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Follow the strength of real estate in the greater Princeton New Jersey area--all surrounding municipalities, towns, and school districts
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The National Association of Realtors reports
that
prices for single-family homes rose in 88%
of U.S. cities
in the fourth quarter of 2012.
Market Confidence Meter
Nationally, we have recovered about 66% of
the jobs lost in the 63-month recession.
More people working = fewer foreclosures, a
better housing recovery and a better economy.
Market Confidence Meter
NJ Housing Affordability is at 133%.
This means you can buy a third more house for the same monthly payment,
a $400,000 house for the same monthly
payment as a $300,000 house!
Market Confidence Meter
The Federal Reserve will continue boosting
housing market recovery by keeping
downward pressure on interest rates, now at or nearhistoric lows.
Market Confidence Meter
In New Jersey, January was the 16th
consecutive month of increased sales. Housing
inventory is down to its lowest levels since 2005, the last year
of the housing bubble. With sales up and supply
down, everything points to a strong, breakout NJ
real estate market this Spring!
Market Confidence Meter
The average rate on a 30-year, fixed-rate mortgage is
still below 4%.
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!
Market Confidence Meter
Historic Home PricesRemember, 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)
The Federal Reserve Bank of Philadelphia
forecasts the New Jersey economy
growing at more than 4.5% over the next six
months.
Market Confidence Meter
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.
With an eye to Moving This Year!
Top Five Rules for Understanding the Real
Estate Market:1. Real Estate is Local2. Real Estate is Local3. Real Estate is Local
4. Real Estate is Local.5. Real Estate is Local
Understand the Local Market That
You are Buying into or Selling out of!
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.
Sample Market Absorption RateSample Market Absorption Rate
100 current active listings
4 reported sales in last 30 days=
25Months’
absorptionrate
Anytown., NJ
5-6 Months Market Absorption Rate indicates a normal market.
14
Market Absorption ScaleMarket Absorption Scale(Absorption Rate in Months)(Absorption Rate in Months)
Ma
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Market Scale for Supply & DemandMarket Scale for Supply & DemandWeichert, Realtors has been studying market conditions for more than 3 decades and has found a direct correlation between market absorption rates and property values.
As absorption rates increase beyond a normal market level of 5-6 months, property values depreciate annually. As they decrease below 5 months, they increase—inverse proportion. Although different markets may not see the amount of decrease shown here, the pressure on prices will be similar.
3/4/13Towns Active
ListingsPending in Last 30 Days
Absorption Rate in Months
New Listings in 30 Days
Net Gain (Loss) to Market
Listings Reduced in 30 Days
% of Invent. Reduced
Expired Listings
W/drawn Listings
Closed Listings
West Windsor: All Styles
64 24 2.7 22 (2) 12 18.8% 1 2 16
West Windsor Condo/ T.Houses
9 9 1.0 5 (4) 1 11.1% 1 1 4
West Windsor55+
8 2 4.0 2 0 _ _ 0 0 3
West Windsor Single Family
47 13 3.6 15 2 11 23.4% 0 1 9
Lawrence: All Styles 144 12 12.0 48 36 18 12.5% 10 1 20
Lawrence:Condo/THouses
41 5 8.2 17 12 7 17.1% 5 0 8
Lawrence: 55+ 9 0 99 1 1 _ _ 1 1 4Lawrence: Single Family
94 7 13.4 30 23 11 11.7% 4 0 8
3/4/13
Towns Active Listings
Pending in Last 30 Days
Absorption Rate in Months
