Westfield NJ Absortion Rate 5.3 Months

By
Real Estate Agent with RE/MAX Select NJ# 9483506

Since the beginning of the year, the total inventory is up from 105 to 130 houses not spoken for.

In the last 60 days, 45 contracts signed including the four in attorney review.  that's 22.5 per month

130/22.5=5.3 month supply of houses to sell.

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Comments (2)

John Armstrong
Coldwell Banker Heart of America - Bloomington-Normal, IL

That is about the 5 months were I am too. however the DOM is around 95. so many homes are going unsold.

Mar 24, 2010 01:23 AM
Scott Gleason
RE/MAX Select - Westfield, NJ
Westfield NJ New Homes Specialist

John,

Days on Market is such a vexing, multifaceted statistic.  Sometimes a house is 11 days on market, not counting the 3 prior expired listings of 451 days! so really 462 days.

An even more telling, and tedious to study statistic, is Days on Market at List Price That Finally Attracted the Buyer.

If a house sits at $509,000 for 3 months, (a crazy price) and sells the day after it is re-priced at $500,000 because it is finally speaking to the correct audience, the MLS shows 91 days.  But a seller just entering should know that it could have been a 1 day story all along!

 

Mar 24, 2010 01:39 AM

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