Princeton Area Real Estate Update5 1 14

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Data and Information on the Greater Princeton NJ Real Estate Market, Spring 2014

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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.
  • Princeton Area Real Estate Update5 1 14

    1. 1. Market Confidence MeterMarket Confidence Meter Access to mortgage credit is at its highest level in at least three years, according to a newly released index by the Mortgage Bankers Association.
    2. 2. Market Confidence MeterMarket Confidence Meter More than half of U.S. states saw their housing markets improve in February, according to Freddie Mac’s Multi- Indicator Market Index.
    3. 3. Market Confidence MeterMarket Confidence Meter Americans believe real estate is the “best” long- term investment, over gold, stocks, savings accounts and bonds, according to a new Gallup poll.
    4. 4. Market Confidence MeterMarket Confidence Meter Fannie Mae’s March 2014 National Housing Survey showed that 38% of people surveyed said it is a good time to sell a home! This is up from 26% just one year ago.
    5. 5. Market Confidence MeterMarket Confidence Meter In New Jersey, the average price of a home is predicted to rise 6% by the end of 2014 above the average for 2013, according to the Otteau Valuation Group’s March forecast.
    6. 6. Historic Home Prices Remember, when adjusted for inflation, American home prices increased by an average of about half a percentage point per year from 1890 through 2008, according to data compiled by Yale University Professor Robert Shiller. (www.USNews.com/money - Luke Mullins, March 4, 2010)
    7. 7. If you are a Buyer, • with today’s low interest rates, hovering around 3.75% 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. With an eye to Moving This Year!
    8. 8. Top Five Rules for Understanding the Real Estate Market: 1. Real Estate is Local 2. Real Estate is Local 3. Real Estate is Local 4. Real Estate is Local. 5. Real Estate is Local
    9. 9. Real Estate is LOCAL! Understand the Princeton Area Market That you are Buying into or Selling out of!
    10. 10. 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.
    11. 11. Sample Market Absorption RateSample Market Absorption Rate 100 current active listings 4 reported sales in last 30 days = 25 Months’ absorption rate Anytow n., NJ 5-6 Months Market Absorption Rate indicates a normal market.
    12. 12. 12 Market Absorption ScaleMarket Absorption Scale (Absorption Rate in Months)(Absorption Rate in Months)
    13. 13. MarketAbsorptioninMonths 1 2 3 4 5 6 7 8 9 10 11 12 Normal Market Scale for Supply & DemandMarket 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.
    14. 14. 4/15/14 Towns Active Listings Pending in Last 30 Days Absorption Rate in Months New Listings in 30 Days Net Gain (Loss) to Market Listings Reduced in 30 Days % of Invent. Reduced Expired Listings W/drawn Listings Closed Listings West Windsor: All Styles 94 24 3.9 45 21 17 18.1% 2 2 16 West Windsor Condo/ T.Houses 18 5 3.6 7 2 2 11.1% 0 0 4 West Windsor 55+ 5 0 999 2 2 -- -- 0 0 0 West Windsor Single Family 71 19 3.7 36 17 15 21.1% 2 2 12 Lawrence: All Styles 158 20 7.9 53 33 38 24% 6 3 15 Lawrence: Condo/ THouses 37 8 4.6 10 2 9 24.3% 0 1 5 Lawrence: 55+ 9 1 9 3 2 -- -- 0 1 1 Lawrence: Single Family 112 11 10.2 40 29 29 25.9% 6 1 9
    15. 15. 4/29/14 Towns Active Listings Pending in Last 30 Days Absorption Rate in Months New Listings in 30 Days Net Gain (Loss) to Market Listings Reduced in 30 Days % of Invent. Reduced Expired Listings W/drawn Listings Closed Listings Plainsboro All Styles 62 14 4.4 14 0 11 18% 4 0 9 Plainsboro Condo/ THouses 29 9 3.2 4 (5) 2 7% 2 0 6 Plainsboro 55+ 11 1 11 3 2 3 27% 1 0 1 Plainsboro Single Family 22 4 5.5 7 3 6 27% 1 0 2 Cranbury: All Styles 21 7 3 6 (1) 7 33% 2 0 1
