Recent messages on the mythical national real estate market have been mixed, especially since some of that "recent" data pertains to July (which was great) and August (not so great, depending on the source, etc.).  All real estate is local, so in that spirit I bring you the news (good) of the real estate market in Somerset County, New Jersey.

What a difference a year makes!  In September of last year the market was starting to collapse.  This September the market is clearly rebounding.  What's the evidence?

Although there were fewer sales made this September than in August (perhaps more seasonal than anything else), there were 23% more sales made this September than in September of 2008.  In addition, 5% fewer listings were taken this year in September compared to last.  As a result the supply/demand ratio is 57%, compared to last year's 44%.

Although the absorption rate climbed from August's 6.8 months to 7.6, in September of last year the absorption rate was 10.1 months.  That's huge.  As far as closed sales are concerned, there were 289 closed this September,  256 in September of 2008, or 13% more closed sales this September.

If inventories continue to tighten and sales continue to improve, prices could be affected.  Stay tuned....