Princeton Area Real Estate July 24 12
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Princeton Area Real Estate July 24 12

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Data on Princeton NJ Real Estate Market Vitality

Data on Princeton NJ Real Estate Market Vitality

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  • Populate this table to show the local absorption rate in the various price ranges that are appropriate for your market area. Please add or delete rows as necessary to adequately reflect local conditions.
  • Populate this table to show the local absorption rate in the various price ranges that are appropriate for your market area. Please add or delete rows as necessary to adequately reflect local conditions.
  • Populate this table to show the local absorption rate in the various price ranges that are appropriate for your market area. Please add or delete rows as necessary to adequately reflect local conditions.
  • Populate this table to show the local absorption rate in the various price ranges that are appropriate for your market area. Please add or delete rows as necessary to adequately reflect local conditions.
  • Populate this table to show the local absorption rate in the various price ranges that are appropriate for your market area. Please add or delete rows as necessary to adequately reflect local conditions.
  • Populate this table to show the local absorption rate in the various price ranges that are appropriate for your market area. Please add or delete rows as necessary to adequately reflect local conditions.
  • Populate this table to show the local absorption rate in the various price ranges that are appropriate for your market area. Please add or delete rows as necessary to adequately reflect local conditions.
  • Populate this table to show the local absorption rate in the various price ranges that are appropriate for your market area. Please add or delete rows as necessary to adequately reflect local conditions.

