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New Jersey Real Estate

Blog by Karl von Loewe
Hillsborough, New Jersey
Real estate market information and occasionally spirited opinions about residential real estate in Somerset, Hunterdon, Mercer and Middlesex Counties by a REALTOR® with over a quarter century of experience. COMMENTS ARE WELCOME. Please use the Add Comment link at the bottom of the posting.

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Somerset County NJ May Real Estate Trends
Posted at New Jersey Real Estate by Karl von Loewe
Jun. 1, 2009
Categorized in: Somerset County NJ homes
Tagged with: home sales, new jersey real estate, real estate, somerset county

All market indicators and indexes show a increasingly healthy real estate market in Somerset County. Although the number of properties available increased slightly (about 3%) over last month, that is expected this time of year. However, compared to last year, inventory is down about 8%. The number of sales made rose again for the fourth month in a row, which also is normal, and was 8% ahead of last year’s May. Moreover, the supply/demand ratio is also up for the fourth month in a row, now at 53% (compared to 41% last year), tipping over the magic 50% mark, and the absorption rate has declined again, now at 7.7 months.
 
For properties that closed in May the average sale price was $415,694, the median $309,000. Compare this to the average list price of active listings of $680,942, and a median list price of $445,000 and it is clear that among some sellers realism may be absent. Houses priced at the market or lower are selling, and some are selling with multiple offers quickly. For the homes closed in May, the average number of days on the market was 77, down from 85 the month before.
 
If inventories continue to tighten and sales continue to improve, prices could be affected. Stay tuned….
 
Remember, there is no national real estate market.  "National" numbers are two months (or more) behind reality.  If you want to know the market, talk with a local Realtor® who knows the market.  That would be me.

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