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 email@example.com.
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