Here's what I'm thinking: the following sales statistics for the town my office is located in (Plainsboro, NJ) look very encouraging. You can see that the 'months of inventory' show that at the current rate, we have only 5 months worth of home inventory. That is about as good as you can expect in all but the most overheated markets. Average days on the market are also very reasonable and actually show a more favorable trend this month over last month. And just look at the number of pending sales this month (19) versus the number of units listed (25). That is great news for the market here in general.
However, many buyers are still reading the newspapers and listening to the TV news and think that we are in the same boat as whoever the newsmen are talking about. Yes, prices are generally lower than in the past few years, interest rates are favorable and we may very well have hit bottom (probably late last year?) So, I've said it before and I really believe that buyers who buy this year in Central Jersey will look back in a few years and say "wow, we were the lucky ones. We really timed it right."
Monthly Statistics for the Date Range Selected
|
Date |
Units Listed |
Listed Volume |
Listed Average |
Pended |
Units Sold |
Sold Volume |
Sold Average |
Average DOM |
|
June 2008 |
25 |
13,972,088 |
558,883 |
19 |
11 |
4,138,690 |
376,244 |
51 |
|
May 2008 |
41 |
16,995,951 |
414,535 |
24 |
16 |
4,979,435 |
311,214 |
146 |
|
Apr 2008 |
35 |
17,170,564 |
490,587 |
20 |
21 |
10,413,200 |
495,866 |
78 |
|
|
|
|
|
|
|
|
|
|
|
Totals: |
101 |
48,138,603 |
476,619 |
63 |
48 |
19,531,325 |
406,902 |
94 |
|
|
|
|
|
|
|
|
|
|
Inventory Accumulation for the Last 12 Full Months
|
|
|
|
|
|
|
Current Inventory * |
Inventory Volume |
Current Average |
Average Monthly Sales** |
Inventory Accumulation *** |
|
115 |
50,881,236 |
442,445 |
20 |
5 |
*Current Inventory is based on the actual available properties on the date this report was created.
**Average Monthly Sales is the average sales for the last 12 full months
***Inventory accumulation (in months) = Current Inventory Units / Average Monthly Sales Inventory Accumulation figures are only calculated when Report End Month is the current month
© Copyright 2008 TREND MLS - Information Deemed Reliable but Not Guaranteed. Printed 6/20/2008 4:07:28 PM
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