49 Houses sold in the first 7 days of February in Somerset County
As a local real estate agent, I publish this report on a weekly basis to provide information on Somerset Real Estate.
This is a report of activity in Somerset County NJ Real Estate as of February 7th, 2012 as reported on the Garden State Multiple Listing System (GSMLS).
For the first 07 days in February:
- 49 residential properties reported as going ”Under Contract” (UC/US status)
- 69% of those sold were under $600,000 list price
- 15 houses were sold over $600K showing strong activity in the upper end or our market
- 118 new residential properties came onto the market during that same period
- 75% of the new listings were also under $600,000 list price
- These new listings are nearly 2.5 times the amount that went under contract
- 1,950 residential properties were reported as being “Active” in Somerset County as of this post
- If you divide these 1,950 active properties by the average sold per week (times 4.3 to get a monthly average), we now have about a 9 month supply of houses for sale in Somerset County.
The 49 under contracts for that period broke down between the following price points:
How long is it taking to sell a home in our Somerset 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 $525,000. The average list price on new listings was over $571.600 or 1% less.
- The average days on market for the homes that sold was reported as 102 days (or 3.4 months)
- Of the 49 sales 18 had price reductions averaging over $24,100
- The upper end of the market is showing strong activity with 30 new listings over $700,000 and 15 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 2.4 times the rate of sales. Although we saw a small increase recently, the total 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 (same as 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
