With the release today by the National Association of Realtors® of their cheerless report on the "national market," showing a decline of 2.7% in sales from July to August, it is important to observe that Hillsborough, NJ bucked that trend.

In August of this year there were 37 sales made, compared to 36 in July of this year, and 36 in August of last year.  This year the market seems to be on the rise, while last year at this time the market was spiraling downward.  From May through August this year we have seen a steady, but small increase in sales made.  Even more important, the absorption rate continues to decline, moving closed to the "balanced market" which is usually regarded as a six-month supply.  It is currently 6.8 months, after a disastrous January that say a 20.6 month supply.  That was ugly.

The median sale price so far this year is $330,000, compared to $345,000 for all of last year, a 4.3% decline overall.  The inventory of unsold properties is within two units of last year at this time.  So, are we seeing a reply of last year?  I'm inclined to say no.  The death spiral of last year was in the opposite direction of what we're seeing right now.

Who can accurately predict the market in Hillsborough?  No one.  However, if you're thinking of buying or selling now, it is best if you have a market-knowledgeable Realtor® on your side.  Any names come to mind?