Normally I don’t like to give Little Silver’s year-to-date real estate statistics until the end of the first quarter. Little Silver is a small town, and we don’t see 20 sales until March (20 is the minimum number of sales that are statistically significant when comparing one time period to another).
However, several readers have asked me to at least provide the raw numbers, even if I can’t comment on them, so here are the 4 key numerical indicators for Little Silver’s single-family home sales in January:Little Silver Single Family Home Sales, Jan 1 - Jan 31
2013 2014 Comments
Sales (Demand) 2 2
Listings* (Supply) 37 23 38% fewer listings.
Months' Supply* 7.3 3.0 Demand vs Supply much
*Based on the prior 12 months stronger.
Median Sale Price $487,500 $506,000
Two (2) homes were sold this year, and two sold last year; I’ve given the median sale prices for both years, but without comment. Since the number of listings and the real estate absorption rate are based on 12 months, I’m glad to comment about them. There are 38% fewer homes listed for sale now than there were a year ago. Fewer listings usually drive up sale prices, since buyers have fewer homes to choose from.
If you’ve been following my posts you know what the real estate absorption rate is. It’s a calculation of how long it would take to see all of the homes listed for sale, assuming that sales continue at the same rate as they have in the past 12 months. A year ago the absorption rate was 7.3 months (an absorption rate greater than 7 months is considered to be a “buyer’s market”, while a rate between 5 and 7 months is considered to be a “normal market”). Now the absorption rate is 3.0 months (a rate lower than 5 months is considered to be a “seller’s market”), so we’ve gone from a buyer’s market to a seller’s market this year.
If you’re thinking of selling your Little Silver home this year, please let me be one of the REALTORS® you interview to list your home on the market. A decision on “fair market value” for your home should be based on solid data about the current Little Siver market, and I’d be happy to review that information with you. I’ll also give you a detailed marketing plan to sell your home as quickly as possible and at as high a price as possible. Please call, text or email me and I’ll get right back to you.
Leonard “Len” Dunikoski, GRI
Diane Turton Realtors – Rumson Office
8 West River Road
Rumson, NJ 07760
(732) 239-0739 (cell) (732) 530-6686 (office)