Good Question.
Monmouth County MLS Statistics for the Month of Aug 2009 shows Colts Neck has about 14.5 months of Inventory.
The average Inventory from Sept. 2005-Aug. 2009 is 13.53

Annual: 2005 - 2009 383 $399,159,496 $1,108,165 $1,042,191 $839,000 103 94.04% 108 13.53

Best Regards,
Carol Donatelli, CRS

An overview of the Colts Neck/ Holmdel Real Estate Market by Jim Lavin of Mack-Morris BTE Realtors

Since the “bubble popped”, we are being bombarded on a daily basis about the real estate market’s negative trends. Although I too have felt some of these effects my customers and I have been very fortunate in selling (under contract and closed) $23,000,000 in sales for 2008 and remaining the leading real estate expert/single salesperson for Colts Neck and Holmdel for the past 7 years. A major factor in my success is having been educated in both business (sales & marketing) and architecture coupled with 40 years experience in construction, architecture, sales/marketing and real estate.
The main point of this writing is to stress the market is still “OK” and like everything else is cyclical and it will get better, but not in the near future.
Below is a statistical analysis of single-family homes in Colts Neck & Holmdel taken from the Monmouth Multiple Listings Board’s
3 Year Trend (1/1-7/27) data starting at the peak 2006 through 7/27/08.

Closed sales of Colts Neck/Holmdel Single Family Homes
Closed Dollars Units Avg. Price Avg. Price
Year (in millions) % Chg.
2006 $ 162 159 $1,023,000
2007 $ 116 129 $ 906,000 (11)
2008 $ 103 103 $ 946,000 4

As you can see there is some good news, the average selling price has increase by 4% since the same time last year. But the number of houses that have sold has decreased. (If you look in Sunday’s newspaper classified real estate section you will notice some real estate offices have gone out of business.) Single-family home inventory is at an all time high! The buyers are not only looking for value but value added. The buyer has many choices so if a house is “over-priced” or “under maintained” the buyer may not even have the desire to view the house thus eliminating any chance for negotiation. This is why today it is so very important to employ a realtor who knows the current market and will use the correct marketing strategy. Although this market is challenging you can have a positive outcome by calling a professional realtor with a proven track record.

No way to tell but recently being involved with a few bidding wars I feel the bottom is near considering this is happening in the middle of the summer. If everyone would just price right, the bottom would be here within 3-4 months.