Manville NJ Homes For Sale by Carol Kronmaier

This is a Real Estate Market Recap of Somerset, NJ; August 2012

This is a Real Estate Market Recap of Somerset, NJ; August 2012

 

Closed Sales

44 new happy homeowners in Somerset since July 1st 2012: 24 home sales and 20 townhouse/duplex sales.

 

120 homes are under contract in Somerset: 71 homes and 49 townhouse/duplexes.

 

 

There were 83 new listings here in town since July 1st 2012 (52 homes and 31 townhouses). All of this information is important to include in the Real Estate Market Recap of Somerset. I feel that the recent lower home prices and the lower mortgage interest rates can make it a great time to buy a house.

 

 

 

If you would like details of the houses that sold or are still on the market in Somerset please call (908) 574-9483 or email me anytime at CarolKronmaier@Weichert.com. Search available homes and townhomes for sale in Somerset on my Website: CarolKronmaierHomes.com.

 

Real Estate Market Recap of Somerset, NJ; August 2012

 

Absorption Rates

Absorption rates tell you how many months the available homes for sale in an area will take to sell (if no new homes are listed.) The number shows the rate at which the inventories of homes are being absorbed (sold). As the rate rises or falls it shows you if the current home inventory in Hillsborough is shrinking or growing.

 

There are currently 425 active listings in Somerset and there were 46 sales in the last month which is a market absorption rate of 9.2 months. Inventory levels above 5 or 6 months indicate a clear buyer's market. When Somerset absorption rates are that high, I like to break it down and look at price point or type of housing:

 

Homes priced under $300,000: 241 listings available, 29 sold last 30 days = inventory of 8.3 months

 

Homes priced under $400,000: 80 listings available, 10 sold last 30 days = inventory of 10 months

 

Homes starting at $400,000: 104 listings available, 7 sold last 30 days = inventory of 14.9 months

 

 

I also split the inventory up as style of home:

 

Homes: 272 listings available, 24 sold last 30 days = inventory of 11.3 months

 

Townhouses/Duplexes: 153 listings available, 22 sold last 30 days = inventory of 7 months

Real Estate Market Recap of Hillsborough, NJ, August 2012

 

 

 

Remember inventory levels do not predict how long it will take to sell a given house. I feel that they help us determine how much activity there is in a given market at a given price point and allow us to plan accordingly when marketing a home for sale.

Real Estate Market Recap of Somerset, NJ; August 2012

Real Estate Market Recap of Somerset, NJ; August 2012

If you are considering a move into or out of Somerset, it pays to plan ahead. Start here to search homes for rent or sale in Somerset, NJ. I focus on Somerset but am well prepared to discuss other areas as well: Montgomery, Manville, Bridgewater, Raritan, Branchburg, and Hillsborough- most of Somerset and Hunterdon counties!

CarolKronmaierHomes.com

Please scan this QR code to open my mobile website that will help you search for listings and other local real estate information!

FaceBook RealEstate Page Follow me on Linkedin Follow My Blog On Active Rain Follow Me On Twitter

For more great tips: Visit my web site at: http://www.CarolKronmaierHomes.com

Have questions, need advice you can count on or just want to discuss this further?

Don't waste any more time; pick up the phone and call me now! I'm here to help!

 

 

frameb

 

Comment balloon 6 commentsCarol Faaland-Kronmaier • August 04 2012 07:21AM
This is a Real Estate Market Recap of Somerset, NJ; August 2012
share
This is a Real Estate Market Recap of Somerset, NJ; August 2012 Closed Sales 44 new happy homeowners in Somerset since July 1st 2012: 24 home sales and 20 townhouse/duplex sales. 120 homes are under contract in… more
Hillsborough, NJ Open Houses for Sunday August 5th 2012
share
Hillsborough, NJ Open Houses for Sunday August 5th 2012 Please find below a list of open houses in Hillsborough, NJ for Sunday August 5th 2012. These are public Hillsborough open houses. Open houses are a great way to start looking at… more
Manville, NJ Open Houses for Sunday August 5th 2012
share
Manville, NJ Open Houses for Sunday August 5th 2012 Please find below a list of open houses in Manville, NJ for Sunday August 5th 2012. These are public Manville open houses. Open houses are a great way to start looking at the homes… more
Somerset, NJ Open Houses for Sunday August 5th 2012
share
Somerset, NJ Open Houses for Sunday August 5th 2012 Please find below a list of open houses in Somerset, NJ for Sunday August 5th 2012. These are public Somerset open houses. Open houses are a great way to start looking at the… more
Protect Your Home While You're Away
share
Protect Your Home While You're Away: 10 Things a Burglar Doesn’t Want You to Know Successful burglars have lots in common — home owners who unwittingly give invitations to robbery. Here’s how thieves thank you for your generosity. Read .. more
This is a Real Estate Market Recap of Hillsborough, NJ; August 2012
share
This is a Real Estate Market Recap of Hillsborough, NJ; August 2012: Closed Sales 31 new happy homeowners in Hillsborough since July 1st 2012: 26 home sales and 13 townhouse/duplex sales. 84 homes are under contract… more
Are You as Green as You Hope in Somerset County, NJ?
share
Are You as Green as You Hope in Somerset County, NJ? .. more
This is the Real Estate Market Recap of Manville, NJ; August 2012
share
This is the Real Estate Market Recap of Manville, NJ; August 2012: Closed Sales Eighteen new happy homeowners in Manville since June 1st 2012: Address List… more
Great New Three Bedroom Rental Duplex Available in Somerville, New…
share
Great New Three Bedroom Rental Duplex Available in Somerville, New Jersey Carol Faaland-Kronmaier | Weichert Realtors, Hillsborough | (908) 574-9483 &… more
Somerset, NJ Open Houses for Sunday July 29th 2012
share
Somerset, NJ Open Houses for Sunday July 29th 2012 Please find below a list of open houses in Somerset, NJ for Sunday July 29th 2012. These are public Somerset open houses. Open houses are a great way to start looking at the… more