Holmdel Home Sellers Smiling

Last week we looked at an article in the Wall Street Journal that said home buyers were feeling a sense of “urgency” to buy now before prices go up. For Holmdel, that “urgency” is translating into more home sales, and at higher prices. For the 5 month period between January 1st and May 31st, there were 8% more home sales, and the median selling price of a Holmdel single-family home increased 12% (the median is the price at which 50% of the homes sold for more and 50% sold for less).

The other good news for Holmdel home sellers is that 9% fewer homes are on the market, and the average listing price is 27% higher. In addition, the absorption rate (the number of months it would take to sell all the homes on the market if sales continued at the current rate) decreased from 11.0 months to 7.3 months. A decreasing absorption rate predicts higher prices in the future.

If you’re planning to buy a home in Holmdel, you may want to buy sooner rather than later. The combination of fewer homes on the market, higher listing prices and a lower absorption rate all predict higher future prices.

Here are all of the key numbers (source: Monmouth-Ocean MLS):

                                      Holmdel Home Sales, January - May




    2012     2013           Comment



Sales (Demand)       40       43 8% more homes sold.
 

Listings (Supply)     117     106 9% fewer homes on market.



Months' Supply (Absorption Rate)     11.0     7.3 Stronger demand vs. supply.
Note: this is based on the past 12 months Average Sale $ (Value) $600,362 $755,886 26% higher average sales price.

 
Median Sale $ (Value) $578,000 $650,000 12% higher median sales price.



Average Listing $ $635,067 $805,720 27% higher average listing price.



Avg Sale/List %     94.5%     93.8% Similar Sales/Listing %.



Avg Cumulative Days On Market      135      115 Shorter average CDOM

If you have any questions or if you’d like to talk to me about Holmdel real estate please text me or give me a call.

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