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Greater Princeton NJ Real Estate Update
1. Market Confidence Meter
By the end of July,
housing prices in all 20
cities of the S&P/Case
Shiller index showed
increases over the prior
month.
New home sales are up
27.7% from 2011 with prices
showing the largest monthly
increase since 1963.
2. Market Confidence Meter
The National Association
of Realtors is now
forecasting overall home
sales up 8% for 2012.
The inventory of existing
homes for sale is at 6.1
months supply, indicating
a balanced market for
both buyers and sellers,.
3. Market Confidence Meter
“Housing is no longer a
negative. It is turning
positive, and we see the
data reflecting that,”
said Ivy Zelman, chief
executive at the research
firm Zelman &
Associates.
4. Market Confidence Meter
The Federal Reserve will
continue boosting
housing market recovery
by purchasing
$40 Billion/month of
mortgage-backed
securities and keeping
downward pressure on
interest rates.
5. Market Confidence Meter
In New Jersey, home
purchases were up 24% in
July, the 10th consecutive
month of increases,
accompanied by a 17% drop in
inventory, according to Jeffrey
Otteau of the Otteau Valuation
Group. Median prices are up,
suggesting statewide increases
for the second quarter of 2012,
reported Otteau.
6. Market Confidence Meter
The average rate on a 30-year,
fixed rated mortgage fell to
3.4% by late September,
according to Freddie Mac.
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!
7. 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)
8. 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.
9. 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
11. 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.
12. 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 e
5-6 Months Market Absorption Rate indicates a normal market.
14. Market Scale for Supply & Demand
Weichert, Realtors has
been studying market
1 conditions for more than 3
Market 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
15. 10/2/12
Towns 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 Reduced
West
Windsor: 113 16 7.1 24 8 30 26.5% 1 10 31
All Styles
West
Windsor 23 4 5.8 6 2 7 30.4% 0 2 10
Condo/
T.Houses
West
Windsor 14 1 14 3 2 _ _ 0 0 2
55+
West
Windsor 76 11 6.9 15 4 23 30.3% 1 8 19
Single
Family
Lawrence:
All Styles 170 7 24.3 28 21 40 23.5% 15 7 19
Lawrence:
Condo/ 50 4 12.5 6 2 20 40.0% 4 2 7
THouses
Lawrence:
55+ 12 1 12 4 3 _ _ 2 0 0
Lawrence:
Single 108 2 54 18 16 20 18.5% 9 5 12
Family
16. 10/2/12
Towns 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 Reduced
Ewing:
All Styles
246 14 18 49 35 41 17% 20 9 17
Ewing :
Condo/
28 4 7 8 4 4 14% 6 1 2
T.Houses
Ewing
55+:
5 1 5 2 1 --- --- 0 0 1
Ewing:
Single
213 9 24 39 30 37 17% 14 8 14
Family
East
Windsor:
175 20 9 28 8 43 25% 7 7 24
All Styles
East
Windsor:
98 10 10 13 3 27 28% 4 3 12
Condo/
Thouses
East
Windsor:
14 0 999 3 3 --- --- 0 0 5
55+
East
Windsor:
63 10 6 12 2 16 25% 3 4 7
Single
Family
17. 10/2/12
Towns 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 Reduced
Hopewell
Twp. 139 14 9.9 28 14 29 20.1% 13 10 25
All Styles
Hopewell
Twp. Condo/ 14 5 2.8 4 -1 2 14.3% 0 1 6
T.Houses
Hopewell
Twp.: 4 0 00 0 0 -- -- 0 0 3
55+
Hopewell Twp
Single Family 121 9 13.4 24 15 27 22.3% 13 9 16
482 51 9.5 83 32 116 24.1% 24 27 66
Hamilton: All
Styles
81 10 8.1 10 0 19 23.5% 5 6 8
Hamilton:
Condo/ THouses
19 6 3.2 4 -2 -- -- 2 0 4
Hamilton:
55+
382 35 10.9 69 34 97 25.4% 17 21 54
Hamilton:
Single Family
18. 10/2/12
Towns 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
90 18 5 21 3 25 28% 5 10 25
Robbinsville
All Styles
45 11 4 11 0 11 24% 5 8 16
Robbinsville
Condo/
T.Houses
45 7 6 10 3 14 31% 0 7 9
Single Family
55 4 14 10 6 3 5% 4 1 4
Hightstown
Boro: All
Styles
23 3 8 3 0 4 17% 1 1 6
Pennington
10 7 1.4 4 (3) 1 10% 0 1 2
Hopewell Boro
19. 10/2/12
Towns 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
Princeton
Boro: 35 4 8.8 10 6 5 14.3% 1 2 7
All Styles
Princeton
-Boro Condo/ 13 2 6.5 1 -1 3 23% 0 2 6
Thouses
Princeton-
Boro 22 2 11 9 7 2 9.1% 1 0 1
Single Family
Princeton
Twp: All 132 1 132 21 20 24 18.2% 2 6 20
Styles
Princeton
Twp: Condo/ 18 1 18 6 5 4 22.2% 0 1 5
Thouses
Pton Twp:
Single Family 114 0 99 15 15 20 17.5% 2 5 15
20. 10/2/12
Towns 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 Reduced
South
Brunswick 215 22 16 24 2 73 34 16 3 46
All Styles
South
BrunswickCon
do/ T.Houses
71 6 12 9 3 38 52 10 1 17
South
Brunswick 30 1 30 2 1 2 7 0 0 3
55+
South
Brunswick 114 15 8 13 -2 33 29 6 2 26
Single Family
Monroe:
All Styles 452 24 19 97 73 104 23 25 6 80
Monroe:
55+ 284 16 20 65 49 78 13 14 1 15
Monroe:
Single Family 168 8 21 32 24 24 14 29 5 15
Editor's Notes
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.