Sales of Existing Homes were UP 5% in December, their third consecutive gain, to their highest level since last January! Market Confidence Meter
Greater Princeton NJ Area Real Estate Market Data
Nov 02, 2014
Information on the Greater Princeton NJ real estate market accompanied by data to help evaluate market strength
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Sales of Existing Homes were UP 5% in
December, their third consecutive gain, to their
highest level since last January!
Market Confidence Meter
The Commerce Department said overall
housing starts are up 24.9% from a year ago,
with single-family housing starts up 11.6%.
Market Confidence Meter
Lawrence Yun, Chief Economist for the National
Association of Realtors reports that “Housing
affordability conditions are at a record high,
and there is pent-up demand from buyers who’ve been
on the sidelines.
Market Confidence Meter
The Labor Department reported Unemployment claims for the
week ending January 14 hit the lowest level since April 2008,
with the 4-week average decreasing to 379,000.
Market Confidence Meter
Historic Home Prices
When adjusted for inflation, American home prices increased by
an average of about half a percentage point per year from 1890 through
2008, according to data compiled by Yale University Professor Robert
Shiller.
(www.USNews.com/money - Luke Mullins, March 4, 2010)
If you are a Buyer,
• with today’s low interest rates AFFORDABILITY is HIGH !
• consult with an experienced New Jersey mortgage counselor to assess your buying power and properly position yourself in the market. In this way, sellers will take your offers seriously!
If you are a Seller,
• Pinpoint pricing is all important in this challenging market.
• Professional staging can make all the difference in getting a good, negotiable offer.
• Pre-inspections prevent later fall-throughs once you have a contract for sale!
• Marketing for today’s buyers and the way they search for homes–on the INTERNET, makes all the difference.
With an eye to Moving This Year!
Top Five Rules for Understanding the Real
Estate Market:1. Real Estate is Local2. Real Estate is Local3. Real Estate is Local
4. Real Estate is Local.5. Real Estate is Local
Understand the Local Market That
You are Buying into or Selling out of!
How do we assess strength and vitality in our real estate markets?
By checking the “Absorption Rate.” This is the number of homes available
divided by the number of homes that have gone under contract
in the past 30 days.
It is our most accurate measure of current market strength.
Sample Market Absorption RateSample Market Absorption Rate
100 current active listings
4 reported sales in last 30 days=
25Months’
absorptionrate
Anytown., NJ
5-6 Months Market Absorption Rate indicates a normal market.
11
Market Absorption ScaleMarket Absorption Scale(Absorption Rate in Months)(Absorption Rate in Months)
Ma
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bso
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in M
on
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2
3
4
5
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Market Scale for Supply & DemandMarket Scale for Supply & DemandWeichert, Realtors has been studying market conditions for more than 3 decades and has found a direct correlation between market absorption rates and property values.
As absorption rates increase beyond a normal market level of 5-6 months, property values depreciate annually. As they decrease below 5 months, they increase—inverse proportion. Although different markets may not see the amount of decrease shown here, the pressure on prices will be similar.
1/17/12Towns Active
ListingsPending in Last 30 Days
Absorption Rate in Months
New Listings in 30 Days
Net Gain (Loss) to Market
Listings Reduced in 30 Days
% of Invent. Reduced
Expired Listings
W/drawn Listings
