Little Silver Home Prices Up 3%

Little Silver has been in a “seller’s market” since July 2013, and home prices continue to rise, although more slowly. As of May 31st, the year-to-date median selling price of single-family homes has increased 3% compared to the same period in 2013.

If you’re thinking of selling a home in Little Silver, the news is mostly good. By now you know that I use 4 key, objective real estate indicators to predict what’s happening to the market. The 2nd indicator is the number of homes that have sold. More home sales tend to predict higher prices (due to higher demand) and fewer home sales tend to predict lower prices (due to lower demand). 34% fewer homes sold in Little Silver in 2014 than in the same period in 2013, but that’s the only indicator that is negative for home sellers.

The 3rd indicator is the number of homes that are on the market (based on the past 12 months): higher inventory tends to predict lower sales prices (based on more choices) and lower inventory tends to predict higher sales prices (based on fewer choices). As of May 31st, 19% fewer single-family Little Silver homes were listed for sale than there were a year ago.

The 4th indicator is the real estate absorption rate, which takes into account both supply and demand. It’s a calculation of how long it would take to sell all the homes listed for sale, if homes continue to sell at the same rate as they have in the previous 12 months. An absorption rate of 5 – 7 months is considered a “normal market”, greater than 7 months is considered a “buyer’s market”, and less than 5 months is considered a “seller’s market”. Little Silver’s real estate latest absorption rate is 3.9 months, and was 4.9 months at this time last year; the “seller’s market” continues to grow stronger.

Here are the year-to-date numbers in tabular form:

Little Silver Home Sales, Jan 1 - May 31

The bottom line: 3 of the 4 key, objective indicators are pointing to higher sales prices for homes in Little Silver. If you’re a Little Silver home owner and are thinking of selling your home, please let me be one of the REALTORS® you interview. I’ll show you all the Little Silver homes that sold recently and are comparable to yours, and give you an estimate of what I think your home will sell for in the current “seller’s market”. I’ll also give you a detailed marketing plan to sell your home as quickly as possible. Call, text or email me.

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

http://www.rumsonfairhavenhome.com

@ListWithLen