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Health & Fitness

A Strong Year for Marlboro Real Estate

It’s been a good year for the Marlboro real estate market, as shown by the 10 month year-to-date statistics.

Normally we look at the “top 4” objective real estate indicators, so let’s start with those:

Sales were up 18% (311 so far in 2013, vs. 263 in 2012).

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The number of listings was down 15% (127 at the end of October 2013, vs. 150 year ago).

The median sale price was up 8% ($495,000 in 2013 vs. $460,000 in 2012), and the average sales price was up 2% ($536,909 in 2013 vs. $525,552 in 2012).

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The real estate absorption rate was 4.2 months, vs. 5.9 months one year ago (see my previous posts if you’re not familiar with the definition of the absorption rate and its significance).

Since we’re coming to the end of the year, let’s drill down into some other numbers. Many REALTORS® like to look at the average percentage of Selling Price to Asking Price. For Marlboro, that percentage was 95.4% a year ago, and now it’s up to 96.0% (one of the highest percentages in Monmouth County). The average year-to-date asking (listing) price was $559,159 and we get the Selling Price vs. Asking Price percentage by dividing the average sales price ($536,909) by the average asking price ($559,159).

One last number: the average Cumulative Days on the Market. When a house is listed for sale, REALTORS® count the number of days it’s on the market (DOM) before an offer is accepted. If a listing expires (say after 90 days) and the house is later re-listed for sale, the 2nd number of days on the market is added to the first number (90 days) to give the TOTAL, or Cumulative number of days on the market. A year ago the average CDOM was 96, and now it’s 85. Another confirmation of a stronger real estate market.

If you’ve been thinking of listing your Marlboro home for sale, text, call or email me for a no-obligation discussion about strategy and timing

 

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

Twitter @ListWithLen

 

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