20 Houses sold in the first 7 days of February in Hunterdon County
As a local real estate agent, I publish this report on a weekly basis to provide information on Hunterdon County homes for sale, including Flemington Real Estate, Clinton NJ homes, and real estate for sale, as well as all other Hunterdon, Somerset and Warren County Real Estate.
This is a report of activity in Hunterdon County New Jersey Real Estate as of February 8th, 2012 as reported on the Garden State Multiple Listing System (GSMLS). 
For the first 07 days of February:
- 20 residential properties reported as going ”Under Contract” (UC/US status)
- 95% of those sold were under $600,000 list price
- 1 house(s) were sold over $600K showing a continued softness in the upper end or our market
- 59 new residential properties came onto the market during that same period
- 81% of the new listings were also under $600,000 list price
- These new listings are nearly 3 times the amount that went under contract
- 1,003 residential properties were reported as being “Active” in Hunterdon County as of this post
- If you divide these 1,003 active properties by the average sold per week (times 4.3 to get a monthly average), we now have about a 12 month supply of houses for sale in Hunterdon County.
The 20 under contracts for that period broke down between the following price points:
How long is it taking to sell a home in our Hunterdon County area?
How does this break down by price point?
Also Note:
- The average list price for those going “Under Contract” in the last 07 days was $377,400. The average list price on new listings was over $444,700 or 18% more (looks like there is room for additional reduction in prices).
- The average days on market for the homes that sold was reported as 123 days (or just over 4 months)
- Of the 20 sales 9 had price reductions averaging over $47,900
- The upper end of the market was slow with 11 new listings over $600,000 and 1 going under contract.
It would appear that we are seeing much deeper price cuts in order to move some of the older inventory. As mentioned earlier, we are now adding listings at 3 times the rate of sales. Ttotal units on the market has been dropping steadily reflecting many homeowners decision not to sell in the current market (especially in the higher end price points).
Interest rates as reported by Wells Fargo for a 30 year conventional mortgage is 3.875% as of this writing (down 1/8 from last week). There are also a lot of other attractive rates for 15 year mortgages and ARMs which are in the 3% range.
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There is a lot of information here.
Understanding this information and using it to help your particular situation as either a buyer or seller requires the assistance of a agent who is a local “Neighborhood Specialist“.
This is where I can be of benefit in to you…
If you would like more detailed information on these statistics, or would like help in making sense of it all and understand how it pertains to your individual situation, please give me a call to discuss at (908) 238-0118.
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Note: This information is deemed accurate (as reported) but not guaranteed and should be used for informational purposes only
