6 Months, 6 Great Numbers for Little Silver Home Sellers

Last month we said that Little Silver home sellers were smiling at the end of May because the 5-month year to date median home price had increased by 19% compared to the same time last year. Well the smiles are even bigger now, because at the end of June the median single-family home price had increased by 22%. That’s just the first number.

Numbers 2 and 3: the average home price is up 8% and the average listing price is up 5%.

Number 4: 24% more Little Silver homes have sold compared to the first 6 months of last year; more sales tend to push prices upward.

Number 5: there are 38% fewer homes on the market; fewer listings tend to result in higher prices.

Number 6: the real estate absorption rate decreased from 7.4 months to 5.1 months. This is a calculation of how long it would take to sell all of the homes currently on the market, assuming that homes sell at the same rate that they did for the past 12 months. An absorption rate of 5 – 7 months is considered a “normal market”, while greater than 7 months is a “buyer’s market” and less than 5 months is a “seller’s market”. If you’ve been thinking of buying a home in Little Silver, you may find yourself in a seller’s market very soon.

Here are all of the numbers:

                   Little Silver Home Sales January – June

                                   2012        2013              Comments

Sales (Demand)          33              41         24% more homes sold

Listings (Supply)        45              28         38% fewer homes on market

Months’ Supply          7.4             5.1         Stronger demand vs. supply              (Absorption Rate)                                      (based on the past 12 months)

Average Sale       $577,651    $626,323   8% higher average sale price

Median Sale        $450,000    $549,200   22% higher median sales price

Average Listing  $615,154    $645,936    5% higher avg. listing price

Avg. Sale/Listing     93.9%        97.0%      Higher sale $/listing $

Avg. Cumulative          79              88        Longer average CDOM

Days on Market

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