Transcript

  • 1. Market Confidence Meter Zillow reported this week Home Prices were up for the 2nd quarter of 2012 for the first time since 2007. The Wall St. Journal’s David Wessel reported on July 12, “The housing bust is over.”
  • 2. Market Confidence Meter The Commerce Department said June housing starts were up 23.4% from a year ago, at their highest rate since October 2008
  • 3. Market Confidence Meter Lawrence Yun, Chief Economist for the National Association of Realtors reports that “The latest increase in home contract signings marks 13 consecutive months of year- over-year gains.” He expects to see a 9 to 10% improvement in total sales for 2012.
  • 4. Market Confidence Meter The Labor Department reported Unemployment claims for the week ending are down, at 353,000, a decrease of 35,000 from the previous weeks revised figure. The four-week moving average was 367,250, a decrease of from the previous weeks revised average of 376,000.
  • 5. Historic Home Prices When adjusted for inflation, American home prices increased byan average of about half a percentage point per year from 1890 through2008, according to data compiled by Yale University Professor Robert Shiller.(www.USNews.com/money - Luke Mullins, March 4, 2010)
  • 6. With an eye to Moving This Year!If you are a Buyer,• with today’s low interest rates, hovering around 3.5% for 30-year fixed-rate mortgages, AFFORDABILITY is HIGH !• consult with an experienced New Jersey mortgage counselor to assess your buying power and position yourself in the market.If you are a Seller,• Pinpoint pricing is all important in this challenging market.• Professional staging can make all the difference in getting a good, negotiable offer.• Pre-inspections prevent later fall-throughs once you have a contract for sale!• Marketing for today’s buyers and the way they search for homes– on the INTERNET, makes all the difference.
  • 7. Top Five Rules for Understanding the Real Estate Market: 1.
  • 8. Understand the Local Market That You are Buying into or Selling out of!
  • 9. How do we assess strength and vitality in our real estate markets?By checking the “Absorption Rate.”This is the number of homes available divided by the number of homes that have gone under contract in the past 30 days. It is our most accurate measure of current market strength.
  • 10. Sample Market Absorption Rate Anyt ow n., NJ 100 cur r ent act ive list ings 25 = Mont hs’ 4 r epor t ed sales in last 30 days absor pt ion r at e5-6 Months Market Absorption Rate indicates a normal market.
  • 11. 11Market Absorption Scale (Absorption Rate in Months)
  • 12. Market Scale for Supply & Demand Weichert, Realtors has been studying market conditions for more than 3 decades and has found a direct correlation between market absorption rates and property values. As absorption rates increase beyond a normal market level of 5-6 months, property values depreciate annually. As they decrease below 5 months, they increase—inverse proportion. Although different markets may not see the amount of decrease shown here, the pressure on prices will be similar. 1 2 3 4 5 6 7 8 9 10 12 11 Normal
  • 13. 7/23/12Towns Active Pending Absorption New Listings Net Gain Listings % of Expired W/drawn Closed Listings in Last Rate in in 30 Days (Loss) to Reduced in Invent. Listings Listings Listings 30 Days Months Market 30 Days ReducedWestWindsor: 125 31 4.0 32 1 34 27.2% 3 6 43All StylesWestWindsor 23 10 2.3 11 1 7 30.4% 0 2 8Condo/T.HousesWestWindsor 11 0 99 4 4 _ _ 0 0 355+WestWindsor 91 21 4.3 17 (4) 27 29.7% 3 4 32SingleFamilyLawrence:All Styles 200 16 12.5 37 21 48 24.0% 8 6 30Lawrence:Condo/ 66 8 8.3 14 6 21 31.8% 2 1 9THousesLawrence:55+ 4 1 4 3 2 _ _ 1 0 3Lawrence:Single 130 7 18.6 20 13 27 20.8% 5 5 18Family
  • 14. 7/23/12Towns Active Pending Absorption New Net Listings % of Expire W/drawn Closed Listings in Last Rate in Listings in Gain Reduced Invent. d Listings Listings 30 Days Months 30 Days (Loss) in 30 Reduced Listing to Days s MarketPlainsboroAll Styles 80 11 7.27 24 13 13 16% 11 0 22PlainsboroCondo/ 40 7 5.7 14 7 9 23% 4 0 13THousesPlainsboro55+ 10 1 10 4 3 0 0 2 0 1PlainsboroSingle 30 3 10 6 3 4 13% 5 0 8FamilyCranbury:All Styles 22 0 22 3 3 5 23% 2 0 0
  • 15. 7/23/12Towns Active Pending Absorption New Net Gain Listings % of Expired W/drawn Closed Listings in Last Rate in Listings in (Loss) to Reduced in Invent. Listings Listings Listings 30 Days Months 30 Days Market 30 Days ReducedEwing:All Styles 274 17 16 36 19 54 20% 9 8 23Ewing :Condo/ 35 0 999 9 9 9 26% 2 2 3T.HousesEwing55+: 8 0 999 0 0 --- --- 0 0 1Ewing:Single 231 17 14 27 10 45 19% 7 6 19FamilyEastWindsor: 193 14 14 34 20 33 17% 8 5 22All StylesEastWindsor: 106 5 21 21 16 18 17% 6 2 10Condo/ThousesEastWindsor: 16 1 16 0 -1 --- --- 1 0 055+EastWindsor: 71 8 9 13 5 15 21% 1 3 12SingleFamily
  • 16. 7/23/12Towns Active Pending Absorption New Net Gain Listings % of Expired W/drawn Closed Listings in Last Rate in Listings in (Loss) to Reduced in Invent. Listings Listings Listings 30 Days Months 30 Days Market 30 Days ReducedHopewellTwp. 159 20 8 29 9 40 25.2% 4 7 29All StylesHopewellTwp. Condo/ 16 5 3.2 5 0 5 31.2% 1 1 3T.HousesHopewellTwp.: 7 1 7 2 1 -- -- 0 0 455+Hopewell TwpSingle Family 136 14 9.7 22 8 35 25.7% 3 6 22 521 57 9.1 84 27 123 23.6% 18 13 56Hamilton: AllStyles 90 5 18 10 5 18 20% 1 1 9Hamilton:Condo/ THouses 27 3 9 2 -1 -- -- 1 1 7Hamilton:55+ 404 49 8.2 72 23 105 26% 18 11 40Hamilton:Single Family
  • 17. 7/23/12Towns Active Pending Absorption New Net Gain Listings % of Expired W/draw Closed Listings in Last Rate in Listings (Loss) to Reduce Invent. Listings n Listings 30 Days Months in 30 Market d in 30 Reduced Listings Days Days 123 25 5 32 7 31 25% 8 4 22RobbinsvilleAll Styles 59 12 5 22 10 17 29% 6 0 11RobbinsvilleCondo/T.Houses 64 13 5 10 (3) 14 22% 2 4 11Single Family 50 4 12 5 1 6 11% 7 1 1HightstownBoro: AllStyles 23 5 5 3 (2) 7 30% 0 2 10Pennington 9 2 4.5 1 (1) 2 22% 1 0 2Hopewell Boro
  • 18. 7/23/12Towns Active Pending Absorption New Net Gain Listings % of Expired W/draw Closed Listings in Last Rate in Listings in (Loss) to Reduced Invent. Listings n Listings 30 Days Months 30 Days Market in 30 Reduced Listings Days 46 3 15.3 6 3 7 15.2% 0 3 7Princeton Boro:All Styles 21 1 21 3 2 4 19% 0 0 3Pton -BoroCondo/ Thouses 25 2 12.5 3 1 3 12% 0 3 4Pton-BoroSingle Family 146 17 8.6 20 3 26 17.8% 0 7 19Pton Twp: AllStyles 21 5 4.2 4 -1 5 23.8% 0 1 2Pton Twp:Condo/ Thouses 125 12 10.4 16 4 21 16.8% 0 6 17Pton Twp:Single Family
  • 19. 7/23/12Towns Active Pending Absorption New Net Gain Listings % of Expired W/drawn Closed Listings in Last Rate in Listings in (Loss) to Reduced in Invent. Listings Listings Listings 30 Days Months 30 Days Market 30 Days ReducedSouthBrunswick 250 20 13 56 36 48 19 26 0 36All StylesSouthBrunswickCondo/ T.Houses 93 9 9 24 15 22 24 10 0 10SouthBrunswick 31 1 31 5 4 0 0 4 0 455+SouthBrunswick 126 10 13 27 17 26 21 12 0 22Single FamilyMonroe:All Styles 475 37 13 101 24 3 1 38 3 75Monroe:55+ 322 32 10 66 34 1 3 24 1 56Monroe:Single Family 153 5 51 35 30 2 13 14 2 19
  • 20. 7/23/12Towns Active Pending Absorption New Net Gain Listings % of Expired W/drawn Closed Listings in Last Rate in Listings in (Loss) to Reduced Invent. Listings Listings Listings 30 Days Months 30 Days Market in 30 Reduced Days 162 39 4.1 25 -14 35 22% 8 4 38MontgomeryAll Styles 27 7 3.8 7 0 5 18% 1 1 9MontgomeryCondo/Twnhms 135 32 4.2 18 -14 30 22% 7 3 29Single Family 261 46 5.7 33 -13 60 23% 15 12 47HillsboroughAll Styles 100 24 4.1 16 -8 22 22% 8 8 12HillsboroughCondo/Twnhms 161 22 7.3 17 -5 38 24% 7 4 35HillsboroughSingle Family