A strong December helped turn a corner and put most metrics in positive territory vs. 2015. Colts Neck ended the year with a total of $105 million worth of real estate sold, up $6 million over 2015. Ten more properties were sold versus 2015 for a higher percentage of list price and in fewer days. The average sale price did slip 1.5% to $711,000.
With the Presidential Election behind us, the Federal Reserve raising interest rates for the second time in a decade, and signals to further increases in 2017, mortgage rates increased markedly causing a market shift not seen in some time. A surge of buyers entered the market buying purely on rate and the promise of decreased affordability in 2017. 11 new properties have been put Under Contract since Dec. 1st, higher than normal for December, exemplifying this market shift.
This spike in buyer interest is a leading indicator ahead of potential decreased market activity as rates continue to rise and buyers pull back. We expect the current increase in activity to continue and fuel a very strong Spring Market in 2017, while paying close attention to changes resulting from further rate increases.
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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About The Ten Hoeve Realty Group (Keller Williams Realty)
The Ten Hoeve Realty Group is a top real estate team operating out of the Keller Williams Realty East Monmouth office in Shrewsbury, NJ. Formed in 2007 by husband and wife team, D.J. and Nici Ten Hoeve, The Ten Hoeve Realty Group is ranked among the top tier of agents locally and nationally. We were recently awarded Trulia's Best of Award, given to only the Top 1% of Realtors in the US. From your first home to exquisite estates and investment properties, we deliver results and raving fans!
If you've seen one real estate transaction, you've seen one real estat
"I WOULD HIGHLY RECOMMEND DJ TEN HOEVE!
I worked with DJ from May till the end of November in 2011. From the very first time we met he knew what we needed to do. We owned a condo in Red Bank which we intially thought we needed to sell to move to our dream home. DJ came to the table with all the information necessary to help us make the right decision. We were under water in the condo but he guided us into renting our condo and having tenants pay the mortgage! Simultaneously, DJ found us the perfect house for us in just a week and a half. We made an offer immediately and followed DJ's guidance and we closed a few short months later.
DJ is great at listening to your needs and giving advice on how to get there. DJ makes the right decsion at the right time
Thank you DJ!"