Colts Neck's January Home Sales

Normally I don’t like to give Colts Neck’s year-to-date real estate statistics until the end of the February. Colts Neck is a small town, and we don’t see 20 sales until February or March (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 Colts Neck’s single-family home sales in January:

Twelve (12) 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 2% 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.

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 11.3 months (a rate greater than 7 months is considered to be a “buyer’s market”), while now the absorption rate is 8.0 months; we’ve been in a buyer’s market the whole time, but we’re approaching a “normal market” (5 to 7 months is considered to be a  “normal market”) . In neighboring Marlboro, the present absorption rate is 4.3 months (less than 5 months is considered to be a “seller’s market”.

It appears that the “buyer’s market” in Colts Neck may be over soon, so I’m going to go out on a limb and predict that we’ll see a significant rise in the median sale price by the end of the year. Keep following my blogs and see if my prediction turns out to be true.

If you’re thinking of selling your Colts Neck 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 Colts Neck 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

(732) 239-0739  (cell)    (732) 530-6686 (office)

ldunikoski@dianeturton.com

http://www.rumsonfairhavenhome.com

@ListWithLen