Normally I don’t like to give Aberdeen’s year-to-date real estate statistics until the end of the February. Aberdeen is a small town, and we don’t see 20 sales until February (20 is the minimum number of sales that are statistically significant when comparing one time period to another).
However, several readers have asked me to at least provide the raw numbers, even if I can’t comment on them, so here are the 4 key numerical indicators for Aberdeen’s single-family home sales in January:
Aberdeen Home Sales, January 1 - January 312013 2014 Comment
Sales (Demand) 8 11
Listings* (Supply) 95 72 24% fewer homes on market.
Months' Supply* 8.1 5.6 Much stronger demand vs.
*based on the past 12 months supply.
Median Sale $247,500 $242,000
Eleven (11) homes were sold this year, and eight sold last year; I’ve given the median sale prices for both years, but without comment. Since the number of listings and the real estate absorption rate are based on 12 months, I’m glad to comment about them. There are 24% fewer homes listed for sale now than there were a year ago. Fewer listings usually drive up sale prices, since buyers have fewer homes to choose from.
Find out what's happening in Matawan-Aberdeenfor free with the latest updates from Patch.
I’ve you’ve been reading my posts you know what the real estate absorption rate is. It’s a calculation of how long it would take to see all of the homes listed for sale, assuming that sales continue at the same rate as they have in the past 12 months. A year ago the absorption rate was 8.1 months (a rate greater than 7 months is considered to be a “buyer’s market”), while now the absorption rate is 5.6 months (a rate between 5 and 7 months is considered to be a “normal market”).
Since we’re now officially in a “normal market”, I’m going to go out on a limb and predict that we’ll see a significant rise in Aberdeen’s median sale price by the end of the year. Keep following my blogs and see if my prediction turns out to be true.
Find out what's happening in Matawan-Aberdeenfor free with the latest updates from Patch.
If you’re thinking of selling your Aberdeen home this year, please let me be one of the REALTORS® you interview to list your home on the market. A decision on “fair market value” for your home should be based on solid data about the current Aberdeen market, and I’d be happy to review that information with you. I’ll also give you a detailed marketing plan to sell your home as quickly as possible and at as high a price as possible. Please call, text or email me and I’ll get right back to you.
Len
Leonard “Len” Dunikoski, GRI
REALTOR® Associate
Diane Turton Realtors – Rumson Office
8 West River Road
Rumson, NJ 07760
