Greater Princeton NJ Real Estate Market Update 1 31 13
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Greater Princeton NJ Real Estate Market Update 1 31 13

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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.

Greater Princeton NJ Real Estate Market Update 1 31 13 Greater Princeton NJ Real Estate Market Update 1 31 13 Presentation Transcript

  • Market Confidence Meter In 2012 Home Prices rose 4.6% over 2011. Forecasters and Economists predict a 3% rise in 2013.
  • Market Confidence Meter The jobs report showed gains in nonfarm payroll of 1.86M new jobs in 2012. The household survey showed the unemployment rate unchanged at 7.8%
  • Market Confidence Meter Real spending on residential construction rose 13.6% in the four quarters ending September 2012, the most rapid rise since 1994.
  • Market Confidence Meter The Federal Reserve will continue boosting housing market recovery by keeping downward pressure on interest rates, now at or near historic lows.
  • Market Confidence Meter In New Jersey, November was the 13th consecutive month of increased sales. State inventory is down to its lowest levels since 2005, the last year of the housing bubble. With sales up and supply down, laws of supply and demand point to a good NJ market for 2013.
  • Market Confidence Meter The average rate on a 30-year, fixed rated mortgage has fallen as low as 3.4%. At these rates, and with rising rents, Homeownership is now cheaper than Renting in all 100 of the largest U.S. metros by a wide margin, reported Trulia!
  • Historic Home Prices Remember, when adjusted for inflation, American home pricesincreased 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)
  • Market Confidence Meter In Mercer County , home sales were up 13.6% in 2012 over 2011, with the average sale price up 1.5%.* * source: Trend MLS
  • With an eye to Moving This Year!If you are a Buyer,• with today’s low interest rates, hovering around 3.4% 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.
  • 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
  • Understand the Local Market That You are Buying into or Selling out of!
  • 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.
  • 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.
  • 14Market Absorption Scale (Absorption Rate in Months)
  • Market Scale for Supply & Demand Weichert, Realtors has been studying market 1 conditions for more than 3Market Absorption in Months decades and has found a 2 direct correlation between 3 market absorption rates and property values. 4 As absorption rates increase 5 beyond a normal market Normal level of 5-6 months, 6 property values depreciate annually. As they decrease 7 below 5 months, they increase—inverse 8 proportion. Although 9 different markets may not see the amount of decrease 10 shown here, the pressure on prices will be similar. 11 12
  • 1/28/13Towns 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: 64 4 16.0 19 15 6 9.4% 4 1 12All StylesWestWindsor 12 2 6.0 6 4 1 8.3% 1 1 5Condo/T.HousesWestWindsor 8 0 99 1 1 _ _ 0 0 055+WestWindsor 44 2 22.0 12 10 5 11.4% 3 0 7SingleFamilyLawrence:All Styles 121 13 9.3 23 10 13 10.7% 11 2 18Lawrence:Condo/ 37 6 6.2 5 (1) 7 18.9% 3 1 0THousesLawrence:55+ 8 3 2.7 1 (2) _ _ 1 0 0Lawrence:Single 76 4 19.0 17 13 6 7.9% 7 2 18Family
  • 1/28/13Towns 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 61 10 6.1 14 4 10 16% 11 0 8PlainsboroCondo/ 30 5 6 9 4 7 23% 7 0 4THousesPlainsboro55+ 17 3 5.66 2 (1) 2 12% 1 0 1PlainsboroSingle 14 2 7 3 1 1 7% 3 0 3FamilyCranbury:All Styles 12 1 12 5 4 2 16% 3 0 3
  • 1/28/13Towns 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 198 17 11 33 16 33 17% 16 5 16Ewing :Condo/ 29 3 10 6 3 6 21% 1 3 0T.HousesEwing55+: 8 1 8 2 1 --- --- 0 0 0Ewing:Single 161 13 12 25 12 27 17% 15 2 16FamilyEastWindsor: 139 12 12 26 14 18 13% 11 2 11All StylesEastWindsor: 85 7 12 16 9 13 15% 7 1 8Condo/ThousesEastWindsor: 8 0 999 1 1 --- --- 0 0 155+EastWindsor: 46 5 9 9 4 5 11% 4 1 2SingleFamily
  • 1/28/13Towns 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. 101 6 16.8 16 10 12 11.9% 11 8 7All StylesHopewellTwp. Condo/ 2 0 99 1 1 1 50% 2 2 2T.HousesHopewellTwp.: 1 0 99 0 0 -- -- 0 0 155+Hopewell TwpSingle Family 98 6 16.3 15 9 11 11.2% 9 6 4 390 26 15 70 44 67 18.6% 25 9 32Hamilton: AllStyles 79 6 13.2 12 6 16 20.3% 5 2 4Hamilton:Condo/ THouses 21 1 21 7 6 -- -- 1 1 2Hamilton:55+ 290 19 15.3 51 32 51 17.6% 19 6 26Hamilton:Single Family
  • 1/28/13Towns Active Pending Absorption New Net Gain Listings % of Expired W/drawn Closed Listings in Last Rate in Listings (Loss) to Reduced Invent. Listings Listings Listings 30 Days Months in 30 Market in 30 Reduced Days Days 71 11 6 17 6 13 18% 11 4 13RobbinsvilleAll Styles 35 6 6 7 1 6 17% 6 1 8RobbinsvilleCondo/T.Houses 36 5 7 10 5 7 19% 5 3 5Single Family 51 6 9 8 2 15 29% 5 0 6HightstownBoro: AllStyles 14 3 5 3 0 2 14% 1 0 2Pennington 6 3 2 1 (2) 5 83% 0 2 1Hopewell Boro
  • 1/28/13Towns Active Pending Absorption New Net Gain Listings % of Invent. Expired W/drawn Closed Listings in Last Rate in Listings in (Loss) to Reduced Reduced Listings Listings Listings 30 Days Months 30 Days Market in 30 Days 111 9 12.3 18 9 14 12.6% 8 7 20Princeton:All Styles 28 4 7 3 -1 4 14.3% 3 1 4Princeton:Condo/ Thouses 83 5 16.6 15 10 10 12% 5 6 16Princeton:Single Family
  • 1/28/13Towns 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 Days ReducedSouthBrunswick 149 9 16 28 19 14 9 32 6 36All StylesSouthBrunswickCondo/ T.Houses 53 4 13 12 8 8 15 10 1 9SouthBrunswick 34 0 99 2 2 4 12 1 2 455+SouthBrunswick 62 5 12 14 9 2 3 21 3 17Single FamilyMonroe:All Styles 401 25 16 109 84 17 4 48 8 45Monroe:55+ 268 15 18 76 61 9 3 27 4 34Monroe:Single Family 143 10 14 33 23 8 6 21 4 11
  • 1/28/13Towns 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 90 18 5 23 +5 14 15% 14 5 12MontgomeryAll Styles 11 3 3.7 6 +3 2 18% 3 2 5MontgomeryCondo/Twnhms 79 15 5.3 17 +2 12 15% 11 3 7Single Family 174 24 7.2 49 +25 23 13% 18 10 14HillsboroughAll Styles 70 9 7.8 22 +13 11 16% 9 5 8HillsboroughCondo/Twnhms 104 15 6.9 27 +12 12 11% 9 5 6HillsboroughSingle Family