Greater Princeton Area Real Estate Market

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Greater Princeton NJ Area Real Estate Market Data for October 25 2011

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Greater Princeton Area Real Estate Market

  1. 1. <ul><li>According to the National Association of Realtors, sales of existing homes were up 11.3 percent from September 2010. </li></ul>Market Confidence Meter
  2. 2. <ul><li>The Commerce Department said housing starts increased 15 percent in September, the fastest annual pace in 17 months. </li></ul>Market Confidence Meter
  3. 3. <ul><li>Lawrence Yun, Chief Economist for the National Association of Realtors reports that affordability conditions this year have been the most favorable on record dating back to 1970. </li></ul>Market Confidence Meter
  4. 4. <ul><li>The four-week moving average of initial claims for unemployment benefits fell for the fourth straight week, indicating improvement in the labor market. </li></ul>Market Confidence Meter
  5. 5. Historic Home Prices 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)
  6. 6. <ul><li>If you are a Buyer, </li></ul><ul><li>with today’s low interest rates AFFORDABILITY is HIGH ! </li></ul><ul><li>consult with an experienced New Jersey mortgage counselor to assess your buying power and properly position yourself in the market. In this way, sellers will take your offers seriously! </li></ul><ul><li>If you are a Seller, </li></ul><ul><li>Pinpoint pricing is all important in this challenging market. </li></ul><ul><li>Professional staging can make all the difference in getting a good, negotiable offer. </li></ul><ul><li>Pre-inspections prevent later fall-throughs once you have a contract for sale! </li></ul><ul><li>Marketing for today’s buyers and the way they search for homes –on the INTERNET, makes all the difference. </li></ul>With an eye to Moving This Year!
  7. 7. Top Five Rules for Understanding the Real Estate Market: <ul><li>Real Estate is Local </li></ul><ul><li>2. Real Estate is Local </li></ul><ul><li>Real Estate is Local </li></ul><ul><li>Real Estate is Local. </li></ul><ul><li>Real Estate is Local </li></ul>
  8. 8. Understand the Local Market That You are Buying into/ Selling out of…
  9. 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. 11. Market Absorption Scale (Absorption Rate in Months)
  11. 12. Market Scale for Supply & Demand Weichert has been studying market conditions for more than 3 decades and has found a direct correlation between market absorption and property values. As absorption rates increase beyond a normal market level of 5-6 months, property values depreciate annually. Market Absorption in Months 1 2 3 4 5 6 7 8 9 10 11 12 Normal
  12. 13. 10/25/11 Towns Active Listings Pending in Last 30 Days Absorption Rate in Months New Listings in 30 Days Net Gain (Loss) to Market Li1stings Reduced in 30 Days % of Invent. Reduced Expired Listings W/drawn Listings Closed Listings West Windsor: All Styles 107 15 7.1 21 6 30 28% 9 5 19 West Windsor Condo/ T.Houses 19 4 4.8 6 2 3 15.8% 0 0 5 West Windsor 55+ 14 1 14 2 1 -- -- 0 0 0 West Windsor Single Family 74 10 7.4 13 3 27 36.5% 9 5 14 Lawrence: All Styles 140 10 14 38 28 48 34.3% 15 8 14 Lawrence: Condo/ THouses 60 3 20 10 7 21 21% 6 3 4 Lawrence: 55+ 19 0 99 1 1 -- -- 1 0 1 Lawrence: Single Family 115 7 16.4 27 20 27 23.5% 8 5 9
  13. 14. 10/18/11 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 PlainsboroAll Styles 95 6 16 20 14 28 29% 19 0 10 Plainsboro Condo/ THouses 56 3 18.66 11 8 17 30% 12 0 6 Plainsboro 55+ 14 1 14 2 1 2 14% 1 0 3 Plainsboro Single Family 25 2 12.5 6 4 9 36% 6 0 1 Cranbury: All Styles 23 0 99 1 1 7 30% 4 0 3
  14. 15. 10/25/11 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 288 17 16.9 38 21 64 22% 15 9 20 Ewing : Condo/ T.Houses 34 4 8.5 6 2 8 24% 5 2 6 Ewing 55+: 11 1 11 2 1 --- --- 0 0 1 Ewing: Single Family 243 12 20.3 30 18 56 23% 10 7 13 East Windsor: All Styles 231 5 46.2 31 26 39 18% 21 11 12 East Windsor: Condo/ Thouses 133 1 133 16 15 25 19% 15 6 5 East Windsor: 55+ 14 0 999 2 2 --- --- 0 0 0 East Windsor: Single Family 84 4 21 13 11 14 17% 6 5 7
  15. 16. 10/25/11 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 169 5 34 24 19 38 22% 15 10 15 Hopewell Twp. Condo/ THomes 14 2 7 3 1 4 28.5% 8 0 4 Hopewell Twp.: 55+ 6 0 99 0 0 -- -- 1 1 1 Hopewell Twp Single Family 149 3 50 21 18 34 23% 6 9 9 Hamilton: All Styles 648 38 17 108 70 152 23% 42 22 66 Hamilton: Condo/ THomes 100 8 12.5 20 12 19 19% 11 5 6 Hamilton: 55+ 44 4 11 5 1 -- -- 3 2 4 Hamilton: Single Family 504 26 19 83 57 133 26% 28 15 56
  16. 17. 10/25/11 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 Robbinsvlle All Styles 138 19 7 19 0 34 25% 9 7 16 Robbinsvlle Condo/ THomes 59 10 6 8 2 16 27% 4 5 8 Robbinsvlle Single Family 79 9 9 11 2 18 23% 5 2 8 Hightstown Boro: All Styles 66 4 16 8 4 14 21% 11 1 5 Pennington 21 2 10.5 4 2 6 29% 0 1 2 Hopewell Boro 12 2 6 2 0 3 25% 1 0 3
  17. 18. 10/25/11 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 Princeton Boro: All Styles 43 9 4.8 8 -1 14 32.6% 0 2 3 Pton -Boro Condo/ Thomes 20 4 5 3 -1 7 35% 0 2 1 Pton-Boro Single Family 23 5 4.6 5 0 7 30.4% 0 0 2 Pton Twp: All Styles 152 8 19 15 7 26 17.1% 5 4 11 Pton Twp: Condo/ Thomes 23 1 23 4 3 4 17.4% 0 0 3 Pton Twp: Single Family 129 7 18.4 11 4 22 17.1% 5 4 8
  18. 19. 10/18/11 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 139 20 6.9 25 +5 26 19% 14 7 13 Montgomery Condo/Twnhms 26 5 5.2 6 +1 1 4% 3 0 2 Single Family 113 15 7.5 19 +4 25 22% 11 7 11 Hillsborough All Styles 288 24 12 51 +27 63 22% 28 9 33 Hillsborough Condo/Twnhms 106 10 10.6 22 +12 27 22% 13 7 11 Hillsborough Single Family 182 14 13 29 +15 36 20% 15 2 22
  19. 20. 10/25/11 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 275 6 46 43 37 50 18 37 6 21 South BrunswickCondo/ T.Houses 84 5 17 13 8 21 25 13 1 3 South Brunswick 55+ 34 0 99 1 1 7 20 2 1 3 South Brunswick Single Family 157 1 157 29 28 22 14 22 4 15 Monroe: All Styles 521 14 37 98 84 80 15 50 9 51 Monroe: 55+ 323 7 46 72 65 55 17 27 3 43 Monroe: Single Family 198 7 28 26 19 25 13 23 6 9

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