Middlesex County NJ Market Commentary for July 2010
For Middlesex County NJ, the number of new homes listed in July has decreased 2.3% (726 new homes) compare to new homes listed in June.
The Active Inventory as we follow it (homes for sale not including "under attorney reviews") has increased to 3270 homes for sale in Middlesex County NJ. July's absorption rate (256) or number of sold homes has decreased 51.5% versus last month and decreased as well versus last year (38.5%).
Days of Inventory (DOI) has consequently drastically increased 118.8% versus June and 95.1% over last year (YOY). At 396 days, it means it would take over 1 year to sell all existing inventory at the current absorption rate. A market with over 6 months supply would usually qualify as a buyer's market. A market with less than 6 months of supply would usually qualify as a seller's market.
The average sold price and median sold price have decreased versus last month, -1.6% and -9.7% respectively. Year over year the average has increased 2.7% and the median as decreased -4.9%.
SP/AP ratio stays at 95%. In average, sellers are accepting offers at 95% of their last asking price. Please note that I mentioned "last asking price" and not "original asking price" which is very different. As a general rule, houses that sell are houses that are very close from their current market value as calculated through a Comparative Market Analysis.
That's the end of our local market commentary based on Middlesex County NJ real estate statistics. As always, contact me if any questions.
Cathy Chaudemanche Team, Thursday 08/12/2010
P.S.
In real estate as in business, what you don't know can cost you! Whether you are selling your home, a first time home buyer or a seasoned investor, I can help you by providing you with the knowledge and facts you need to make sound decisions in our current and local markets. Read what others have to say, then when you are ready contact me-
Piscataway real estate , Metuchen real estate, North Edison real estate, Fords real estate, Iselin real estate and Woodbridge real estate in greater Middlesex County, New Jersey.
Catherine "Cathy" Chaudemanche Team
Realtor Associate
NJAR circle of excellence - Bronze 2009
Agent Leadership Council
Keller Williams Realty.
Middlesex County NJ Market Center-
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