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Health & Fitness

Strong Numbers Continue for Matawan Home Sales

July was another good month for Matawan real estate. The number of single-family home sales (6) stayed the same as last year, but the average sales price was up 10% and the median sales price was up 11% (from $278,250 last July to $310,000 this July).

Those are just the monthly numbers. The 4 key objective indicators we really want to look at are Matawan’s 2013 Year-to-Date statistics, which all are positive for home sellers:

Sales:   40 in 2012, 41 in 2013 (+3%)

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Listings: 42 in 2012, 42 at the end of July 2013 (No change)

Median Sales Price: $279,500 in 2012, $300,000 in 2013 (+7%)

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Absorption Rate: 8.7 months in 2012, 7.3 months now (stronger Demand vs. Supply)

Increased sales and the same or fewer homes on the market normally predict higher prices in the near future.  The significantly stronger real estate absorption rate also predicts that sales prices will rise. If you remember my previous posts, you know that the absorption rate is a calculation of the time it would take to sell all of the homes currently on the market, assuming that homes continue to sell at the same rate as they did in the past 12 months. An absorption rate of 5 – 7 months is considered a “normal market”, and a rate less than 5 months is considered a “seller’s market”. If you’re thinking of selling a home in Matawan, the current rate of 7.3 months should really make you smile!

Let’s see if these positive predictions turn out to be correct- we still haven’t seen the impact that higher mortgage rates may have on the market. Will we see an increase in home buyers trying to lock in the present rates before they rise again, or will rates increase more quickly than expected (and reduce the size of the home mortgages that buyers can afford)?

If you’ve been thinking of selling your home but still aren’t sure, I’d be glad to help you by giving you a free (no obligation) analysis of what your home is worth in the present real estate market. 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

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