Middlesex County NJ Market Commentary for June 2010
Middlesex County Real Estate Statistics for June.
For Middlesex County NJ, the number of new homes listed in June has decreased 3% (743 new homes) compare to new homes listed in May.
The Active Inventory as we follow it (homes for sale not including "under attorney reviews") has slightly increased to 3177 homes for sale in Middlesex County NJ.
June's absorption rate (528) or number of sold homes has increased 79% versus last month and increased as well versus last year (45.1%) making this number the big story.
Days of Inventory (DOI) has consequently drastically decreased -44.5% versus May and decreased -22.3% over last year (YOY). At 181 days, it means it would take about 6 months to sell all existing inventory at the current absorption rate. 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.
The average sold price and median sold price have increased versus last month, 8.3% and 9.5% respectively. Same direction year over year for both average and median as well.
SP/AP ratio stays at 95%. In average, sellers are accepting offers at 95% of their last asking price. Please note that I mentioned "last asking price" and not "original asking price" which is very different. As a general rule, houses that sell are houses that are very close from their current market value as calculated through a Comparative Market Analysis.
Another real estate statistic is Days on Market or DOM which has decreased to 70 days. Meaning that it takes less than 3 months in average to go under contract. A word of caution with this indicator as it is not a cumulative DOM. Meaning the clock re-starts with any new contract for the same home. This is a good example of the better value of looking at those statistics, which is more in the trend analysis and market comparison than in a specific number at a specific given time.
That's the end of our local market commentary based on Middlesex County NJ real estate statistics. As always, contact me if any questions.
Cathy Chaudemanche Team, Saturday 07/10/2010
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