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Health & Fitness

Oceanport Real Estate Update

If you’ve been thinking about buying a single-family home in Oceanport, is now a good time to buy? The signals are mixed: although nationwide home prices have increased by 12%, as of the end of August, the median price of a single-family home in Oceanport are actually down 1% compared to a year ago. So, is now your chance?

Let’s look at the 8 month year-to-date statistics for Oceanport, focusing on the 4 key objective real estate indicators (items in bold font are good news for home sellers, but bad news for home buyers; items in  underlined italic font are bad news for home sellers, but good news for home buyers):

Sales: 37 in 2012, 34 in 2013 (-8%)

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Listings: 37 in 2012, 44 at the end of August 2013 (+19%)

Median Sales Price: $385,000 in 2012, $380,000 in 2013 (-1%)

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Absorption Rate: 6.6 months in 2012, 6.1 months now (stronger Demand vs. Supply)

As you can see, 3 of the 4 key real estate indicators are good news for home buyers (and bad news for home sellers). The decreased number of sales and the increased number of listings predict lower prices in the future, and the median home price has decreased by 2%. However, look at the real estate absorption rate. The real estate absorption rate is a calculation of how long it would take to sell all the homes that are currently listed, assuming that homes continue to sell at the current rate for the past 12 months. In a “normal market” the absorption rate is between 5 and 7 months, greater than 7 months is considered a “buyer’s market” and less than 5 months is considered a “seller’s market”.

According to the absorption rate, Oceanport has been in a “normal market” for more than a year”, and has been moving towards a “seller’s market”, despite the ravages of super storm Sandy last year. To put things in perspective, neighboring Little Silver, with an absorption rate of 4.1 months, is already in a “seller’s market”, and the median price in Little Silver is up 14%. On the other hand, Fair Haven has an absorption rate of 3.6 months and the median price is actually down 3%.

If you’re looking to buy in Oceanport, it’s good news that you’re in a “normal market” and the median price has only decreased 1%. However, certainly be aware of the FEMA flood zones. Also, the decreased number of sales and the increased inventory tells you to be selective, and make sure you buy a house that’s not priced above the market.

Traditionally there's an upswing in the number of home sales between Labor Day and Thanksgiving, and then a relatively quiet real estate market until early spring. If you're thinking of buying a home in Oceanport, look now while there's still a good supply of homes. If you find a home you like, you'd be wise to lock in a mortgage interest rate before rates go up again.

Remember, if you find a listing for a home in Oceanport you like, DON’T CALL THE LISTING AGENT. The Listing Agent works for the Seller, and has a fiduciary responsibility to get the highest price. You want to work with a REALTOR® whose undivided loyalty is to YOU, and who will negotiate the LOWEST price.

I'd be glad to help you find exactly what you're looking for in Oceanport- just call, text or email me and I'll get right back to you.

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

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