Luxury Real Estate Toms River NJ

In the last five years, Toms River, NJ has grown with many estate-style neighborhood developments in the North Dover section. Offering excellent quality construction and many homes set on one acre minimum lots, these houses offer luxurious comfort combined with low taxes, an excellent school system and convenience to the year round activities at the beautiful New Jersey shore.

 

Mid-Year Report For
North Dover Properties 
Following nearly 5 years of record- breaking home appreciation, the Toms River real estate market has been adjusting since August 2005 and is transitioning to a more normal state. It is a pleasant surprise that statistics verify the resiliency of home sales in the North Dover section. 
We are fortunate that Monmouth and Ocean County have been spared the hardest blow of this adjustment period. High real estate taxes in northern counties continue to drive buyers to our area. Better train schedules and active ferry lines to Manhattan from the shore offer commuters reasonable transportation alternatives. Shore points are still attractive to second home shoppers, and bring our community to the attention of these buyers. The much reported sub-prime lending crisis has rarely affected luxury home mortgages, except to the extent that move up buyers may have a more difficult time selling their current residence. 
However, exaggerated media reports have diminished buyers' and sellers' confidence. Relying on national home sale statistics and new construction permit applications, the media created a generalization assuming a leveling off of buyer activity and depreciation of home values. Closed unit statistics indicate some areas have lost market share while others, notably North Dover, have held to previous sales stats with only a modest (3.5%) loss in average price. 

Statistics indicate as many as 80% of buyers start their home search on-line. They preview properties and comparatively shop before they actually meet with a Realtor® . They have identified the amenities that are important to them. As buyers are more educated, correct pricing is the best sales strategy for sellers. To attract serious and qualified buyers. High end buyers want upscale amenities- fabulous kitchens,  fully wired home offices, media and exercise rooms and professionally designed outdoor recreation areas. North Dover homes continue to offer the feeling of pride these buyers seek, and sales should continue stable through the end of the year.

North Dover Single Family

It is a pleasnat surprise that residential properties have proven resilient in today's market. With four more units closed, and average sale price down just 3.5%, it bodes well for the luxury market in North Dover, Toms River, NJ.

2006- $529,118 average sale price-  48 units closed

2007- $502,586 average price-  52 units closed

North Dover Condominiums

The sharp drop in sales can be attributed to loss of investor interest when flat appreciation combined with negative income. It is interesting to note that the average sale price jumped by almost $7000 indicating the value of this lifestyle choice.

2006- $280,260 average sale price- 30 units closed

2007- $287,036 average sale price- 14 units closed

North Dover Adult Comminuties

With desirable amenities and convenuient locations, the 55+ communities in North Dover have remained popular for retiees and downsizers. Though the number of sales are comparable, prices have dipped 7.5%. Larger inventory  and longer days on the market create an urgency to sell in this sector leading to price reduction.

2006- $307,789 average sale price-  27 units closed

2007- $284,129 average sale price- 28 units closed

Sales statistics from 2006 and 2007, January 1-June 14 Monmouth MLS. Deemed reliable but may not reflect all sales activity in market.

To see a complete inventory of homes available, or to submit your request for a copy of my mid-year report,  find more information at NorthDoverRealEstate.com.