5 Month Year-to-Date Update on Oceanport Home Sales

After 5 months, we’re getting mixed signals from the real estate market in Oceanport. If we look at single-family homes, the good news is that more homes have sold, homes are selling faster, and average selling prices are closer to average listing prices. On the other hand, despite the fact that fewer homes are on the market (this normally causes an increase in home prices), the average sales price has decreased significantly since one year ago:

      2011

      2012

Sales (Demand)

       14

       19

Listings (Supply)

       50

       44

Months' Supply (Absorption Rate)

      12.5

       7.9

Average Sale $ (Value)

  $550,107

  $470,309

Average Listing $

  $606,971

  $504,438

 Avg Sale/List %

      90.6%

      93.2%

Average home prices peaked in Oceanport in 2007, decreased in both 2008 and 2009, rallied a bit in 2010, but declined again in 2011 and thus far in 2012. With home prices down and mortgage rates still close to their all-time lows, this may be a great time to buy a home in Oceanport. Most of us won’t see mortgage rates this low for the rest of our lifetimes.

Len