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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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!
A strong December helped turn a corner and put most metrics in positiv
"I have bought and sold many properties in my life time and I must say DJ is the brightest on top of every issue involved in a sale. I found out quickly in my pursuit of the right property that DJ's background as the son of a home builder helped me identify qualities and concerns about structural issues with every property we looked. I was very impressed how he paid close attention to the things my wife wanted in a property and didn't waste any time with places that weren't a fit. Because I was working on this project from out of state DJ was always available to me at odd times and odd days. He also prepared organized itineraries so a day looking with DJ was better than three days with any other broker. In the end he had exceptional skills to close a deal ensuring both parties felt good about the sale."