Long Branch Real Estate Up 12%

As of May 31st, the year-to-date median selling price of Long Branch single-family homes has increased 12% compared to the same period in 2013. Increased sales prices tend to predict higher prices in the near future.

If you’ve been following my posts, you know that I use 4 key, objective real estate indicators to predict what’s happening to the market. The 2nd indicator is the number of homes that have sold. More home sales tend to predict higher prices (due to higher demand) and fewer home sales tend to predict lower prices (due to lower demand). 10% more homes sold in Long Branch in the first 5 months of 2014 than in the same period in 2013, so this indicator is predicting higher prices to come.

The 3rd indicator is the number of homes that are on the market (based on the past 12 months): higher inventory tends to predict lower sales prices (based on more choices) and lower inventory tends to predict higher sales prices (based on fewer choices). As of May 31st, 3% fewer Long Branch homes were listed for sale than there were a year ago, so this indicator is also predicting higher prices to come.

The 4th indicator is the real estate absorption rate, which takes into account both supply and demand. It’s a calculation of how long it would take to sell all the homes listed for sale, if homes continue to sell at the same rate as they have in the previous 12 months. An absorption rate of 5 – 7 months is considered a “normal market”, greater than 7 months is considered a “buyer’s market”, and less than 5 months is considered a “seller’s market”. Hazlet’s real estate latest absorption rate is 9.9 months, and was 13.5 months at this time last year; Long Branch is still a “buyer’s market” but it’s moving towards a “normal market”.

Here are the year-to-date numbers in tabular form:

Long Branch Home Sales, January 1 - May 31

The bottom line: all 4 key, objective indicators are predicting higher prices for homes in Long Branch. If you’re thinking of selling a home in Long Branch, please let me be one of the REALTORS® you interview. I’ll explain the 4 key indicators to you in detail. I’ll show you all the homes comparable to yours that sold recently, and give you an estimate of what I think your home will sell for in the current “buyer’s market”. If you do decide to list your home, I’ll work harder than anyone to sell it quickly and for the highest possible price. Call, text or email me.

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

@ListWithLen