OK, so the "light at the end of tunnel" was another train.  Like most of America, I am now peeling myself off the tunnel walls to which I was plastered by the on-rushing fast freight of The Financial Crisis (worthy of capital letters, don't you think?).  There is cautious, very cautious, optimism out there.  But before we get too involved in what might be, let's look at what the market in Somerset County did in September.

In a nutshell, September 2008 was not much unlike September 2007, with listings taken (547 vs. 608), and two more sales made (239 vs. 237).  The number of properties available for sale on October 1, was 2402 this year, 2453 in 2007.  There was a 4% drop in average sale prices this September over last, and for the year Somerset County average sale price is $469,730 vs. $498,302, or nearly 6% lower than last year.

The supply/demand ratio was lower in September than in August by just a bit, but the absorption rate climbed to 10.1 months from 9.4 months in August.  However, it was lower than September of 2007, when it was 10.4 months.

The general financial horrors of September probably are not reflected in the sales made numbers.  Consumer confidence is reputed to be crucial to the improvement of the American economy.  The financial rescue plan signed on October 3 should generate an increase in that confidence level, but it will take several months for substantive improvement to work its way through the system.  In the meantime, if you are thinking about buying or selling real estate in Somerset County, New Jersey, be in touch with a Realtor® who is in touch with the market.