Greater Princeton NJ Market Update

• 1.
  • The National Association of Realtors reported that existing

• home sales rose 21 percent in July over July 2010.

Market Confidence Meter 2.

• Lawrence Yun, Chief Economist for the National Association of Realtors reports thataffordability conditions this year have been the most favorable on record dating back to 1970.

Market Confidence Meter 3. 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) 4.

• If you are a Buyer,

• with todays low interest rates AFFORDABILITY is still 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 youhavea contract for sale!

• Marketing for 2011 buyersand the way they search for homesmakes all the difference

With an eye to Moving This Year! 5. Top Five Rules for Understanding the Real Estate Market:

• Real Estate is Local

• 2.Real Estate is Local

• Real Estate is Local

• Real Estate is Local.

• Real Estate is Local

6. Understand the Local Market ThatYou are Buying into/ Selling out of 7. How do we assess strength and vitalityin our real estate markets? By checking the Absorption Rate .This is the number of homes availabledivided bythe number of homesthathave goneunder contractin the past 30 days.It is our most accurate measureof current marketstrength . 8. 9. Market Absorption Scale (Absorption Rate in Months) 10. Market Scale for Supply & Demand Weichert has been studying market conditions for more than 3 decades and has found a direct correlation between market absorption and property values.As absorption rates increase beyond a normal market level of 5-6 months, property values depreciate annually. Market Absorption in Months 1 2 3 4 5 6 7 8 9 10 11 12 Normal 11. 8/15/11 Towns Active Listings Pending 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 54 3 18 7 4 9 16.7% 3 7 8 Pton Boro Condo/ Thouses 22 2 11 2 0 4 18.2% 3 2 3 Pton Boro Single Family 32 1 32 5 4 5 15.6% 0 5 5 Pton Twp: All Styles 168 7 24 19 12 29 17.3% 1 10 20 Pton Twp: Condo/ Thouses 24 1 24 6 5 8 33.3% 0 2 4 Pton Twp: Single Family 144 6 24 13 7 21 14.6% 1 8 16 12. 8/15/11 Towns Active Listings Pending in Last 30 Days Absorption Rate in Months New Listings in 30 Days Net Gain (Loss) to Market Li1stings Reduced in 30 Days % of Invent. Reduced Expired Listings W/drawn Listings Closed Listings West Windsor:All Styles 137 19 7.2 31 12 43 32.1% 1 4 39 West Windsor Condo/ T.Houses 26 6 4.3 13 7 5 19.2% 0 0 5 West Windsor 55+ 8 0 99 2 2 -- -- 0 1 2 West WindsorSingle Family 103 13 7.9 16 3 38 36.9% 1 3 32 Lawrence: All Styles 212 12 17.6 35 23 51 24.1% 7 17 25 Lawrence: Condo/ THouses 62 6 10.3 11 5 14 22.6% 3 5 9 Lawrence:55+ 18 0 99 4 4 -- -- 1 1 1 Lawrence:Single Family 132 6 22 20 14 37 28% 3 11 15 13. 7/5/11 Towns Active Listings Pending 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 PlainsboroAll Styles 112 11 10 29 18 23 20% 10 0 28 Plainsboro Condo/ THouses 65 6 10.8 16 10 12 18% 7 0 13 Plainsboro 55+ 13 2 6.5 4 2 2 15% 1 0 2 Plainsboro Single Family 34 3 11.33 9 6 9 26% 2 0 13 Cranbury: All Styles 27 2 13.5 7 5 6 22% 2 0 3 14. 8/15/11 Towns Active Listings Pending 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 308 19 16.2 37 18 84 27% 19 13 23 Ewing : Condo/ T.Houses 43 2 21.5 3 1 16 37% 3 2 2 Ewing 55+: 12 1 12 0 (1) --- --- 0 0 0 Ewing: Single Family 253 16 15.8 34 18 68 27% 16 11 21 East Windsor: All Styles 240 11 21.8 35 24 57 24% 17 1 17 East Windsor: Condo/ Thouses 141 5 28.2 22 17 33 23% 10 0 8 East Windsor: 55+ 13 0 999 2 2 --- --- 2 0 2 East Windsor: Single Family 86 6 14.3 11 5 24 28% 5 1 7 15. 8/15/11 Towns Active Listings Pending 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 Robbinsvle All Styles 169 17 10 31 14 36 21% 7 12 14 Robbinsvle Condo/ T.Houses 68 7 10 13 6 16 24% 5 5 8 Robbinsvle SingleFamily 101 10 10 18 8 20 20% 2 7 6 Hightstown Boro: All Styles 82 5 16 12 7 12 15% 3 4 1 Pennington 17 4 4 1 (3) 2 12% 0 1 2 Hopewell Boro 16 1 16 2 1 4 25% 1 2 1 16. 8/15/11 Towns Active Listings Pending 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 158 7 22.5 15 8 33 21% 5 5 17 Hopewell Twp. Condo/ T.Houses 11 3 4 1 -2 1 9% 0 0 1 Hopewell Twp.: 55+ 11 0 11 1 1 -- -- 0 1 1 Hopewell Twp Single Family 136 4 34 13 9 32 23.5% 5 4 15 Hamilton: All Styles 719 48 15 118 70 183 25% 21 20 42 Hamilton: Condo/ THouses 113 10 11 14 4 34 30% 1 4 6 Hamilton: 55+ 53 6 9 13 7 -- -- 0 0 3 Hamilton:Single Family 553 32 17 91 59 149 27% 20 16 33 17. 8/15/11 Towns Active Listings Pending 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 300 10 30 57 47 65 21.7 32 4 51 South BrunswickCondo/ T.Houses 93 5 18.6 20 15 22 23.6 11 2 21 South Brunswick 55+ 36 0 99 4 4 3 8.3 1 0 4 South Brunswick Single Family 171 5 34.2 33 27 40 23.4 20 2 26 Monroe: All Styles 552 22 25 120 98 28 5 50 6 75 Monroe: 55+ 336 18 18.7 77 69 19 5.6 37 2 53 Monroe: Single Family 216 4 54 43 39 8 3.7 24 4 22 18. 8/15/11 Towns Active Listings Pending 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 Styles 161 31 5.2 21 -10 33 20% 13 13 26 Montgomery Condo/Twnhms 30 9 3.3 6 -3 4 13% 4 2 2 SingleFamily 131 22 5.9 15 -7 29 17% 9 11 24 Hillsborough All Styles 302 29 10.4 74 +45 77 25% 30 16 30 Hillsborough Condo/Twnhms 118 10 11.8 22 +12 31 26% 7 7 10 Hillsborough Single Family 184 19 9.7 52 +33 46 25% 23 9 20