Hillsborough NJ
The average sales price of $390,600 was essentially flat to June's average sales price of $391,300 and slightly lower than July 2007 average price of $391,500. The median home price of $312,000 in July was 13.3% lower than the median home price of $360,000 in July 2007.
Average days on market peaked in May at 100 and have been trending downwards, to July's average days on market of 64.
ABSORPTION RATE is the mathematical representation of the relationship between supply and demand. The total amount of available inventory is divided by the total amount of inventory sold in the previous month or set period of time. The resulting number represents the number of months it would take, at that same pace, to sell the entire inventory of listings.
"Normal Market" conditions exist when the Absorption Rate is between 5 and 6 months.
"Sellers Market" conditions exist when the Absorption Rate is lower. (1-4 months)
"Buyers Market" conditions exist when the Absorption Rate is higher. (7+ months)
Based in the above calculations Hillsborough continues to be in a "Buyers Market"
Any questions? Please don't hesitate to call me at 908.420.5706 or contact me.
Lisa Ryan, Your Princeton and Montgomery Real Estate Specialist
Disclaimer: The opinions expressed by The Activerain Network and it's members and those providing comments are theirs alone, and do not reflect the opinions of Lisa Ryan and Prudential NJ Properties. Lisa Ryan and Prudential NJ Properties are not responsible for the accuracy or content provided by The Community.
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Are you considering a move? It would be my pleasure to help you with your real estate needs. Please don't hesitate to contact me for assistance.
Serving Princeton Boro, Princeton Township, West Windsor, Montgomery Township, Hillsborough, Hopewell Township, Bridgewater, Lawrenceville, Franklin Township, East Windsor, Kingston, and parts of Middlesex County.
Lisa Ryan, REALTOR®
138 Nassau Street, Princeton NJ 08542
908.420.5706 (C) 609.430.1288 ext.554 (O)
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