The weather may say otherwise, but we are certainly in Spring market. Although we have moved into a 12-month contiguous cycle, this time of year tends to bring out more sellers. And the buyers are still coming in droves. Nine homes sold in the montyh of January; two were above asking price, one as close, and three sat for close to a year or longer. But once the price was reduced to reflect the marketplace, they sold.
There are 28 homes pending sale, with over half of them going Under Contract just since mid-January. Overall, inventory is still low. There are only 52 homes for sale. Twenty-one of those were listed as of the start of the New Year, and 13 of those were just since January 16th. These homes are priced as high as $899,000 with nearly half (25) priced $400K or higher.
Recently adjusted housing supply figures shows a drop to a 5.56 month supply in January. This compares to a 9.13 month supply in January of 2012. This coupled with overall good news on the housing market, a year-to-year realized increase in home prices, and the realization that mortgages are cheaper than rental payments, should all contribute to a hectic market this Spring. Right now, a depressed inventory benefits Sellers, but that could change on a dime. Only time will tell how the marketplace will shake out.
Home Sales (January 1-31, 2013):
- 236 Milltown Rd. - Ranch - 3 Bed/2 Bath - $255,000 (originally listed at $319,000; on market for 424 days)
- 26 Waverly Ave. - Cape Cod - 2 Bed/1 Bath - $250,000 (originally listed at $249,999; on market for 21 days)
- 480 Meisel Ave. - Ranch - 2 Bed/2 Bath - $280,000 (originally listed at $349,000; on market for 299 days)
- 171 Linden Ave. - Colonial - 3 Bed/1.5 Bath - $300,000 (listed at $339,900; on market for 28 days)
- 2 Lynn Dr. - Split level – 3 Bed/2.5 Bath - $325,000 (originally listed at $369,000; on market for 273 days)
- 4 Layng Terrace - Split level - 3 Bed/1.5 Bath - $340,000 (originally listed at $335,000; on the market for 12 days)
- 61 Henshaw Ave. - B-level – 4 Bed/2 Bath - $360,000 (originally listed at $569,900; on market for 497 days)
- 105 Lyons Pl. – Colonial – 3 Bed/1.5 Bath - $387,000 (originally listed at $389,900; on market for 25 days)
- 80 Garden Oval - Split Level - 4 Bed/2.5 Bath - $410,000 (originally listed at $439,000; on the market for 146 days)
Source: Garden State Multiple Listing Service (as of January 31, 2013)