New Listings in 30 Days
Net Gain (Loss) to Market
Listings Reduced in 30 Days
% of Invent. Reduced
Expired Listings
W/drawn Listings
Closed Listings
PlainsboroAll Styles
65 17 3.8 25 8 7 11% 6 0 15
PlainsboroCondo/ THouses
28 7 4 8 1 4 14% 4 0 8
Plainsboro55+
12 5 2.4 3 (2) 1 8% 1 0 3
PlainsboroSingle Family
25 5 5 14 9 2 8% 1 0 4
Cranbury:All Styles
14 2 7 6 4 1 7% 2 0 0
3/4/13Towns Active
ListingsPending in Last 30 Days
Absorption Rate in Months
New Listings in 30 Days
Net Gain (Loss) to Market
Listings Reduced in 30 Days
% of Invent. Reduced
Expired Listings
W/drawn Listings
Closed Listings
Ewing: All Styles
206 20 10 47 27 37 18% 10 4 14
Ewing : Condo/ T.Houses
29 5 6 11 6 5 17% 1 1 4
Ewing 55+:
6 2 3 0 2 --- --- 2 0 1
Ewing:Single Family
171 13 13 36 23 32 19% 7 3 9
East Windsor:All Styles
141 22 6 38 16 19 13% 7 3 10
East Windsor:Condo/ Thouses
71 15 5 13 -2 12 17% 7 3 3
East Windsor:55+
8 0 999 1 1 --- --- 0 0 1
East Windsor: Single Family
62 7 9 24 17 7 11% 0 0 6
3/4/13Towns Active
ListingsPending in Last 30 Days
Absorption Rate in Months
New Listings in 30 Days
Net Gain (Loss) to Market
Listings Reduced in 30 Days
% of Invent. Reduced
Expired Listings
W/drawn Listings
Closed Listings
Hopewell Twp.All Styles
137 14 9.8 46 32 16 11.7% 1 4 6
Hopewell Twp. Condo/ T.Houses
6 4 1.5 5 1 1 16.7% 0 1 0
Hopewell Twp.:55+
2 0 99 1 1 -- -- 0 0 0
Hopewell Twp Single Family 129 10 12.9 40 30 15 11.6% 1 3 6
Hamilton: All Styles 406 46 8.8 113 67 64 15.8% 17 13 50
Hamilton:Condo/ THouses 76 9 8.4 17 8 9 11.8% 4 3 14
Hamilton:55+ 26 3 8.7 6 3 -- -- 0 0 3
Hamilton: Single Family 304 34 8.9 90 56 55 18.1% 13 10 33
3/4/13Towns Active
ListingsPending in Last 30 Days
Absorption Rate in Months
New Listings in 30 Days
Net Gain (Loss) to Market
Listings Reduced in 30 Days
% of Invent. Reduced
Expired Listings
W/drawn Listings
Closed Listings
RobbinsvilleAll Styles 76 17 4 27 10 15 20% 8 2 4
RobbinsvilleCondo/ T.Houses
31 10 3 10 0 7 23% 3 1 4
Single Family 45 7 6 17 10 8 18% 5 1 0
Hightstown Boro: All Styles
53 4 13 7 3 16 30% 2 3 1
Pennington 20 0 999 7 7 3 15% 3 1 0
Hopewell Boro 8 1 8 3 2 2 25% 0 0 3
3/4/13
Towns Active Listings
Pending in Last 30 Days
Absorption Rate in Months
New Listings in 30 Days
Net Gain (Loss) to Market
Listings Reduced in 30 Days
% of Invent. Reduced
Expired Listings
W/drawn Listings
Closed Listings
Princeton: All Styles 120 14 8.6 33 19 16 13.3% 3 2 6
Princeton:Condo/ Thouses 27 3 9 4 1 3 11.1% 1 1 3
Princeton:Single Family 93 11 8.5 29 18 13 14% 2 1 3
3/4/13Towns Active
ListingsPending in Last 30 Days
Absorption Rate in Months
New Listings in 30 Days
Net Gain (Loss) to Market
Listings Reduced in 30 Days
% of Invent. Reduced
Expired Listings
W/drawn Listings
Closed Listings
South
Brunswick
All Styles
159 17 9 41 24 12 8 21 3 20
South BrunswickCondo/ T.Houses
55 9 6 18 9 1 2 4 1 9
South Brunswick
55+
31 1 31 4 3 1 3 3 1 1
South Brunswick
Single Family
73 7 10 19 12 10 14 14 1 10
Monroe:
All Styles 428 33 13 110 67 34 8 2 1 3
Monroe:
55+ 271 28 10 73 45 19 7 1 1 2
Monroe:
Single Family 157 5 30 37 32 15 10 1 0 1
3/4/13Towns Active
ListingsPending in Last 30 Days
Absorption Rate in Months
New Listings in 30 Days
Net Gain (Loss) to Market
Listings Reduced in 30 Days
% of Invent. Reduced
Expired Listings
W/drawn Listings
Closed Listings
Montgomery
All Styles 99 17 5.8 31 +14 12 12% 6 0 16
Montgomery
Condo/Twnhms 15 6 2.5 6 0 1 6% 0 1 1
Single Family 84 11 7.6 25 +14 11 13% 6 0 15
Hillsborough
All Styles 174 46 3.8 52 +6 24 14% 7 4 27
Hillsborough
Condo/Twnhms 61 19 3.2 16 -3 13 21% 2 1 12
Hillsborough
Single Family 113 27 4.2 36 +9 11 10% 5 3 15
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