Middlesex County NJ Market Commentary for June 2010

By
Real Estate Agent with Metuchen Keller Williams Elite Realty / Middlesex County, NJ

  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

P.S.
In real estate as in business, what you don't know can cost you! Whether you are selling your home, a first time home buyer or a seasoned investor, I can help you by providing you with the knowledge and facts you need to make sound decisions in our current and local markets. Read what others have to say, then when you are ready contact me-

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Piscataway real estate , Metuchen real estate, North Edison real estate, Fords real estate, Iselin real estate and Woodbridge real estate in greater Middlesex County, New Jersey.

 

Catherine "Cathy" Chaudemanche Team
Realtor Associate
NJAR circle of excellence - Bronze 2009
Agent Leadership Council
Keller Williams Realty.
Middlesex County NJ Market Center-

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Previous posts and achives for Middlesex County Real Estate Statistics and Market Commentary

Posted by
Catherine "Cathy" Chaudemanche Team, ABR, SRS, SRES
Local Realtor Associate - Agent Leadership Council
New Jersey Association of Realtors Circle of Excellence Sales Award - 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018
Certified Luxury Home Marketing Specialist
 
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Rainmaker
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Joshua Zargari
MJ Decorators Workshop LI staging and home decorating - Lynbrook, NY
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Great info.

Have a great day!

Jul 14, 2010 12:26 AM #1
Rainmaker
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Catherine Chaudemanche - Edison & Central NJ
Metuchen Keller Williams Elite Realty / Middlesex County, NJ - Edison, NJ
Full Time, Informed and Involved- Results Driven

Thank you Joshua, have a great week...

Jul 14, 2010 12:47 AM #2
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Rainmaker
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Catherine Chaudemanche - Edison & Central NJ

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