The home sales market in Hillsborough, New Jersey, continues to rock on.  Since June 1, 53 listings have been taken and 45 properties have gone under contract (including 4 that were listed since June 1).  This supply/demand ratio is still quite favorable at 85%.

The most active segment of the market is still that from $300,000 to $500,000 (low middle), constituting nearly half of the current pendings overall.  The entry level (less than $300,000) constitutes a bit more than a quarter of all pendings currently.  Just a month ago that entry level made up 40% of all pendings, and the low middle 36%.  The pending/active ratio overall at that time was 21% vs. 24% now.  The market continues to improve in Hillsborough, and at a rate better than Somerset County as whole.  Clearly, this is the time to be a buyer.

Real estate activity in Somerset County, New Jersey, continues to be at levels lower than last year, but is improving.  Compared with activity in March, the level of active listings has increased 13%, not that unusual for this time of year.  Moreover, the ratio of pending sales to active listings has inched upwards to 20%, far below the 50% level that indicates a market "in balance."

Unlike March, the price range seeing the best pending/active ratio is no longer the lowest (under $300,000), nor even the low middle ($300-500,000), but rather the middle, with homes priced from $500,000 to $750,000.  Homes in that price bracket constitute only 20% of all actives, but 23% of all pendings, with 518 actives and 154 pendings.  And to top it all off, that middle range is also experiencing the lowest average days on market - at 66.  If there is a "sweet spot" in the Somerset County real estate market, it is in that range.

The median list price for all pendings right now in Somerset County is $425,000, compared with $395,000 in March.  However, the median list price for active listings has fallen from $439,000 in March to $434,900 in June.  The average list price in March for active listings was $685,939, in June, $686,008, no significant difference.  It seems that sellers are becoming more realistic as buyers come off the sidelines where they've been hanging for over a year.

Keep in mind, the various municipalities in Somerset County have different numbers - in some cases very different numbers.

After a May that showed Hillsborough NJ as a primary market in Somerset County, Hillsborough has caught fire in June.  Since June 1, there have been 31 new listings and 29 new sales, for a supply/demand ratio of 94%.  This is the highest number since December 2003.  June 2007 was 47%.

Of course, these are "early returns," with the month just past halfway, but it suggests good things are on the way.  Somerset County as a whole is at just 46%, and Bridgewater, another star from May, is at just 54%.

Stay tuned.