Clayton & Clayton Real Estate Blog - Ocean & Monmouth County Real Estate Market Info.

Economy Roars, But New home sales are up slightly

You read the headline, “lowest unemployment rate in 50 years achieved in October 2018.” Not since 1969 has the unemployment rate been this low. Real wages and household incomes are growing at the fastest rate since the early 2000s.  

Meanwhile, existing home sales are slumping—down six of the last seven months on an annualized basis. New home sales are up slightly, but the year-over-year results have bounced up and down like someone on a trampoline. Affordability has decreased significantly. Inventory levels, while increasing in most markets, are still incredibly tight. Mortgage rates have risen to their highest levels in at least ten years. Year-over-year average price increases are softening. 

The Great Imbalance 

The impact of too many…

733 Views, 0 Comments

Clayton & Clayton Realtors Launches New Real Estate Office in Allenwood

Well, after months of planning and preparation, Clayton and Clayton Realtors are ready to launch our new office in Allenwood.

To kick off the grand opening, we are holding an open house on Saturday, March 28 from 2-6 p.m. at the new office, which is within the historic Blacksmith Building located at the corner of 3121 Atlantic Ave. and Ramshore Drive.

Clayton and Clayton has served the area since 1930, after our grandfather, Stanley C. Clayton, founded the company. Now Shawn Clayton is leading the company into new territory with the opening of the Allenwood office, while maintaining Clayton and Clayton's deep roots and rock solid reputation as the luxury agency of choice in Bay Head, Mantoloking and Point Pleasant Beach.

Come out to the Open…

1608 Views, 0 Comments

Top 5 Most Taxed Cities in Ocean County

Ever wonder what cities or boroughs pay the most property taxes in Ocean County? Read on and find out the five most heavily taxed cities after the state Department of Community Affairs released the property tax numbers for the county in 2014. It's no surprise those living the good life on the oceanfront deal with higher property taxes.

5. Point Pleasant Beach, $7,979/yr

Popular Point Pleasant Beach comes in at No. 5 as it's a city with many oceanfront properties carrying price tags of more than $1 million, which are upping the average property tax rate.

4. Long Beach Township, $8,812/yr

Long Beach Township is pretty much surrounded by water and it boasts many upscale oceanfront homes, hence the high annual property tax tag.

3. Harvey…

1761 Views, 0 Comments

Bay Head & Mantoloking Returning To Former Glory

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…

1554 Views, 0 Comments

Picture Looks Good For Ocean County Real Estate & Homes Sales

With just a couple of weeks left before school starts and the lazy, hazy days of summer begin to cool off, a bit of a slowdown in the Ocean County real estate market is not unusual during the summer months. But even with a bit of a slow summer, the overall picture looks pretty good for Ocean County real estate and home sales.

The median sales price of a home in Ocean County this past July was $275,000, up $11,000 from July 2013. In addition, the July 2014 median price of an Ocean County condo-townhome was $182,500 - up $12,500 from July 2013. Not to mention adult community homes sold more an average of 18.8% more this July than July of last year.

Another factor from this past July over July 2013 is single-family home sellers in Ocean County said…

1200 Views, 0 Comments

Queen Latifah's Colts Neck Estate Still On Market

It's been eight months, but Queen Latifah's gorgeous Colts Neck estate is still on the market. The rapper turned actress put the opulent home up for sale in January.

With a now-reduced price tag of $2,349,999, the estate boasts 7,000 sq. ft. of open living space with 6 bedrooms and 9+ acres of land that includes a heated infinity pool. You can view it here.

Queen Latifah (her real name is Dana Owens) now spends a good part of her time in Los Angeles, where she hosts her own talk show. Latifah, who has starred in the movie Chicago and TV show Living Single, is a native New Jerseyan who was born in Newark. Her biggest album to date has been 2007's Trav'lin' Light.

She bought the home, which has 5 bathrooms and 3 half baths, for $2.14 million…

1193 Views, 0 Comments

New Bill Tosses Insurance Life Preserver to Home Buyers

A bipartisan bill approved by The House in early March would allow sellers to pass along their subsidized, below-market insurance rates to new buyers, while lowering the limit on just how much flood insurance premiums can go up each year.

This is a good step for people in living in oceanside communities in Ocean and Monmouth Counties. The bill was approved 306-91 and the legislation would reel back a recent overhaul of the federal flood insurance program after homeowners in flood-prone regions spoke out about high premium increases.

As residents in areas affected by Superstorm Sandy continue to rebuild, the bill means prospective home buyers won't have to absorb high flood insurance rates, and families across the US can avoid what Rep. Michael Grimm…

1227 Views, 0 Comments

Home Sales Up in Ocean & Monmouth Counties

Housing Market Continues Rebound

Over the past year, sales of single-family homes in Ocean County were up 29.5%, along with a 13.1% increase in Monmouth County, according to the New Jersey Association of REALTORS®. Condos and townhome sales were up as well, with a 20.2% increase in Ocean County and 19.7% spike in Monmouth County. And for 2013, closed sales in the Garden State were up 18.15% - their highest levels since 2005.

In January, the median sales price of a single-family home in Ocean County was $240,000, reflecting a 1.55% increase over January 2013. Homes in Monmouth County fetched a bigger selling price at $351,000, compared to $335,000 in 2013. When it comes to days on the market in Ocean County, sellers saw a 15.1% decrease as it took,…

1444 Views, 0 Comments