August is a wrap and was a slower than average month. As locals rent beach homes or leave town for summer vacations only the most dead-set buyers focused on closing before the school year starts, August tends to be a slower month that brings the “Spring” market to a close. Historically, the past 3 Augusts have seen between 14-17 homes sold versus 7 last month.
Mortgage rates remain historically low as the Federal Reserve did not raise their rates last month, despite positive economic markers. As that positive data continues to build and with the impending election, look to see rates on the rise.
We are keenly focused on new construction in and around Colts Neck which is bringing new buyers to the area. While most of these homes are over the $1m price point, this will help fuel sales in the luxury category, which is currently stagnant and in over-supply with 57 homes between $1m-$2m alone. New construction and finely renovated homes are those that are selling in this category.
We are always free to answer any questions you have about these statistics, general market information, or inquiries about a specific property at 201-315-9157 or firstname.lastname@example.org.
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