This is a Real Estate Market Recap of Hillsborough, NJ, June 2011

This is a Real Estate Market Recap of Hillsborough, NJ, June 2011

Closed Sales

Twenty seven new happy homeowners in Hillsborough since May 1^st 2011: Sixteen home sales and eleven townhouse/duplex sales.

Sixty eight homes are under contract in Hillsborough: Forty eight single family homes and twenty townhouse/duplexes.

There were sixty new listings here in town since May 1^st 2011. All of this information is important to include in the Real Estate Market Recap of Hillsborough.

If you would like details of the houses that sold or are still on the market in Hillsborough please call or email me anytime at CarolKronmaier@Weichert.com. Search available homes and townhomes for sale in Hillsborough on my Website: CarolKronmaierHomes.com.

Absorption Rates

Absorbtion rates tell you how many months the available homes for sale in an area will take to sell (if no new homes are listed.) The number shows the rate at which the inventory of homes are being absorbed (sold). As the rate rises or falls it shows you if the current home inventory in Hillsborough is shrinking or growing.

There are currently 301 active listings in Hillsborough and there were twenty five sales in the last month which is a market absorption rate of 12 months. Inventory levels above 5 or 6 months indicate a clear buyer's market. When Hillsborough absorption rates are that high, I like to break it down and look at price point or type of housing:

Homes priced under $300,000: 117 listings available, 7 sold last 30 days = inventory of 16.7 months

Homes priced under $400,000: 48 listings available, 4 sold last 30 days = inventory of 12 months

Homes starting at $400,000: 136 listings available, 14 sold last 30 days = inventory of 9.7 months

I also split the inventory up as style of home:

Homes: 93 listings available, 19 sold last 30 days = inventory of 5 months

Townhouses/Duplexes: 159 listings available, 6 sold last 30 days = inventory of 26.5 months

Remember inventory levels do not predict how long it will take to sell a given house. They help us determine how much activity there is in a given market at a given price point and allow us to plan accordingly when marketing a home for sale.

If you are considering a move into or out of Hillsborough, it pays to plan ahead. Start here to search homes for sale in Hillsborough, or here to understand the value of your current home. I focus on Hillsborough but are well prepared to discuss other areas as well: Manville, Bridgewater, Raritan, Branchburg, and Somerset - most of Somerset and Hunterdon counties

For more great tips: Visit my web site at: http://www.CarolKronmaierHomes.com

Have questions, need advice you can count on or just want to discuss this further?

Don't waste any more time; pick up the phone and call me now! I'm here to help!