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Last week we looked at an article in the Wall Street Journal that said home buyers were feeling a sense of “urgency” to buy now before prices go up (https://rumsonfairhavenhome.wordpress.com/2013/05/28/home-buyers-feeling-sense-of-urgency/). For Little Silver, that “urgency” is translating into more home sales, and at higher prices. For the 5 month period between January 1st and May 31st, there were 48% more home sales, and the median selling price of a Little Silver single-family home increased by a whopping 19% (the median is the price at which 50% of the homes sold for more and 50% sold for less).
The other good news for Little Silver home sellers is that 31% fewer homes are on the market, and the average listing price is 6% higher. In addition, the absorption rate (the number of months it would take to sell all the homes on the market if sales continued at the current rate) decreased from 8.2 months to 5.1 months. A decreasing absorption rate predicts higher prices in the future.
If you’re planning to buy a home in Little Silver, you may want to buy sooner rather than later. The combination of fewer homes on the market, higher listing prices and a lower absorption rate all predict higher future prices.
Here are all of the key numbers (source: Monmouth-Ocean MLS):
|Little Silver Home Sales, January 1 – May 31|
|Sales (Demand)||21||31||48% more sales.|
|Listings (Supply)||45||31||31% fewer listings.|
|Months’ Supply (Absorption Rate)||8.2||5.1||Demand vs Supply much stronger.|
|Based on the prior 12 months|
|Average Sale $ (Value)||$537,500||$584,193||18% higher average sales price.|
|Median Sale $ (Value)||$450,000||$535,000||19% higher median sales price.|
|Average Listing $||$574,804||$607,270||6% higher listing price.|
|Avg Sale/List %||93.5%||96.2%||Higher Sale/List %.|
|Avg Cumulative Days On Market||108||101||Slightly fewer CDOM|
If you have any questions about the numbers, or if you’d like to talk to me about buying or selling Little Silver real estate, please text me or give me a call.
|Rumson Home Professionals|