Homeowners and home buyers in Linden are smart to learn about the real estate market to help make an informed decision about when to buy and sell a home in Linden. Let’s have a heart to heart about how the real estate market it doing.
Here’s what’s been happening lately.
- 30 homes were sold in Linden in January, which is slightly lower than the 12 month average of 30 homes per month. Slower sales are not unusual for this time of year. November of 2019 saw only 25 sales. Sales ought to pick up once the weather picks up.
- There are 120 homes offered for sale in Linden today – compared to the 12 month average of 150 homes and compared to 150 homes that were on the market in January of last year.
As inventory shrinks, demand for homes usually increases. This can help to raise prices and/or shorten the length of time homes are on the market.
Inventory and sales are variable monthly as shown by the peaks and valleys in the graph above. Some variability can also be attributed to homes that are more desirable or less desirable than the average Linden home. Homes that are in exceptional condition or well priced won’t stay on the market long, whereas distressed properties or homes in disrepair stay around longer and cause data variations. Even conditions such as weather affect home sales – fewer buyers are out looking on days that are oppressively hot or rainy.
Realtors use an analysis called Months of Inventory to evaluate the real estate market. Please see Team Zuhl’s explanation of the Linden real estate months of inventory here. Linden is currently experiencing a normal market holding 4.00 months of inventory.
- Average sale price in Linden in January was $312,668 -about 7% higher than the 12 month average of $298,126.
- Average list price in Linden in January was $310,616 – compared to January of 2019 when the average list price was $285,565.
Linden has had a slow but steady improvement in prices for several years. The important thing to note about the graph is not the variability but rather the overall long term trend which is represented by the straight line which shows a healthy increase in home prices in Linden over the past seven years.
Days on Market:
- In January, the average sold home in Linden was on the market for 57 days – quite a bit of a slow down from the 38 days it took to sell a house in Linden in December. Experts are not alarmed, however, because winter sales are usually slower. For example, the average Days on Market in January of 2019 was 57 days. When the weather improves, it’s likely that sales will speed up.
Sellers who want to stand out in the inventory will have to price their homes well so that they can sell fast.
To see earlier market reports of Linden , please click here. If you’re thinking of buying or selling a Linden home, please call us at 908-917-4189.