Manville NJ Homes For Sale by Carol Kronmaier

Real Estate Market Recap of Somerset, NJ, July 2011

This is a Real Estate Market Recap of Somerset, NJ, July 2011

Real Estate Market Recap of Somerset, NJ, July 2011,Luis Miguel Bugallo

Closed Sales

Fourty one new happy homeowners in Somerset since June 1st 2011: 24 home sales and 17 townhouse/duplex sales.

Thirty nine homes are under contract in Somerset: 25 homes and 14 townhouse/duplexes.

 

There were 90 new listings here in town since June 1st 2011. All of this information is important to include in the Real Estate Market Recap of Somerset.

If you would like details of the houses that sold or are still on the market in Somerset please call 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, July 2011,A Gudalach

Absorption Rates

Absorbtion 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 inventory 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 494 active listings in Somerset and there were 39 sales in the last month which is a market absorption rate of 12.7 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: 271 listings available, 26 sold last 30 days = inventory of 10.4 months

Homes priced under $400,000: 105 listings available, 4 sold last 30 days = inventory of 26.25 months

Homes starting at $400,000: 118 listings available, 9 sold last 30 days = inventory of 13.1 months

 

I also split the inventory up as style of home:

Homes: 298 listings available, 25 sold last 30 days = inventory of 11.9 months

Townhouses/Duplexes: 196 listings available, 14 sold last 30 days = inventory of 14 months

Real Estate Market Recap of Somerset, NJ, July 2011

Remember inventory levels do not predict how long it will take to sell a given house. 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

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!

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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!

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Comment balloon 0 commentsCarol Faaland-Kronmaier • July 01 2011 10:04AM
Real Estate Market Recap of Somerset, NJ, July 2011
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This is a Real Estate Market Recap of Somerset, NJ, July 2011 Closed Sales Fourty one new happy homeowners in Somerset since June 1st 2011: 24 home sales and 17 townhouse/duplex sales. Thirty nine homes are under contract in… more
Real Estate Market Recap of Hillsborough, NJ, July 2011
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This is a Real Estate Market Recap of Hillsborough, NJ, July 2011 Closed Sales Thirty two new happy homeowners in Hillsborough since June 1st 2011: 21 home sales and 11 townhouse/duplex sales. 35 homes are under… more
Real Estate Market Recap of Manville, NJ, July 2011
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This is a Real Estate Market Recap of Manville, NJ, July 2011 Closed Sales Fifteen new happy homeowners in Manville since April 1st 2011: 808 Lincoln Ave. : $99, 000/$85, 000 (final listed price/sold price) 89 S. 19th Ave. : $145, 000/… more