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Greater Princeton NJ Real Estate Market Update
Greater Princeton NJ Real Estate Market Update
Greater Princeton NJ Real Estate Market Update
Greater Princeton NJ Real Estate Market Update
Greater Princeton NJ Real Estate Market Update
Greater Princeton NJ Real Estate Market Update
Greater Princeton NJ Real Estate Market Update
Greater Princeton NJ Real Estate Market Update
Greater Princeton NJ Real Estate Market Update
Greater Princeton NJ Real Estate Market Update
Greater Princeton NJ Real Estate Market Update
Greater Princeton NJ Real Estate Market Update
Greater Princeton NJ Real Estate Market Update
Greater Princeton NJ Real Estate Market Update
Greater Princeton NJ Real Estate Market Update
Greater Princeton NJ Real Estate Market Update
Greater Princeton NJ Real Estate Market Update
Greater Princeton NJ Real Estate Market Update
Greater Princeton NJ Real Estate Market Update
Greater Princeton NJ Real Estate Market Update
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Greater Princeton NJ Real Estate Market Update

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Overview of Greater Princeton NJ real estate markets by Township, with statistics comparing year-over-year Inventory and Contract Sales

Overview of Greater Princeton NJ real estate markets by Township, with statistics comparing year-over-year Inventory and Contract Sales

Published in: Real Estate, Business
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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.
  • Transcript

