This is a Real Estate Market Recap of Somerset, NJ, July 2011
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.
Absorption RatesAbsorbtion 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
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 saleIf 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!
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For more great tips: Visit my web site at: http://www.CarolKronmaierHomes.com
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