Today let’s take a quick look at real estate in the neighboring town of Little Silver.
If you’ve been following my real estate posts you know I don’t like to draw any conclusions when we’re talking about less than 20 sales. 20 is the minimum number that statisticians consider “statistically significant”, and for small towns like Little Silver it can take several months before we have 20 home sales. As it turns out, as of the end of April, 19 single-family homes had sold in Little Silver, so let’s say that’s close enough to 20 and take a look at how the market is shaping up so far this year.
Parts of Little Silver were hit hard during super storm Sandy, so we may have expected that, as in Rumson, the median sales price would be lower than it was a year ago. Surprisingly, that’s not what happened. In fact, the #1 thing you need to know is that, at the end of 4 months, the median 2013 Little Silver home price was 11% higher than it was for those same 4 months in 2012. The 2nd thing you need to know is that the average sales price was 17% higher. In most cases the median price is a better number to look at, since it’s not as affected as the average is by one or two very high or very low sales prices (the median is the number where 50% of the sales prices are higher and 50% are lower).
Here are all 8 numbers that you need to know:
|Little Silver Home Sales, January 1 – April 30|
|Sales (Demand)||17||19||12% more sales.|
|Listings (Supply)||43||34||21% fewer listings.|
|Months’ Supply (Absorption Rate)||8.5||5.9||Demand vs Supply much stronger.|
|Based on prior 12 months|
|Average Sale $ (Value)||$490,911||$575,152||17% higher average sales price.|
|Median Sale $ (Value)||$450,000||$500,000||11% higher median sales price.|
|Average Listing $||$527,294||$606,963||15% higher listing price.|
|Avg Sale/List %||93.1%||94.8%||Higher Sale/List %.|
|Avg Cumulative Days On Market||116||91||Fewer CDOM|
If you’re thinking of selling a home in Little Silver, all 8 numbers are good news. In addition to the higher median and average prices, 12% more homes have sold, 21% fewer homes are on the market, the real estate absorption rate decreased from 8.5 months to 5.9 months, the average listing price is 15% higher, homes are selling closer to their asking prices, and they’re selling faster. All of them say you might get a higher price for your home than you would have a year ago. On the other hand, if you’ve been thinking of buying a home in Little Silver, those same numbers aren’t so good, because they’re predicting you’ll have to pay more than you would have a year ago.
If you’d like to discuss any of these numbers with me, just give me a call.
(732) 239-0739 (cell) (732) 530-6686 (office)