Somerset County New Jersey August Real Estate Trends |
If you're looking for a major shift in the real estate market in Somerset County, New Jersey, you'll be disappointed. The market in August continued to plod along in the same direction - improvement - as has been the case since January.
The number of homes available for purchase dropped off a bit, to 2453 from 2544 on August 1, but that compares with 2445 on September 1 of last year. The supply/demand ratio dropped a couple of points, to 50%, meaning that as 100 new listings were added to inventory, 50 sales were made. Back in January that number was at a dismal 29%. The absorption rate saw an increase to 9.4, the number of months needed to sell off the current inventory at current rates of sale. The lowest this year was 7.2, back in June, but last month was 7.8 months.
Prices remain relatively stable as well. The median sale price in 2007 was $385,000. The median for all closings through August of this year is $375,000. The average sale price in 2007 was $498,302, this year so far, $473,845, about 5% less.
Those buyers expecting a further drop in prices will be disappointed. The worst of the real estate crisis is over, and recovery in prices and volume of sales is just around the corner. Someone buying in 2008 can expect to see their courage pay off as once again prices start to rise in Somerset County, especially in several municipalities like Hillsborough, Montgomery and Franklin.
