6 Positive Signs for Little Silver Real Estate

After super storm Sandy, many people were concerned about its effect on real estate values in Little Silver and other towns that had significant storm damage. Would people be afraid to buy waterfront properties, and would home values be depressed? Would investors swoop in and try to take advantage of the situation? We’re starting to get some answers.

Little Silver is a small town, and in 2012 there were only 67 single-family home sales. If you’ve been following my real estate posts you know that I don’t like to draw any conclusions based on less than 20 sales (20 is the minimum number that’s considered statistically significant). We won’t have 20 Little Silver home sales for a few more months, but the results from the 1st quarter are consistently good so I wanted to share them with you:

                        Little Silver Home Sales, January 1 - March 31




   2012    2013           Comment



Sales (Demand) 11 12 9% more sales.



Listings (Supply) 30 22 27% fewer listings.



Months' Supply (Absorption Rate) 8.3 6.2 Demand vs Supply much stronger.       Based on prior 12 months


Average Sale $ (Value) $535,636 $605,458 13% higher average sales price.



Median Sale $ (Value) $460,000 $510,000 11% higher median sales price.



Average Listing $ $576,754 $641,225 11% higher listing price.



 Avg Sale/List %   92.9%   94.4% Higher Sale/List %.



Avg Cumulative Days On Market 121 118 Similar CDOM

Every single objective indicator points to stronger demand and higher home prices. The average sales price is up, the median sales price is up, and the average listing price is up. The real estate absorption rate (the number of months it would take to sell all of the current listings, assuming that sales continue at the rate based on the past year) is much lower.

The take away message is that if you’ve been thinking of buying a home in Little Silver, you’d better be prepared to act quickly if a nice home comes on the market at a reasonable price. For example, just last week the home at 62 North Sunnycrest Drive (pictured above) was listed at $509,900 and sold in 14 days for $520,000. That's right, it sold for MORE than the listing price!

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)

ldunikoski@dianeturton.com