Welcome to the December Holmdel-Hazlet Real Estate snapshot blog provided by Doreen DeMarco and Gerine Skamarak of EXIT Realty East Coast.
This is a beautiful and an extraordinary time of the year. We hope you enjoyed your time spent with loved ones. We wish you a prosperous and healthy New Year...may you find peace, wonder and hope in all your days ahead.
We wish all our beloved communities continued support, strength and perserverance as all those impacted by Sandy carry on with their rebuilding process. Please feel free to contact us should you need any contractor recommendations.
Our intention today is to give you a snapshot of the monthly statistics in your local real estate market. We'd like to also pass on an article of interest by Sam Ro posted on 12/21. The author notes now that the housing market may have bottomed out in 2012, economists and other experts are becoming increasingly optimistic about the U.S. housing market in 2013.
Below is a comparison for December 2011/2012 closed home sales for Holmdel and Hazlet. (DOM=days on market)
Holmdel: *Closed Sales for the month of December:
- December 2012: 16 homes sold with an average sale price of $706,688. vs an average list price of $757,175. with an average 112 DOM
- December 2011: 10 homes sold with an average sale price of $912,950. vs an average list price of $1,019,580 with an average 149 DOM
- There are currently 25 homes under contract with an average list price of $702,212. with an average 140 DOM.
- There are currently 79 homes available with an average list price of $1,078,422. with an average 197 DOM.
Hazlet: *Closed Sales for the month of December:
- December 2012: 5 homes sold with an average sale price of $366,200. vs an average list price of $379,720. with an average 147 DOM
- December 2011: 10 homes sold with an average sale price of $257,400. vs an average list price of $267,450 with an average 77 DOM
- There are currently 28 homes under contract with an average list price of $269,046. with an average 118 DOM.
- There are currently 65 homes available with an average list price of $326,354. with an average 120 DOM.
*Source: MOMLS 2012; Information believed to be accuarate but not guaranteed.
5 Types Of Buyers Will Be Rushing Into The Housing Market In 2013
Sam Ro | Dec. 21, 2012, 1:33 PM |
With the housing market bottoming in 2012, economists and other experts are becoming increasingly optimistic about the U.S. housing market in 2013.
From John Burns Real Estate Consulting: "Assuming our leaders in DC come to some sort of agreement that keeps the economy growing and interest rates low, which seems like the most reasonable assumption, here is what will happen,"
- Investors: Investors and, yes, even flippers will continue to grow in numbers as they realize housing is the best risk-adjusted return on their money.
- Boomerang buyers: Foreclosed homeowners, who are currently renting homes, will come back in droves. In Phoenix, they are paying $1,300 in rent for a home whose mortgage payment would be $1,000. That situation is not sustainable. The Federal Housing Administration and Department of Veterans Affairs have low down payment programs with insurance premiums that push rates near 5.0%. Those payments are still very affordable.
- Entry-level buyers: First-time homeowners, who have been sitting on the sidelines waiting for a sign of the bottom, will hear about price increases in their desired neighborhood and rush to become homeowners.
- Move-down buyers: Empty nesters and retirees, who have plenty of equity in their existing home, will buy a home that is more suitable to their current lifestyle, which may or may not include adult children as well as their aging parents.
- Moveup buyers: The price appreciation that occurred in the last year has already lifted 1 million underwater homeowners above water with future price appreciation to lift them even more.
All good signs.