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 .
Here’s what’s been happening lately.
- 25 homes were sold in Linden in November, which is significantly lower than the 12 month average of 35 homes per month. Slower sales are not unusual for this time of year. November of 2018 saw only 28 sales.
- There are 122 homes offered for sale in Linden today - compared to the 12 month average of 158 homes and compared to 190 homes that were on the market in November of last year.
Active Listings Sold Listings November 2019 122 25 November 2018 190 28 12 month average 158.1 35.2
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.
Realtors use an analysis called Months of Inventory to evaluate the real estate market. The Months of Inventory is equal to how long it would take to sell the existing inventory if no new houses were put on the market. When the Months of Inventory is below four months, realtors call it a seller's market because the supply is relatively low so sellers have a stronger position in negotiations between a buyer and a seller. When the Months of Inventory is above seven months, realtors call it a buyer's market because the supply is relatively high and buyers have a stronger position in negotiations. Months of Inventory between four and seven is considered a normal market with a good balance of buyers and sellers.
Linden is currently experiencing a normal market holding 4.88 months of inventory.
- Average sale price in Linden in November was $302,073- compared to November of 2018 when the average sale price was $222,685 and compared to the 12 month average sale price of $288,040.
- Average list price in Linden in November was $318,575- compared to November of 2018 when the average list price was $288,761 and compared to the 12 month average list price of $305,550.
Average List Price Average Sale Price November 2019 $318,575 $302,073 November 2018 $288,761 $222,685 12 month average $305,550 $288,040
Linden has had a slow but steady improvement in prices for several years. The important thing to note about real estate prices in Linden is not the variability but rather the overall long term trend which shows a healthy increase in home prices in Linden over the past seven years.
Days on Market:
- In November, the average sold home in Linden was on the market for 34 days - compared to the 12 month average of 58 days and compared ot the 79 days it took to sell a house at this time last year.
Days on Market November 2019 34 November 2018 79 12 month average 58
Sales are not slowing down yet this winter. Buyers will need to be ready to make an offer when they find the right house. Sellers who want to stand out in the inventory will have to price their homes well so that they can sell fast.
Please click here to learn what this means for buyers and sellers.
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.