First Half Real Estate Review: How Are We Doing?
Amazing to say, but July is half over already! And so is half of the real estate year! Nationally we keep hearing reports that the housing sector has recovered and everything is doing great. How has Lakewood stacked up during the recovery? Let's take a look at the numbers.
During the first 6 months of 2013 a total of 193 Single Family Homes transferred ownership. The Average Sales Price was $134,900 and the Median Sales Price was $115,500.
During the first 6 months of 2012, 193 Single Family Homes also sold! The Average Sales Price was $130,600 with the Median Sales Price at $107,900.
The Average Sales Price is UP 3.3% over last year and the Median Sales Price is UP 7% over last year! In addition the number of days on market-- the time it takes to sell-- has improved from an an average of 110 days in 2012 to 91 days this year. The Median Days on Market is even more dramatic, improving from 71 days in 2012 to 44 days in 2013. The reality is homes that are "priced right" are selling quickly and in most cases for more than they would have received last year.
So where are all the sales taking place? Let's look at the numbers by price points. In the first 6 months of 2012:
- Under $100k 86 homes, 44.5% of sales
- $100k -$200k 82 homes, 42% of sales
- $200k -$450k 18 homes, 9% of sales
- Over $450k 7 homes, 3.6% of sales
In the first 6 months of this year:
- Under $100k 77 homes, 40% of sales
- $100k -$200k 89 homes, 46% of sales
- $200k - $450k 22 homes, 11% of sales
- Over $450k 5 sales, 2.6% of sales
Inventory is still low. Most of the year we have been below 100 single family homes for sale. Currently however there are 114 Single Family Homes for sale. The average home for sale is a 4 bedroom, 2 bath 1700 square foot colonial priced at $169, 900. In addition, there are currently 94 homes "under contract." The average home under contract is a 3 bedroom, 2 bath 1900 square foot home priced at $197,500! At this rate we only have about 3 months of inventory available making for a very competitive market!
So what will the next 6 months look like for Lakewood real estate? Only time will tell! You can track real estate trends and values at www.HomeValuesInLakewood.Info. There are still several good months left for buyers and sellers! Do your homework, speak with a professional real estate agent, and get in the market!
Chris Bergin is a licensed real estate agent with Prudential Lucien Realty in Lakewood and can be contacted at Chris@ChrisBergin.com.