There are 4 key objective real estate indicators for every market: number of sales (i.e., demand), number of listings (i.e., supply), average/median selling price and real estate absorption rate. Here’s a look at those 4 numbers for the period between January 1st and October 31st.
The number of Colts Neck single-family home sales increased 54% (from 71 a year ago to 109 now). An increase in home sales normally drives selling prices higher.
The number of Colts Neck listings decreased 9% (from 107 a year ago to 97now). A decrease in listings normally drives selling prices higher.
Find out what's happening in Marlboro-Coltsneckwith free, real-time updates from Patch.
The average selling price decreased 3% (from $842,187 a year ago to $819,839 now), but the median selling price increased 3% (from $615,000 to $635,000).
The real estate absorption rate, which was 12.3 months a year ago, is now 8.7 months. As you know from my previous posts, the real estate absorption rate is a calculation of how long it would theoretically take to sell all of the houses now on the market, assuming that homes continue to sell at the rate they have in the past 12 months.
Find out what's happening in Marlboro-Coltsneckwith free, real-time updates from Patch.
An absorption rate of greater than 7 months is considered a “buyer’s market”, a rate of between 5 and 7 months is considered a “normal market”, and a rate lower than 5 months is considered a “seller’s market”. So a year ago Colts Neck was in a “buyer’s market” and although the absorption rate is lower, we’re still in a “buyer’s market”. Next door in Marlboro, the absorption rate is 4.2 months, clearly in a “seller’s market”.
Although we’ve had our first snow flurries, the Colts Neck real estate market is still active. On November 1st a 5 bedroom Colonial on 55 Orchard lane closed for $1,150,000.
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)
@ListWithLen