Closed Listings
Princeton Boro: All Styles
34 2 17 3 1 2 5.9% 0 0 0
Pton -Boro Condo/ Thouses
22 1 22 3 2 1 4.5% 0 0 0
Pton-BoroSingle Family
12 1 12 0 -1 1 8.3% 0 0 0
Pton Twp: All Styles 101 2 50.5 9 7 6 5.9% 0 0 1
Pton Twp: Condo/ Thouses
18 0 99 2 2 0 0% 0 0 0
Pton Twp:Single Family
83 2 41.5 7 5 6 7.2% 0 0 1
1/17/12Towns Active
ListingsPending in Last 30 Days
Absorption Rate in Months
New Listings in 30 Days
Net Gain (Loss) to Market
Listings Reduced in 30 Days
% of Invent. Reduced
Expired Listings
W/drawn Listings
Closed Listings
West Windsor: All Styles
88 9 9.8 25 16 17 19.3% 6 6 17
West Windsor Condo/ T.Houses
16 3 5.3 6 3 6 37.5% 1 3 5
West Windsor55+
9 3 3 1 (2) _ _ 0 0 1
West Windsor Single Family
63 3 21 18 15 11 17.4% 5 3 11
Lawrence: All Styles 161 6 26.8 28 22 19 11.8% 15 12 15
Lawrence:Condo/THouses
50 2 25 8 6 11 22% 5 6 9
Lawrence: 55+ 13 0 99 3 3 _ _ 0 0 2
Lawrence: Single Family
98 4 24.5 17 13 8 8.2% 10 6 4
1/17/12Towns Active
ListingsPending in Last 30 Days
Absorption Rate in Months
New Listings in 30 Days
Net Gain (Loss) to Market
Listings Reduced in 30 Days
% of Invent. Reduced
Expired Listings
W/drawn Listings
Closed Listings
Hopewell Twp.All Styles
122 7 17.4 24 17 18 14.8% 12 9 6
Hopewell Twp. Condo/ T.Houses
8 2 4 3 1 1 12.5% 2 1 1
Hopewell Twp.:55+
6 0 99 1 1 _ _ 1 0 0
Hopewell Twp Single Family 108 5 21.7 20 15 17 15.7% 9 8 5
Hamilton: All Styles 534 22 24.3 77 55 95 17.8% 53 18 43
Hamilton:Condo/ THouses
95 1 95 7 6 22 23.2% 12 1 4
Hamilton:55+ 32 2 16 10 8 _ _ 5 2 5
Hamilton: Single Family 407 19 21.4 60 41 73 17.9% 36 15 34
1/17/12Towns Active
ListingsPending in Last 30 Days
Absorption Rate in Months
New Listings in 30 Days
Net Gain (Loss) to Market
Listings Reduced in 30 Days
% of Invent. Reduced
Expired Listings
W/drawn Listings
Closed Listings
Ewing: All Styles
239 13 18 26 13 43 18% 25 2 13
Ewing : Condo/ T.Houses
26 3 8.7 1 -2 4 15% 1 0 2
Ewing 55+:
11 0 999 2 2 --- --- 0 0 0
Ewing:Single Family
202 10 20 23 13 39 19% 24 2 10
East Windsor:All Styles
184 8 23 17 9 23 13% 27 7 11
East Windsor:Condo/ THouses
105 6 18 10 4 11 10% 19 2 4
East Windsor:55+
13 0 999 0 0 --- --- 1 1 1
East Windsor: Single Family
66 2 33 7 5 12 18% 7 4 6
1/17/12Towns Active
ListingsPending in Last 30 Days
Absorption Rate in Months
New Listings in 30 Days
Net Gain (Loss) to Market
Listings Reduced in 30 Days
% of Invent. Reduced
Expired Listings
W/drawn Listings
Closed Listings
Robbinsv’leAll Styles 106 15 7 22 7 10 9% 23 13 15
Robbinsv’leCondo/ T.Houses
45 7 6 8 1 3 6% 11 1 9
Robbinsv’leSingle Family
61 8 8 14 6 7 11% 12 12 6
Hightstown Boro 49 6 8 9 3 5 10% 4 5 10
Pennington 19 0 99 3 3 6 32% 2 2 1
Hopewell Boro 7 1 7 0 (1) 0 0 1 0 2
1/17/12Towns Active
ListingsPending in Last 30 Days
Absorption Rate in Months
New Listings in 30 Days
Net Gain (Loss) to Market
Listings Reduced in 30 Days
% of Invent. Reduced
Expired Listings
W/drawn Listings
Closed Listings
South
Brunswick
All Styles
208 10 21 31 22 22 11 37 2 19
South BrunswickCondo/ T.Houses
77 6 13 19 13 9 12 14 1 7
South Brunswick
55+
35 0 99 1 1 3 9 2 0 1
South Brunswick
Single Family
96 4 24 11 7 10 10 21 1 11
Monroe:
All Styles439 27 16 76 49 3 .06 54 1 57
Monroe:
55+282 19 15 54 35 25 9 28 0 44
Monroe:
Single Family
157 8 20 22 14 15 10 26 1 13
1/17/12Towns Active
ListingsPending in Last 30 Days
Absorption Rate in Months
New Listings in 30 Days
Net Gain (Loss) to Market
Listings Reduced in 30 Days
% of Invent. Reduced
Expired Listings
W/drawn Listings
Closed Listings
Montgomery
All Styles88 13 6.8 17 +4 12 14% 14 6 11
Montgomery
Condo/TH16 3 5.3 2 -1 2 12% 2 1 2
Single Family 72 10 7.2 15 +5 10 14% 12 5 9
Hillsborough
All Styles231 14 15.4 28 +14 14 6% 29 12 25
Hillsborough
Condo/TH88 5 17.6 12 +7 5 6% 15 4 6
Hillsborough
Single Family
143 9 15.9 16 +7 9 6% 14 8 19
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