Union, NJ, is located in north-central Union County and is home to about 57,000 people.
There are currently over 400 homes listed for sale in Union, but the number is steadliy declining. While a decreasing inventory is bad news for buyers, it represents good news for sellers.
The number of sold listings in Union rose this summer, with about 120 homes sold in total during the summer. In September, 33 homes were sold in Union.
A comparison between the sold listings and the active listings can be used to calculate the absorption rate. The absorption rate is the data upon which real estate professionals identify a market as a "buyer's market" or a "seller's market." If the absorption rate is above 6 months, there are more homes than there are buyers and the market is said to be a buyer's market. If the absorption rate is below 6 months, there are more buyers than there are homes and the market is said to be a seller's market.
The absorption rate in Union is declining slowly but steadily. In April the absorption rate was 12.54, which means that it would take 12.54 months for the current inventory to be sold at current rates. Increased activity and decreased inventory caused the absorption rate to slowly drop to 10.46 in September. It would take 10.46 months for the real estate inventory in Union to be sold at the surrent rate of buying. While this is still considered a buyer's market - high supply, low demand - things are definitely heading toward a more normal market.
The average sales price of homes in Union have dropped from a high of $315,241 in April to $241,998 in September, representing about a 23% drop in prices.
For more information on the Real Estate Market in Union: