There are 4 key objective real estate indicators for every market: number of sales (i.e., demand), number of listings (i.e., supply), average/median selling price and real estate absorption rate. Here’s a look at those 4 numbers for Little SIlver for the period between January 1st and October 31st.
The number of Little Silver single-family home sales increased 45% (from 58 a year ago to 84 now). An increase in home sales normally drives selling prices higher.
The number of Little Silver listings decreased 8% (from 37 a year ago to 34 now). A decrease in listings normally drives selling prices higher.
Find out what's happening in Little Silver-Oceanportwith free, real-time updates from Patch.
The average selling price increased 33% (from $505,987 a year ago to $672,777 now), and the median selling price increased 15% (from $495,000 to $658,450).
The real estate absorption rate, which was 7.0 months a year ago, is now 3.5 months. As you know from my previous posts, the real estate absorption rate is a calculation of how long it would theoretically take to sell all of the houses now on the market, assuming that homes continue to sell at the rate they have in the past 12 months.
Find out what's happening in Little Silver-Oceanportwith free, real-time updates from Patch.
An absorption rate of greater than 7 months is considered a “buyer’s market”, a rate of between 5 and 7 months is considered a “normal market”, and a rate lower than 5 months is considered a “seller’s market”. So a year ago Little Silver was in a “normal market” but now we’re in what’s considered a “seller’s market”. Little Silver’s low absorption rate makes it one of the hottest 20 real estate markets in the state.
Although we’ve had our first snow flurries, the Little Silver real estate market is still active. Two more homes just went Under Contract this past week.
Len
Leonard “Len” Dunikoski, GRI
REALTOR® Associate
Diane Turton Realtors – Rumson Office
8 West River Road
Rumson, NJ 07760
(732) 239-0739 (cell) (732) 530-6686 (office)
