Clayton & Clayton Realtors: Bay Head & Mantoloking Annual Market Report 2014
Learn the latest real estate news from Leverage Partner Clayton & Clayton Realtors Inc., who recently released their 2014 annual market report with statistics and analysis covering the Bay Head & Mantoloking, New Jersey, real estate market.
The 2014 Annual Market Report
It is undeniable that in 2014, Bay Head and Mantoloking have experienced a true “market rival.” With the rebuilding of Bay Head and Mantoloking homes, the funds and efforts placed on restoring the infrastructure of the area, the real estate market has seen much progress and is continuing to move forward, as the communities return to their original glory and even an enhanced glory. As the chart above shows, total sales continued to climb in 2014 to over $77m, which was an 82% increase over 2013. The average sales price however, declined slightly to just over $1.5m, due to many sales based on land value only. With homes being renovated and new homes being built I expect to see that number increase in 2015. The 2014 figures are comparable to the pre-Superstorm Sandy statistics of 2012, all indicating an improving luxury market.
At the time of this report, there were 25 properties in Bay Head for sale, and 11 in Mantoloking. With a low inventory, the demand for homes increases and makes the homes on the market more desirable. this proves that there is a strong thirst for Bay Head and Mantoloking real estate and all along the shore, and they are being bought and sold at a steady pace. Additionally, new property lots with excellent locations are part of this inventory and are in high demand.
The statistics for Bay Head and Mantoloking for 2014 continued to show a healthy equilibrium between buyers and sellers. Affluent buyers from around the globe are choosing real estate as a primary investment, both personally and professionally.
From the perspective of Clayton & Clayton, we continue to advise buyers to move while prices are still favorable (even though they are rising). With the limited inventory, we suggest that buyers act quickly if they find a suitable property. We make careful pricing suggestions to our sellers. We try to price properties to entice buyers and possibly bring multiple offers. Plus, we make time to properly market the property to further attract buyers.
Mantoloking and Bay Head are being rebuilt with new barriers, new dunes, and beautiful homes. “The communities will soon be whole again,” says owner/broker Shawn Clayton. The infrastructure is being restored, businesses are back running, there’s been an increase in building permits to restore damage from Sandy and our community is back.