Atlantic Highlands Home Sellers Smiling

Although Middletown home prices are flat, single-home prices in Atlantic Highlands have jumped dramatically, bringing good news for home sellers (and bad news for home buyers). For the 5 month period between January 1st and May 31st, the median selling price of an Atlantic Highlands single-family home increased by a whopping 76% (the median is the price at which 50% of the homes sold for more and 50% sold for less).

Other good news for Atlantic Highlands sellers: the average listing price was up 61%, the average sales price was up 58%, and there were 24% fewer homes on the market. 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 10.8 months to 7.6 months. Fewer homes on the market plus a decreasing absorption rate predict higher prices in the future.

The only bad news for Atlantic Highlands home sellers was that homes were on the market for a longer period of time before they sold.

If you’re planning to buy a home in Atlantic Highlands, there isn’t much good news. Perhaps there’s some consolation in knowing that statisticians don’t like to draw any conclusions from fewer than 20 home sales, because they feel that less than 20 data points aren’t “statistically significant”.  To me that’s a tough argument when both the median and the average sales have jumped by such a large amount.  If you’re planning to sell a home in Atlantic Highlands, now may be the time to do it.

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

              Atlantic Highlands Home Sales January – May

                               2012          2013                  Comments

Sales (Demand)        18            17         6% fewer homes sold

Listings (Supply)       37           28      24% fewer homes 4 sale

Months’ Supply       10.8           7.6     Stronger demand(Absorption Rate)                        (based on the past 12 mos)

Average Sale       $432,623    $684,234   58% higher average sale price

Median Sale        $329,500    $580,000   76% higher median sales price

Average Listing  $459,755    $738,011    61% higher avg. listing price

Avg. Sale/Listing     94.1%       92.7%    Lower sale $/listing $

Avg. Cumulative        99            154     Much longer avg CDOM

Days on Market

If you have any questions about the numbers, or if you’d like to talk to me about buying or selling Atlantic Highlands real estate, please text me, email 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