This is a Real Estate Market Recap of Somerset, NJ; August 2012
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.
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
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.
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!
Please scan this QR code to open my mobile website that will help you search for listings and other local real estate information!
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?
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