Cinnaminson Housing Statistics - 2000 thru 2007

Posted at 1:25 PM, Jun. 9, 2008

Cinnaminson, New Jersey Housing Statistics - 2000 thru 2007

It is helpful to look at statistics of housing sales to understand what has happened to the market and to help us take a peek into the future. With this in mind I have used the housing statistics of Cinnaminson New Jersey from the 1st quarter 2000 through to the 1st quarter 2008. All the information has been taken from our local MLS (TrendMLS). The earliest detailed sales records Trend MLS are from January 2000.

At first look it is seen that the Real Estate boom, at least in Cinnaminson, house listing and sold prices steadily rose from the 1st quarter 2000 to the last quarter 2005. From the last quarter 2005 to the first quarter 2008 we have had a correction to the price rise. This trend actually follows the returning visitor count on the house search section of my website HouseJeanie.com. During the 1st quarter 2006 the returning visitor count dropped to 1/2 of the previous years. From the 2nd quarter 2006 to the 1st quarter 2008 the return visitor count has remained fairly even.

The housing sold Days On Market (DOM) were volatile all through the 2000-2005 period. Some houses were sold in a day and some, that were priced higher, took longer to sell. Since the 1st quarter 2006 the DOM has fluctuated some but the DOM has risen to an average of 100 days for the homes sold in the 1st quarter 2008. Keep in mind that the DOM statistics are only for the homes sold. This can be deceiving because in this market where the new listing exceed the homes sold the market the growing number homes for sale exceed the number of buyers. There will be some homes that will take a very long time to sell because they are not priced correctly with respect to the market and when they sell will be sold at a price reduced from the listed price.

So where does this leave the market in Cinnaminson at this point?

We are still finding multiple offers on homes in good condition that are priced correctly. If you look at the 1st quarter statistics of 2008 the average sold price exceeds the average listed price by 4.63% indicating we have a relatively strong market. Interest rates have edged up a little, however, the interest rates are still at a very good level (30 year fixed rate 6%; 30 year FHA 6.25%). The economy is a concern across the country, however, these concerns do not seem to be effecting the housing market in Cinnaminson. There are exceptions however, the average price of homes sold in 2005-2006 is below the average price of homes sold in the 1st quarter 2008. Homeowners in Cinnaminson, if you are thinking about selling your home, the market is just fine, the pricing is just leveling off. Put your home in good showing condition, get a REALTOR® to price your home and put your home on the market.

Bart Erickson, e-PRO, SRS
The HouseJeanie Team