $504,158 | 8.35% |
| Rolling Meadows at Wayside | 9 | 10 | $451,389 | $470,090 | 4.14% |
| Rosement Estates – Marlboro | 12 | 10 | $532,033 | $538,110 | 1.14% |
| Shadow Lake Village | 69 | 81 | $240,091 | $247,622 | 3.14% |
| Shady Oaks – Middletown | 26 | 30 | $207,592 | $237,678 | 14.49% |
| Surrey Downs – Howell | 34 | 22 | $177,656 | $194,541 | 9.50% |
| The Villages – Howell | 55 | 49 | $169,803 | $178,127 | 4.90% |
| Thornebrooke – Shrewsbury | 6 | 7 | $519,000 | $525,500 | 1.25% |
| Village Grande – Holmdel | 7 | 5 | $420,057 | $457,780 | 8.98% |
| Village Grande – Manalapan | 5 | 5 | $468,600 | $468,800 | 0.04% |
| Xanadu – Belmar | 14 | 3 | $355,893 | $422,467 | 24.33% |
| TOTALS | 576 | 612 | $11,829,658 | $12,100,573 | 2.29% |
