For Middlesex County, the number of new homes listed in June has increased over 20% compare to new homes listed in May. This is expected seasonal behavior with more sellers waiting for this time of the year to list their homes. It is under last year number's (-7.32%) and is a positive for the overall inventory and DOI (Days of Inventory).
The Active Inventory as we follow it (homes for sale not including "under attorney reviews") has slightly decreased to 2838 homes currently for sale in Middlesex County following a high in April (2874).
This month's absorption rate (364 per month) or number of sold homes has increased 41% versus last month after a 21% increase from April. January and February absorption rates averaged 165. Buyers are definitely back and profiting from the grants and incentives available.
This is beneficially affecting the Days of Inventory (DOI) which has decreased over 32% versus last month. At 233 days, it means it would take over 7 months to sell all existing inventory at the same rate. DOI has been consistently decreasing since January. 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.
Both median and average sold prices increased almost 6% versus May and they are following a 5 months up-trend.
SP/AP ratio increased as well at 95%. In average, sellers are accepting offers at 95% of their asking price.
Another important real estate statistic is Days on market or DOM which stays at the same level (80 days). Meaning that it takes less than 3 months in average to go under contract.
Realtor Associate / Keller Williams Metuchen Elite Realty
Servicing Home Buyers and Sellers with their Real Estate needs in Middlesex County and central New Jersey.