    • 1. Market Confidence Meter The National Association of Realtors reports total existing-home sales for 2013 were the strongest in seven years.
    • 2. Market Confidence Meter Today’s jobs report reveals the unemployment rate down to 6.6% More people working, plus higher home prices, means fewer foreclosures, a continued housing recovery and economic strengthening.
    • 3. Market Confidence Meter Nearly every city in the U.S. is expected to see economic growth in 2014, according to the U.S. Conference of Mayors. Case-Shiller forecasts a 6.8% rise in the median home value for 2014.
    • 4. Market Confidence Meter In New Jersey, 2013 home sales contracts rose to the highest level since 2006. Average home prices in the state rose 4-5% in 2013. Housing inventory remains at its lowest level since 2005.
    • 5. Market Confidence Meter The average rate on a 30-year, fixed-rate mortgage hovers near 4.375%. Buyers take note: rates are projected to climb above 5% in 2014.
    • 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. With an eye to Moving This Year! If you are a Buyer, • with today’s low interest rates, hovering around 3.75% for 30year 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.
    • 8. Top Five Rules for Understanding the Real Estate Market: 1. 2. 3. 4. 5. Real Estate is Local Real Estate is Local Real Estate is Local Real Estate is Local. Real Estate is Local
    • 9. Understand the Local Market That You are Buying into or Selling out of!
    • 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. Sample Market Absorption Rate Anyt ow n., NJ 100 cur r ent act ive list ings 4 r epor t ed sales in last 30 days 25 = Mont hs’ absor pt ion r at e 5-6 Months Market Absorption Rate indicates a normal market.
    • 12. Market Absorption Scale (Absorption Rate in Months) 12
    • 13. Market Scale for Supply & Demand 1 2 3 4 Normal Market Absorption in Months Weichert, Realtors has 5 6 7 8 9 10 11 12 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. 1/27/14 Towns Active Listings Pending in Absorption Last 30 Rate in Days Months Net Gain New Listings (Loss) to in 30 Days Market Listings Reduced in 30 Days % of Invent. Reduced Expired Listings W/drawn Listings Closed Listings West Windsor: All Styles 46 12 3.83 14 2 5 10.9 7 5 13 West Windsor Condo/ T.Houses 7 3 2.33 5 2 0 0 0 2 4 West Windsor 55+ 0 0 0 0 0 -- -- 0 1 3 West Windsor Single Family 39 9 4.33 9 0 5 12.8 7 2 6 Lawrence: All Styles 118 11 10.73 18 7 19 16.1 9 10 6 Lawrence: Condo/ THouses 27 3 9 8 5 8 29.6 4 2 2 Lawrence: 55+ 7 0 999 1 1 -- -- 0 2 0 84 8 10.5 9 1 11 13.1 5 6 4 Lawrence: Single Family
    • 15. 1/27/14 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 33 3 11 10 7 1 3% 7 0 3 Plainsboro Condo/ THouses 11 2 5.5 2 0 0 0 4 0 0 Plainsboro 55+ 7 1 7 3 2 0 0 0 0 0 Plainsboro Single Family 15 0 15 5 5 1 6% 3 0 3 Cranbury: All Styles 14 1 14 5 4 4 28% 1 0 0
    • 16. 1/27/14 Towns Active Listings Pending in Last 30 Days Absorption Rate in Months Ewing: All Styles 180 13 14 Ewing : Condo/ T.Houses 26 6 Ewing 55+: 1 Ewing: Single Family 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 32 19 34 19% 23 6 10 4 8 2 3 12% 4 0 2 0 999 0 0 --- --- 0 0 2 153 7 22 24 17 31 20% 19 6 6 East Windsor: All Styles 99 18 6 25 7 7 14% 12 3 16 East Windsor: Condo/ Thouses 48 12 4 13 1 4 8% 7 3 9 East Windsor: 55+ 8 1 8 0 -1 --- --- 0 0 0 East Windsor: Single Family 43 5 9 12 7 3 7% 5 0 7
    • 17. 1/27/14 Towns Active Listings Pending in Last 30 Days Absorption Rate in Months New Listings in 30 Days 118 8 14.75 13 5 15 12.7% Hopewell Twp. Condo/ T.Houses 9 1 9.00 3 2 1 11.1% Hopewell Twp.: 55+ 1 1 1.0 0 (1) Hopewell Twp Single Family 108 6 18.00 10 4 14 Hamilton: All Styles 393 32 12.28 68 36 81 7 11.57 16 8 0 0 304 25 12.16 Hopewell Twp. All Styles Hamilton: Condo/ THouses Hamilton: 55+ Hamilton: Single Family Net Gain (Loss) to Market Listings Reduced in 30 Days % of Invent. Reduced Expired Listings Closed Listings 2 4 0 1 0 0 0 12.9% 5 2 3 67 17.1% 36 13 35 9 13 16.1% 11 4 2 1 1 0 0 0 1 51 26 54 25 9 32 0 0 0 17.8% 5 W/drawn Listings 0
    • 18. 1/27/14 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 60 9 7 18 9 9 15% 4 3 12 Robbinsville Condo/ T.Houses 26 3 1 9 6 3 12% 3 3 7 Single Family 34 6 6 9 3 6 18% 1 0 5 Hightstown Boro: All Styles 27 5 5 3 (2) 2 7% 2 3 8 Pennington 19 0 999 5 5 1 5% 2 2 2 Hopewell Boro 9 3 3 1 (2) 2 22% 1 2 1
    • 19. 1/27/14 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 89 7 12.7 14 7 7 7.9% 2 6 14 Princeton: Condo/ Thouses 27 5 5.4 8 3 3 11.1% 0 0 2 Princeton: Single Family 62 2 31 6 4 4 6.5% 2 6 12
    • 20. 2006 - 2008 Core Market Comparison: Week of 1/20/14 Town ’12 Inven. Count ‘12 Pending Sales ‘12 Absorp. Rate ‘13 Inven. Count ‘13 Pending Sales ‘13 Absorp. Rate ‘14 Inven. Count ‘14 Pending Sales ‘14 Absorp. Rate Inventory compared to 2012 Inventory compared to 2013 West Windsor 88 9 9.8 55 6 9.2 45 8 5.63 (48%) (18%) Plainsboro 61 10 6.1 77 7 11 35 5 5 (42%) (54%) Lawrence 161 6 26.8 120 6 20 119 7 17 (26%) (0.8%) 184 8 23 143 9 16 99 16 6 (46%) (30%) Hamilton 534 22 24.3 388 27 14.4 378 23 16.43 (29%) (30%) Hopewell Twp 122 7 17.4 103 5 20.6 115 7 16.43 (5%) +11% Robbinsville 106 15 7 61 10 6 51 8 6 (51%) (16%) Princeton 135 4 33.7 106 7 15.1 87 7 124 (35%) (17%) South Brunswick 208 10 21 154 6 25 128 5 25 (38%) (16%) East Windsor

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