Market Conditions in 07722>Question Details

C2, Home Buyer in Colts Neck, NJ

Trulia says "Average price per sqft for homes in 07722 = $193 in the most recent qtr" Is the same as the sales price from MLS?

Asked by C2, Colts Neck, NJ Mon Apr 29, 2013

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Valentina Gabela’s answer
In New Jersey it is not mandated that square footage be posted on MLS or any listing information. Therefore, the sq foot is often omitted or it is inflated to make house appear larger. There is no real way to get an accurate or even close estimate of sq ft in NJ to use as an accurate measurement.

That being said, I disregard all averages that include sq footage unless you know for certain it is accurate.

I am also not sure what you mean by the same as sale price. If you are assuming a 3000 sq foot home multiplied by $193 should sell for $579,000 then the logic is seriously flawed. There are a lot of factors that are taken into consideration when pricing a home. Some are bedrooms, bathrooms, finished basement, flow of house, condition of house, upgrades, pool, landscaping, lighting, location of home, and more. There is also a consideration about what is next door, is the street a busy street, is commercial zoning nearby and on and on. All that factor into price of home.

You really need to visit the property, interpret the home and location, condition of home and all those other contributing factors then do your research on comparable sales to calculate an estimate. This is sometimes more of an art than a science.

Hope that helps

Val
0 votes Thank Flag Link Mon Apr 29, 2013
Because sellers in the past would engage in excessive "puffery" about their property's square footage, NJ is a state where total square feet is not regularly posted as part of the information accompanying ACTIVE FOR SALE. Therefore the information is not terribly accurate and may only reflect those sales which posted a sq ft. value.

Unless homes you would be interested in are relatively new and the development widely advertised, you should check the tax record for the particular home in which you might be interested.
0 votes Thank Flag Link Mon Apr 29, 2013
C2, the Monmouth/Ocean MLS is maintained by the Monmouth County Association of Realtors, and is the MLS that handles 07722, or Colts Neck. As a property expert and resident of Colts Neck, I'm happy to give you some info on the town. For January 1, 2013 - March 31, 2013 the price per square foot of properties sold through the MLS was $114 (including all property types). For just single family homes, that $/square foot was $126. I hope that helps.

Please keep in mind that the information on the MLS is only relevant to properties listed on and sold through the MOMLS. Properties sold "by owner" for example would not be represented in this data.

Do you mind if I ask why you are interested in this statistic?
0 votes Thank Flag Link Mon Apr 29, 2013
Hi...

, it is really difficult to evaluate price per sq foot for an individual....Everyone needs are different, so the sale price usually does not depict that...Too many factors go into a fair pricing of a home.....

Diane
0 votes Thank Flag Link Mon Apr 29, 2013
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