New Jersey Real Estate - Hopewell Housing Market May 2008
Hopewell real estate has seen a substantial 26% reduction of houses listed this month compared to same period last year and to April of 2007. The median prices for houses for both the Hopewell Township and Hopewell Boro has decreased compared compared to May 2007, less in the township and more in the Boro. The median price for Hopewell condos has also declined from last year.The large 61% increase in the median prices for the houses sold in the Hopewell Township upon closer examination is attributed to the preponderance of less expensive homes sold during April 2008, compared to may 2008.
Read: Who Else Wants Clarity About Real Estate Prices
The demand for Hopewell real estate, as measured by the number of Hopewell homes placed under contract (pended) is down 19% compared to last year but almost double since last month. The number of houses sold in May 2008 has also increased. It could indicate the realization by many buyers that this is a good market for them with a lot of choices and relatively low interest rates.
Days On the Market is a measure (not totally accurate for several reasons) of how long it takes for a Hopewell house to go under contract. This number has decreased both compared to May 2007 and to April 2008.
Below are the details for the Hopewell real estate housing statistics for May 2008.
New Jersey Real Estate - Hopewell Housing Market Detail
Housing Supply - Hopewell Homes For Sale
Units Listed 05/2008 50
Units Listed 05/2007 Down 26%
Units Listed 04/2008 Down 17%
Units Active 05/2008 222
Units Active 05/2007 Down 24%
Units Active 04/2008 Up 12%
Prices Of Hopewell Homes Sold
Sold Average 05/2008 $510,150
Sold Average 05/2007 Down 1%
Sold Average 04/2008 Up 10%
Housing Demand - Hopewell Homes Sold
Units Sold 05/2008 21
Units Sold 05/2007 Up 11%
Units Sold 04/2008 Up 5%
Units Pended 05/2008 26
Units Pended 05/2007 Down 19%
Units Pended 04/2008 Up 136%
Days On The market - Hopewell Homes Sold
DOM 05/2008 96
DOM 05/2007 Down 13%
DOM 04/2008 Down 2%
Median Price - Hopewell Township Real Estate
Median Price Houses sold 05/2008 $610,000
Median Price Condos sold 05/2008 $316,000
Analysis is based on Trend MLS as of 6/19/2008 data and is not guaranteed.
Read more about Hopewell real estate:
Hopewell NJ Prices of Houses Sold In January 2008
Read more about Princeton real estate:
Princeton Real Estate Housing Market -April 2008|NJ Mercer County Real Estate
Princeton Real Estate Housing Market -March 2008| NJ Mercer County Real Estate
Prices of Houses Sold in Princeton -January 2008| Mercer County NJ Real Estate
Princeton Real Estate Housing Market -First Quarter 2008| NJ Mercer County Real estate
Tips for Princeton area real estate buyers and sellers:
Princeton Mercer County NJ Real Estate - Secrets to selling your house like an agent.
Princeton Mercer County NJ Real Estate -Secrets To Buying A Home Like A Realtor
Princeton Mercer County NJ Real Estate Sellers- 3 Things That Sell Houses Now
Princeton Mercer County NJ Real Estate - 5 Deadly Mistakes When Selling Your House
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