As we head into the spring market, our 2017 has been one of the most active real estate markets in the past years as far as I can remember. With consistently low inventory and homes receiving contracts right away we are finally back into a sellers market. So far to date, we have not exceeded over 95 homes on the market when in the past we would have already seen 130-140 active homes at this time of the year. In any given 30 day period since January, we are seeing anywhere from 25-35 homes Under Contract.
The reason this is so important is because these numbers provide us with our towns absorption rate. An absorption rate simply put is the months it would take for current inventory to be absorbed based on the following equation, the number of active homes on the market divided by how many homes have gone under contract in the past 30 days. For example, as of today March 5th there are currently 95 homes on the market and in addition 27 homes went under contract in the past 30 days which gives a 3.5 month supply. Anywhere from 0-6 months is considered a sellers market, from 6 months plus is a buyers market and 5-6 months is a normal market where we saw ourselves in most of 2016.
So what does this mean for sellers? Your home still needs to be priced according to condition but with fewer homes as competition we are seeing more multiple offer situations.
For a complete list of homes that sold in Randolph & Shongum Lake, please visit Randolp-NJ-Homes.com for the most updated home sale information.