    16. 16. 4/29/14 Towns Active Listings Pending in Last 30 Days Absorption Rate in Months New Listings in 30 Days Net Gain (Loss) to Market Listings Reduced in 30 Days % of Invent. Reduced Expired Listings W/drawn Listings Closed Listings Ewing: All Styles 206 24 9 46 22 38 18% 6 5 20 Ewing : Condo/ T.Houses 34 3 11 8 5 7 21% 2 1 7 Ewing 55+: 0 1 0 0 -1 --- --- 1 0 0 Ewing: Single Family 172 20 9 38 18 31 18% 3 4 13 East Windsor: All Styles 140 18 8 56 38 23 16% 4 3 17 East Windsor: Condo/ Thouses 77 9 9 29 20 11 14% 2 0 9 East Windsor: 55+ 11 1 11 6 5 --- --- 1 0 3 East Windsor: Single Family 52 8 7 21 13 12 23% 1 3 5
    17. 17. 4/29/14 Towns Active Listings Pending in Last 30 Days Absorption Rate in Months New Listings in 30 Days Net Gain (Loss) to Market Listings Reduced in 30 Days % of Invent. Reduced Expired Listings W/drawn Listings Closed Listings Hopewell Twp. All Styles 191 14 13.6 52 38 50 26.2% 3 1 12 Hopewell Twp. Condo/ T.Houses 14 2 7 8 6 5 35.7% 0 0 4 Hopewell Twp.: 55+ 2 1 2 1 0 - - 0 0 0 Hopewell Twp Single Family 175 11 15.9 43 32 45 25.7% 3 1 8 Hamilton: All Styles 487 60 8.1 116 56 137 28.2% 16 15 38 Hamilton: Condo/ THouses 92 11 8.4 20 9 26 28.3% 4 2 8 Hamilton: 55+ 7 0 99 2 2 - - 0 0 0 Hamilton: Single Family 388 49 7.9 94 45 111 28.6% 12 13 30
    18. 18. 4/29/14 Towns Active Listings Pending in Last 30 Days Absorption Rate in Months New Listings in 30 Days Net Gain (Loss) to Market Listings Reduced in 30 Days % of Invent. Reduced Expired Listings W/drawn Listings Closed Listings Robbinsville All Styles 80 18 4 26 8 18 23% 5 4 17 Robbinsville Condo/ T.Houses 45 11 4 16 5 9 20% 4 3 7 Single Family 35 7 5 10 3 9 26% 1 1 10 Hightstown Boro: All Styles 39 5 8 11 6 6 15% 2 2 2 Pennington 30 2 15 14 12 10 33% 1 3 2 Hopewell Boro 9 3 3 4 1 2 22% 2 1 3
    19. 19. 4/29/14 Towns Active Listings Pending in Last 30 Days Absorptio n Rate in Months New Listings in 30 Days Net Gain (Loss) to Market Listings Reduced in 30 Days % of Invent. Reduced Expired Listings W/drawn Listings Closed Listings Princeton: All Styles 139 18 7.7 46 28 18 12.9% 3 3 15 Princeton: Condo/ Thouses 35 7 5 7 0 1 2.9% 2 1 1 Princeton: Single Family 104 11 9.5 39 28 17 16.3% 1 2 14
    20. 20. 4/29/14 Towns Active Listings Pending in Last 30 Days Absorption Rate in Months New Listings in 30 Days Net Gain (Loss) to Market Listings Reduced in 30 Days % of Invent. Reduced Expired Listings W/drawn Listings Closed Listings South Brunswick All Styles 166 18 9 63 45 18 11 16 1 21 South BrunswickCon do/ T.Houses 37 6 6 15 9 2 5 2 0 8 South Brunswick 55+ 29 3 10 6 3 2 7 3 1 2 South Brunswick Single Family 100 9 11 42 33 14 14 11 0 11 Monroe: All Styles 364 35 10 121 84 49 13 27 6 68 Monroe: 55+ 181 23 7 72 49 26 14 12 3 55 Monroe: Single Family 163 12 14 49 37 25 15 15 3 13
    21. 21. 4/29/14 Towns Active Listings Pending in Last 30 Days Absorption Rate in Months New Listings in 30 Days Net Gain (Loss) to Market Listings Reduced in 30 Days % of Invent. Reduced Expired Listings W/drawn Listings Closed Listings Montgomery All Styles 120 43 2.8 55 +12 23 19% 8 4 12 Montgomery Condo/Twnhms 13 7 1.8 10 +3 0 0 0 1 4 Single Family 107 36 3.0 45 +9 23 21% 8 3 8 Hillsborough All Styles 168 55 3.0 63 +8 29 17% 9 8 17 Hillsborough Condo/Twnhms 65 23 2.8 26 +3 11 17% 7 5 4 Hillsborough Single Family 103 32 3.1 37 +5 18 17% 2 3 13

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