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Health & Fitness

Marlboro Real Estate Prices Up 4% in 2013

The median price of a single-family home in Marlboro increased by only 4% in 2013 (from $475,000 in 2012 to $495,000). The median is the price at which 50% of the homes sold for more and 50% sold for less. It’s normally a better indicator than the mathematical average, which can be skewed by a handful of very high (or very low) priced home sales. Interestingly enough, this year the average Marlboro home price increase (2%) was very close to the median increase.

7% more Marlboro homes sold in 2013 than in 2012; an increase in sales (i.e., demand) normally predicts higher home prices in the near future. We also so a 15% decrease in the number of homes listed for sale (i.e., supply); fewer listings also tend to result in higher home prices in the near future.

The real estate absorption rate looks at both demand and supply. If you’ve been following my posts you know that a real estate absorption rate of between 5 and 7 months is considered to be a “normal market”, whereas greater than 7 months is a “buyer’s market” and less than 5 months is a “seller’s market”.  Marlboro started the year with an absorption rate of 5.6 months and ended 2013 with a rate of 4.2 months, so we moved from a “normal market” in Marlboro into a “seller’s market” during the year. It’s surprising that we didn’t see the median home price increase a lot more than 4%.

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The average Marlboro home sold faster in 2013 than in 2012. If a home is sold on its first listing, we measure the days it was on the market (DOM). However, if the listing expires before the home sells, once the home is re-listed we can measure either the DOM for the new listing or the number of cumulative days on the market (CDOM). The CDOM gives a much better idea of how long the home really took to sell. For Marlboro, the average CDOM went from 94 days in 2012 to 83 days in 2013.

If you’re a Marlboro home owner, there are lots of things to be happy about: sales are up, fewer homes are listed for sale, prices are up, and homes are selling faster. If you’re thinking of selling your 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 market.

Find out what's happening in Marlboro-Coltsneckwith free, real-time updates from Patch.

If you’re thinking of buying a home in Marlboro, you’ll have to plan to spend more than you would have a year ago. If you’ll need a mortgage, also keep a close eye on mortgage rates, which are expected to rise significantly by the 4th quarter.

Here are all the statistics:

 

                        Marlboro Home Sales, Jan 1 - Dec 31


                           2012      2013             Comment


Sales (Demand)   317          340         7% more homes sold.
 
Listings (Supply) 123          104   15% fewer homes on market.

Months' Supply    5.6           4.2   Stronger demand vs. supply.
 
Median Sale      $475,000 $495,000     4% higher median.

Average Sale    $531,030 $541,146     2% higher average.
 
Avg Listing       $555,134 $563,651      2% higher avg listing.

Avg Sale/List    95.7%       96.0%        Similar Sales/Listing %.

Avg Cum Days     94            83              Shorter average CDOM


-         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

 



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