Health & Fitness
Matawan Home Prices on the Rise
Home prices have gone up in Matawan- can you guess how much?
A few weeks ago we reported that home buyers were feeling a sense of “urgency” to buy now before prices go up (http://matawan-aberdeen.patch.com/blog_posts/home-buyers-feeling-sense-o...). In Matawan, we haven’t seen an increase in the number of sales yet, but home prices are definitely moving higher.
For the 5 months between January 1st and May 31st, the median price of a single-family home in Matawan went up 7% compared to a year ago (the median is the price at which 50% of the homes sold for higher prices and 50% sold for lower prices).
Find out what's happening in Matawan-Aberdeenfor free with the latest updates from Patch.
Potential buyers should note that both the average listing price and the average selling price have increased by 1% – 2%, and that homes are selling faster than they did a year ago.
It’s significant that the real estate absorption rate for Matawan decreased from 10.3 months to 8.0 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”.
Find out what's happening in Matawan-Aberdeenfor free with the latest updates from Patch.
The good news for Matawan home buyers is that we’re officially still in a “buyer’s market”. The good news for home sellers is that there are 10% fewer homes available for sale. The combination of fewer homes available and average higher listing prices tends to move prices higher.
Here are all of the numbers:
Matawan Home Sales, January - May
2012 2013 Comment
Sales (Demand) 26 25 4% fewer homes sold.
Listings (Supply) 40 36 10% fewer homes on market.
Months' Supply (Absorption Rate) 10.3 8.0 Stronger demand vs. supply.
Note: this is based on the past 12 months Average Sale $ (Value) $274,115 $279,020 2% higher average sales price.
Median Sale $ (Value) $270,000 $290,000 7% higher median sales price.
Average Listing $ $288,634 $291,782 1% higher average listing price.
Avg Sale/List % 95% 96% Similar Sales/Listing %.
Avg Cumulative Days On Market 117 84 Lower average CDOM
Things are still in a state of flux in the Matawan real estate market, but almost all of the objective numbers are predicting higher home prices for the rest of this year. If you’re interested in selling or buying a home in Matawan- 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)
