Hazlet Home Sales Up Dramatically

A few weeks ago the Wall Street Journal had an article about home buyers feeling a sense of “urgency” to buy now before prices go up. If you’ve been thinking of buying a home in Hazlet, the good news is that prices haven’t gone up yet, despite a dramatic increase in the number of sales.

For the 5 months between January 1^st and May 31^st, 30% more single-family homes sold in Hazlet this year compared to a year ago. In addition, there were 21% fewer homes available for sale on the market. The combination of more sales and fewer listings tends to drive prices higher.

However, so far the median sales price hasn’t changed (the median is the price at which 50% of the homes sold for higher prices and 50% sold for lower prices).

Potential buyers should note that both the average listing price and the average selling price have increased by 4% – 5%, and that homes are selling faster than they did a year ago.

It’s significant that the real estate absorption rate in Hazlet decreased from 8.8 months to 6.0 months. The absorption rate is a calculation of how long it would take to sell all of the houses currently on the market, assuming that homes continue to sell at the present rate. An absorption rate of between 5 and 7 months is considered a “normal market”, greater than 7 months is considered a “buyer’s market”, and less than 5 months is a “seller’s market”.

The good news for Hazlet home buyers it’s that although we’re officially not in a “buyer’s market” any more, we’re still in a “normal market”.

Here are all of the numbers:

 

                                          Hazlet Home Sales, January - May




    2012     2013           Comment



Sales (Demand)       53      69 30% more homes sold.



Listings (Supply)      103       81 21% fewer homes on market.



Months' Supply (Absorption Rate)      8.8      6.0 Much stronger demand vs. supply.
Note: based on the past 12 months Average Sale $ (Value) $238,616 $251,408 5% higher average sales price.

 
Median Sale $ (Value) $258,500 $257,500 Similar median sales price.



Average Listing $ $251,907 $262,817 4% higher average listing price.



Avg Sale/List %    94.7%    95.7% Higher Sales/Listing %.



Avg Cumulative Days On Market       90       72 Shorter average CDOM

Things are changing dramatically in Hazlet, and all of the objective numbers are predicting higher home prices for the rest of this year. I’d be glad to help you sell or buy a home in Hazlet- just text me, give me a call or send me an email.

 

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