Luke,
This may help give you a better idea of the market this year, as compared to last for single family homes:
From 4/1/06-10/1/06 there were 46 closed sales:
the average list price was $516,917
the average closed (sold) price was $495,179
average days on market (DOM) was 59
+/- (list-closed) 3.5%
From 4/1/07-10/1/07 there were 45 closed sales:
the average list price was $544,613
the average sold price was $520,153
the average DOM was 73
+/- 4.2%
So, as you can see, the single family market in Red Bank is strong. Although prices are closing a bit more off asking price, home prices have actually increased (not decreased) in this last year. This is not unusual for the Monmouth County area. There are some shore towns where not only have prices held, they have increased and the number of sales have doubled this year vs. last. Our market really started to change last December when we saw bidding wars back with people paying over asking price.
If you would like additional information or clarification on any of these stats (provided courtesy of Monmouth County MLS) feel free to reach out to me via my website.

Hi Luke

Here's a quick look at the market:

Single Family:
81 Active Listings - ranging from 200's to nearly 1.3M, with 79 of the listings hitting below the 1M mark.
There are 7 SF properties currently under contract.
62 SF properties have sold YTD as of 9/30/07. Last year, for the same period, YTD 9/30/2006, 76 properties were sold.

Condos:
53 Active Listings ranging from just a hairline under 200K to 2.250M. The higher end condos are from a few select complexes.
There are 5-7 condos currently under contract that represent current market information. Sales have slowed for condos, as well, with a report of 27 closed transactions for the year as of 9/30/2007.

The information above was provided from Monmouth/Ocean MLS and is deemed reliable, but not guaranteed. It represents the information as reported in MLS.

We have recently represented both buyers and sellers in the Red Bank market and I would be happy to share with you any additional information or answer questions. Please feel free to reach out to me directly. Some sellers are priced to sell. Others are holding onto a hope of a higher price, but willing to entertain offers. While we advise sellers it is in their best interests to price to the market, many sellers subscribe to a thought process that says an interested buyer can bring in an offer. If you want to buy, it is important to base your offer on comps and not necessarily what the asking price is. Some sellers are realistic; others not. In today’s market, more than ever, it is important that a buyer agent be able to justify the price offered when presenting it to the seller agent or to the seller directly. It certainly is a different market than last year, or the year before. Still, there are cautious buyers in the market. And, there are sellers who really want to sell

Regards,
Deborah Madey - Broker
Peninsula Realty Group
Shrewsbury, NJ
(732) 530-7755 - Main Office
(732) 530-6350 - Direct