Real Estate Market Looking Up In Union, NJ

By
Real Estate Agent with Samsel & Associates 0790808
https://activerain.com/droplet/KBR

 

 

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.

 

If you're interested in buying or selling in Union, NJ, Team Zuhl offers 2 realtors for the price of one!

 

For more information on the Real Estate Market in Union:

How do additional bathrooms or bedrooms affect market value in Union? 

Virtual Tour of 1473 Burnet Avenue, Union 

Just listed - Beautiful Unconventional Ranch in Union

Free Market Analysis of Union, NJ 

Union NJ Market Report for the First Half of 2012

Just Reduced! 2167 Kay Ave., Union, NJ 

Union NJ Marketing Trends

Custom Home in NJ 

 

 

 

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~ Wayne & Jean 

Union County, NJ - a great place to live and work!

If you're looking to buy or sell a property in Union County, call us at 908-917-4189 or email TeamZuhl@gmail.com.

 

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All opinions, information and data provided is deemed reliable but is subject to errors and omissions. Not intended to solicit other Brokers' clients. We cooperate with them fully. 

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Wayne and Jean Marie Zuhl

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