A few weeks ago, 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 Middletown, that “urgency” is translating into both good news and bad news for home buyers. For the 5 month period between January 1st and May 31st, there were 19% more home sales, the average listing price decreased by 2%, and the median selling price of a Middletown single-family home increased by only 1% (the median is the price at which 50% of the homes sold for more and 50% sold for less).
The bad news for Middletown home buyers is that 6% fewer homes are 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 9.0 months to 46.4 months. Fewer homes on the market plus a decreasing absorption rate predict higher prices in the future.
If you’re planning to buy a home in Middletown, you may want to buy sooner rather than later. If you’re planning to sell a home in Middletown, this fall may be the time to do it.
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Here are all of the key numbers (source: Monmouth-Ocean MLS):
Middletown Home Sales, January - May
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2012 2013 Comment
Sales (Demand) 163 194 19% more homes sold.
Listings (Supply) 324 306 6% fewer homes on market.
Months Supply 9.0 6.4 Stronger demand vs. (Absorption Rate) supply. Note: this is based on the past 12 months
Average Sale $420,363 $416,616 1% lower average sales price.
Median Sale $370,000 $372,500 1% higher median sales price.
Average Listing $444,107 $434,792 2% lower average listing price.
Avg Sale/List % 94.7% 95.8% Higher Sales/Listing %.
Avg Cumulative 104 102 Similar average 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 Middletown 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)
