by Shawn Clayton
on Thursday, February 12th, 2015 at 9:42am.
Our latest real estate report, detailing the Bay Head and Mantoloking real estate markets, shows a continued recovery in the Bay Head and Mantoloking and a near-return to their glory before Sandy ravaged the area in 2012.
The statistics for 2014 are comparable to the pre-Superstorm Sandy numbers of 2012, which indicate the luxury market is definitely gaining some traction in the boroughs of Bay Head and Mantoloking.
In terms of the number of homes sold, 2014 was a much better year than 2013. Last year 52 homes changed hands compared to 27 in 2013 for a 935 increase. Naturally the total sales figure in dollars was much higher at $77.7 million compared to $42.6 million in 2013. Last year in Bay Head and Mantoloking, the average sale price for waterfront homes in 2014 was $1.5 million, down from $1.6 million in 2013. The reason for the drop is attributed to many sales being based solely on land value only.
Homes stayed on the market for a longer period in 2014 - 138 days on average - compared to 80 days in 2013. In 2012 homes were listed for 157 days.
As for the state of things in Mantoloking, the Ocean County gem continues to rebuild quickly after more than 500 homes were damaged by Sandy. There are four points of entry to the 2.2-mile stretch of golden beach and the construction of a steel sea wall and rock walls are nearly finished. The next step in rebuilding is replenishing the sand on the beaches, providing some 250 feet of new beach in Mantoloking.
Current inventory levels in Bay Head (25 at the time of the report) and Mantoloking (11 properties for sale) on the lower side, demand for housing increases, making those homes on the market more desirable.
People often ask why don't some properties sell? You will hear questions being asked about why it's been sitting on the market so long or what is keeping a home from selling. The answer is that even in a healthy real estate market, there will always be homes and properties that just don't sell. Often the home is priced too high or some buyers think the home isn't priced low enough for the market and will pass on what might be a well-priced home.
Clayton and Clayton News & Notes
In 2014, Clayton and Clayton Realtors was honored to have been selected to become a member of Leverage Global Partners, which is the fastest growing network of independent real estate agencies in the world. Clayton and Clayton was selected for being highly respected in the community and for having deep roots in the Shore communities in Monmouth and Ocean Counties. Right now there are 138 partners in 17 countries.
We're celebrating our 85th year in business by opening a new office in the historic section of Allenwood at 3121 Atlantic Ave. The office is scheduled to open in late February. Interestingly, the new office is in a building owned by the Clayton family for two generations. We plan on promoting the amazing and unique homes in Allenwood and the surrounding communities, while still maintaining our reputation as the leaders when it comes to waterfront and oceanfront homes and property.