The median price of a single-family home in West Long Branch is 3% higher than it was a year ago. In addition, slightly more homes sold this year and fewer homes are on the market listed for sale. Taken together, these objective indicators show that the West Long Branch real estate market is strengthening, and that’s good news for home sellers.
REALTORS® use a calculation called the real estate absorption rate to gauge the relationship between demand and supply. This calculation is the time it would take, in months, to sell all of the homes on the market, assuming that homes continue to sell at the current rate (for the past 12 months). In a “normal” real estate market, the absorption rate is between 5 and 7 months; a rate greater than 7 months indicates a “buyer’s market” and a rate less than 5 months indicates a “seller’s market”.
We’ve been in a buyer’s market for several years, both nationwide and in Monmouth County. Although some parts of the county have returned to a “normal market”, it’s still a buyer’s market in West Long Branch; however, the real estate absorption rate has improved significantly, from 11.3 months a year ago to 10.2 months now. Here are all of the objective indicators in tabular form:
2012 West Long Branch Home Sales, January - November (11 Months Year To Date)
2011 2012 Comment
Sales (Demand) 47 48 2% more homes sold.
Listings (Supply) 46 41 6% fewer homes on market.
Months' Supply (Absorption Rate) 11.3 10.2 Improving demand vs. supply.
Note: this is the latest 12 month number Average Sale $ (Value) $325,889 $350,269 7% higher average sales price.
Median Sale $ (Value) $315,000 $324,500 3% higher median sales price.
Most experts expect the real estate market to continue to strengthen in 2013. If you live in West Long Branch and have been thinking of selling your home, make plans now to get your home ready to list in the spring. I’d be glad to send you a free checklist of simple things to do to make your home more marketable- just send me an email or text me/give me a call at (732) 239-0739.
Leonard “Len” Dunikoski, GRI
Diane Turton Realtors – Rumson Office
8 West River Road
Rumson, NJ 07760
(732) 239-0739 (cell) (732) 530-6686 (office)