November was a good month for Holmdel real estate sales. Thirteen (13) homes closed during the month, compared to 7 in November 2012. The monthly statistics should bring smiles to Holmdel home owners: the average November sales price was up 31% ($871,654 compared to $665,000 last November) and the median sales price was up 13% ($730,000 compared to $648,000 in November 2012).
Market data from one month doesn’t mean very much, especially when you’re talking about sales of just 7 or 13 homes. We get a much clearer view of the local real estate market when we look at our 2013 year-to-date statistics, which are as follows:
Find out what's happening in Holmdel-Hazletfor free with the latest updates from Patch.
January 1 – November 30 Holmdel Single Family Homes:
Sales were up 7% (144 in 2013 compared to135 in 2012)
Find out what's happening in Holmdel-Hazletfor free with the latest updates from Patch.
Listings were up 14% (97 at the end of November 2013 compared to 85)
The average sales price was up 8% ($758,513 in 2013 vs. $702,477 in 2012)
The average listing price was up 8% ($799,580 in 2013 vs. $743,700 in 2012)
The average sales price to listing price % was stable (94.9% in 2013 vs. 94.9% in 2012)
The median sales price was up 1% ($653,500 in 2013 vs. $650,000 in 2012)
The real estate absorption rate was much shorter (6.1 months in 2013 vs. 8.1 months in 2013)
If you’re not a “numbers person”, all this information may seem a bit overwhelming. I’d be glad to sit down and go over it with you- no obligation, of course.
Except for the increased number of listings, the data predict higher home prices in the next year. If you’ve read my previous posts you’re familiar with the real estate absorption rate (the calculated time, in months, it would take to sell ALL of the current listings, assuming that homes continue to sell at the rate they have for the past 12 months. A year ago the absorption rate said we were in a “buyer’s market”, and now we’re in a “normal market”; if the rate falls lower than 5.0 months we’ll be in a “seller’s market”.
If you’re a Holmdel home owner, it’s good to have this kind of information, even if you’re not thinking of selling your home. I love to provide home owners with monthly updates about the local real estate market, and if this interests you, I’d be gad to add you to my mailing list.
If there does come a time when you’re thinking of putting your home on the market, please let me be one of the REALTORS® you interview. Let me tell you how I’d plan to market your home so that it sells for the highest price in the shortest period of time.
Len
Leonard “Len” Dunikoski, GRI
REALTOR® Associate
Diane Turton Realtors – Rumson Office
8 West River Road
Rumson, NJ 07760
