Tewksbury Township, Hunterdon County, NJ Real Estate continues to experience its own unique and challenging market. In December, 2010, a total of five (5) homes were placed under contract, while nine (9) homes were newly listed for sale in Tewksbury Township for a total of seventy five (75) homes for sale in Tewksbury Township. In other words at the end of 2010 Tewksbury Township had fifteen (15) sellers for every one (1) buyer. In comparison, one year ago, in December, 2009, we had three (3) homes under contracted and a total of seventy (70) homes for sale. Although in 2011 the number of contracts has increase (which is good news), we have also increased our inventory (the number of homes for sale). 
Three of the primary reasons for Tewksbury Township's increased inventory are:
1. New Jersey continuing (higher paying) job losses.
2. Tewksbury Township's proximity to New York City, where the higher paying jobs in our area are now located.
3. Today's buyers are downsizing
To put some perspective on our job market, in 2010 New Jersey has lost an average of 3,900 jobs per month. In Hunterdon County, we are hopeful that this market might improve somewhat in the months and years ahead with the news that Merck will be consolidating its New Jersey offices to its Whitehouse Station headquarters.
Although Merck will not be paying for relocation cost due to the proximity of the relocation, and because most of these employees will be commuting in the opposite direction of heavy traffic patterns, we cannot assume that this impact will be substantially changing the Tewksbury Township Real Estate Market in the near future.
Because today's buyers are primarily downsizing, the McMasions are out of favor.
Additionally, labor productivity has increased in the past several years. Because we are working longer and harder, our time has become a very valuable commodity. Today's homebuyers are now seeking locations offering shorter commute, access to public transportation, and walkable communities .
For those of us who live in Tewksbury Township, Hunterdon County, NJ, we love our space, our acreage, and our quality of life. Commutability to our jobs is not a big concern for most of us; however, if we need to sell our homes, we have the challenge of finding a buyer from a (much) small pool of buyers, who are like us. Considering the law of supply and demand, it is little wonder we are experiencing larger inventory of homes for sale in Tewksbury Township and lower sale prices for the homes that do sell. For example, a total of fifty two (52) homes sold in Tewksbury Township in 2010. Forty (40) of those homes had an asking price under $1 Million, and a whopping forty three (43) homes had a selling price of under $1 Million.
To put another perspective on the home sale prices in Tewksbury Township, the average asking price of home under contacts in December, 2010 is only $637,398, while last year (December, 2009) average list price of homes under contract was $1,949,500.
On the brighter side, Tewksbury Township home sales have closed a total eight (8) homes over $1 million in 2010. Overall, for 2010 the average sale price of sold homes in Tewksbury Township was $855,000, with an average of four and one half (4-1/2) bedrooms and three (3) full baths and two (2) half baths.
Interestingly, over half of the sales were couples with no children, which agrees with the current data that two (2) out of three (3) households in New Jersey have no children and do not want to pay for property taxes to support school systems they do not use.
What can you expect if you need to sell your Tewksbury Township Home in 2011? First, don't put it off. Indications are interest rates are on the rise. Higher interest rates will reduce the number of buyers in the marketplace. Secondly, we anticipate a decline in home prices in 2011. The longer your home is on the marketthe more likely the price will decline. You'll need patience. With 75 homes for sale in Tewksbury Township, and a total of five (5) contract in December, 2010, we currently have one (1) buyer for every fifteen (15) sellers. The average days on the market is currently one hundred and twenty two (122) days. This does not reflect any prior times (and days) the home may have been listed without selling.
What do you do? Assess your situation carefully and honestly. If you need to sell your home, don't put it off! In this challenging market, you'll also need a Realtor® who will be as serious as you are about selling your home. The Realtor® you choose should evaluate your home in detail and present a convincing Market Analysisthat shows exactly where your home should be priced. If you are not convinced get a second, or third opinion, but keep in mind, the definition of "the market" is what a buyer is willing to pay, and not what you may hope to get from the sale. Sometimes that's a tough pill to swallow, but your Realtor® should provide you with convincing evidence that her figures are correct. My customized Market Analysisis over 50 pages of concise and customized information with detailed assessments of your individual home. It's also very important to keep in mind the reason you hire a Realtor® (i.e. what you are paying a Realtor® to do for you). Do not make the mistake of choosing a Realtor® because they've given you a higher market value of your home than other Realtors®. That's an old trick that inexperienced Realtors® use to get your business. Then, once your home is on the market, they'll tell you why you need to continually reduce the price. You are paying a Realtor® to market your homein order to bring the most buyers through the door. Once the buyers have viewed your home, their feedback will tell you what you need to know. So when choosing a Realtor® review their marketing plans to see how they plan to get qualified buyers into your home. In short, that's exactly what you're paying a Realtor® to do for you. When you're ready to take the first step, let's talk. Call me at (908) 537-6596. I look forward to hearing from you.
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