Montgomery NJ Real Estate Market Report - June & First Six Months 2008
This report provides insight into the state of the Montgomery Township real estate and could be useful for home buyers relocating to Montgomery Township, looking for Princeton New Jersey homes for sale and wanting to understand the differences between various surrounding towns,and for people considering selling your Montgomery home.
Read:Princeton NJ Mercer County Real Estate Market Housing Report -Second Quarter 2008
I. Montgomery Real Estate Summary
The slowing down of the real estate market in Montgomery Township is similar to Princeton real estate in that there were fewer house listed, going under contract, and sold compared to the similar period of 2007. There were 39% less houses listed in June 2008 and 22% less in the first half year of 2008, compared to 2007. Many Montgomery home sellers (similar to Princeton home sellers) are reluctant to put their houses on the market and deciding to wait for the market to turn around or stabilize. Most of the market activity now is attributed to the home buyers and sellers relocating to the area, because of job transfers or other family personal situations, requiring their move. There is also a category of Montgomery real estate buyers and sellers who are using this weakened market to upscale. The number of Montgomery homes sold declined 22% in June and 33% in the 1st six months compared to 2007. Factors contributing to these declines are the uncertainty of the home buyers, tightening credit market, increasing interest rates and other troubles with the economy.
II. Montgomery Township Real Estate - June 2008
Montgomery Houses - Active June 2008
Number - 159
Median Price - $640,000
Average Price -$ 741,170
Montgomery Condos -Active June 2008
Number - 13
Median Price - $399,900
Average Price - $377,290
Montgomery Houses - Sold June 2008
Number of Houses Sold - 24
Value sold - $14,967,800
Median House Price - $614,000
Average House Price - $623,660
Average House Sold/ Original Price - 95%
Montgomery Condos - Sold June 2008
Number Condos Sold - 5
Value sold - $1,236,500
Median Condo Price - $334,000
Average Condo Price - $327,000
Average Condo Sold Price/Original Price - 95%
Montgomery Houses & Condos June 2008 vs. June 2007
Category June 2008 June 2007
Number Listed 22 36
Number Pended 33 42
Number Sold 29 37
Average Price Sold $572,562 $772,921
Average DOM 57 66
Montgomery Houses Under Contract (Pending) June 2008
Number of Houses pending -33
Volume Houses Sold - $23,527,880
Median House Price - $685,000
Average House Price- $712,970
Montgomery Condos Under Contract (Pending) -June 2008
Number Condos Sold - 6
Value Condos sold - $2,232,700
Median Condo Price $349,900
Average Condo Price $372,120
III. Montgomery Township Real Estate First Half 2008
Montgomery Houses Sold 01/2008-06/2008
Number Houses sold - 70
Median House Price - $585,000
Average House Price - $661,980
Average Sold Price /Original Price - 93%
Montgomery Condos Sold 01/2008-06/2008
Number Condos Sold - 17
Median Condo Price Sold - $350,000
Average Condo Price Sold -$356,410
Average Sold Price /Original Price - 93%
Montgomery Township Houses & Condos 01/2008-06/2008 vs. 01/2007- 06/2007
Category Six Months 2008 Six Months 2007
Number Listed 229 290
Number Pended 126 165
Number Sold 87 118
Average Price Sold $602,267 $665,803
Average DOM 81 73
Statistics based on Trend MLS 07/18/2008 and not guaranteed.
Resources for selling and buying Princeton real estate:
How To Buy And Sell Your Princeton Home Like A Pro
Why Some Princeton Houses Sell Quickly
How To Find A Real Estate Bargain|Princeton Real Estate
Do You Want To Be A Successful Princeton Home Seller?
Princeton Real Estate - Buyers Market and Multiple Offers
Please call 609-553-4175 for services in Princeton, Montgomery Township, West Windsor, Plainsboro, Princeton Junction, Hopewell, Pennington, and Lawrenceville New Jersey.New Jersey Real estate, New Jersey homes for sale and/or listing New Jersey homes to sell, relocation services and assistance. Referrals are accepted. Countrywide and international relocation program is available.
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