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Health & Fitness

Mid-Year Oceanport Real Estate Update

While Little Silver home sellers were smiling when they saw the 6 month year to date home sales numbers (http://littlesilver.patch.com/groups/len-dunikoski-gris-blog/p/6-months-6-great-numbers-for-little-silver-home-sellers), the news wasn’t so great for Oceanport, which is still feeling the effects of hurricane Sandy.

At the end of 6 months, 25% fewer homes sold (21 compared to 28 last year), there were 18% more homes on the market (39 compared to 33) and the median selling price was 1% lower (at $380,000).

However, there are some good signs that the Oceanport real estate market may be improving. The average home sold in 89 days (compared to 140 days a year ago), and the all-important real estate absorption rate decreased from 6.8 months to 6.3 months. If you’ve been following my posts you know that this is a calculated number which estimates how long it would take to sell all the homes currently on the market, assuming that homes continue to sell at the rate they have in the past 12 months. A 5 -7 month absorption rate 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”. The Oceanport absorption says we’re in a “normal market”.

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If you’re looking to buy a home in Oceanport, this might be a good time to make a move, before mortgage interest rates rise any further. With more homes on the market, you have a wider choice than you did a year ago. The real estate market tends to pick up in September when vacations are over and folks get “back to normal”, so look at some homes in July and August if you can, and get ahead of the other buyers that are looking at Oceanport listings.

Len

Find out what's happening in Little Silver-Oceanportwith free, real-time updates from Patch.

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

 

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