Middlesex County NJ Real Estate Market Commentary - Part1
For Middlesex County, the number of new homes listed in August has slightly decreased compare to new homes listed in July. At 675 homes, it is lower than the average year to date of 705 homes listed per month. This is very positive for Middlesex County real estate market in general as we need to reduce the inventory to move into a more balanced / neutral market.
The Active Inventory as we follow it (homes for sale not including "under attorney reviews") has slightly decreased to 2675 homes for sale in Middlesex County following a high in April with 2874 homes for sale.
This month's absorption rate (368) or number of sold homes has decreased 11.54% versus last month. August absorption rate is almost identical with June (364). To put this number in perspective, January and February absorption rates averaged 165 homes sold. Buyers are definitely profiting from the grants, incentives available and the overall homes prices decrease. We should keep on seeing good numbers in September, October and November as the $8,000 tax credit end at the end of November.
Middlesex County NJ Real Estate Market Commentary - Part2 : Friday 09/18/2009
Cathy Chaudemanche
Midldesex County NJ Real Estate Realtor
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