Middlesex County NJ Market Commentary - September 2009 Part 2

Middlesex County NJ Market Commentary - September 2009 Part 2
This Middlesex County NJ market commentary for the month of September is based on Middlesex County NJ real estate statistics.

Middlesex County NJ Market Commentary - September 2009 Part 1
Days of Inventory (DOI) has decreased over 3% versus August mostly due to the decrease in new homes listed. At 219 days, it means it would take about 7 months to sell all existing inventory at the same absorption rate. A market with over 6 months supply would usually qualify as a buyer's market. A market with less than 6 months of supply would usually qualify as a seller's market. This decrease is very important to note as DOI is an important variable in the monitoring of local real estate markets and our real estate barometer.

Both median and average sold prices have decreased versus last month and have decreased versus last year (-7.14% and -13.24% respectively) confirming the yearly downtrend.
SP/AP ratio is decreasing one point at 94%. In average, sellers are accepting offers at 94% of their last asking price. Please note that I mentioned "last asking price" and not "original asking price" which is very different. As a general rule, houses that sell are houses that are very close to their current market value as calculated through a Comparative Market Analysis.

Another real estate statistic is Days on Market or DOM which has increased almost 7% up to 78 days. Meaning that it takes less than 3 months in average to go under contract. A word of caution with this indicator as it is not a cumulative DOM. Meaning the clock re-starts with any new contract for the same home. This is a good example of the better value of looking at those statistics, which is more in the trend analysis than in a specific number at a specific given time

Catherine "Cathy" ChaudemancheKeller Williams Elite Realty / Middlesex County market center.

Middlesex County NJ Market Commentary - September 2009 Part 1

Middlesex County NJ Market Commentary - September 2009 Part1
This Middlesex County NJ market commentary for the month of September is based on Middlesex County NJ real estate statistics.
For Middlesex County, the number of new homes listed in September has slightly decreased compare to new homes listed in August. At 653 homes, it is lower than the average year to date of 679 homes listed per month. This is very positive for Middlesex County real estate market in general as we need to reduce the inventory to move into a more balanced / neutral market.
The Active Inventory as we follow it (homes for sale not including "under attorney reviews") has slightly decreased to 2545 homes for sale in Middlesex County following a high in April with 2874 homes for sale. The AI has been consistently decreasing since April.
This month's absorption rate (350) or number of sold homes has decreased 4.9% versus last month. It is well over last year absorption rate (+12.54%) indicating that the tax credit incentive ending in November is working as expected. Buyers are definitely profiting from the grants, incentives available and the overall homes prices decrease.
I will post Middlesex County NJ market commentary Part 2 tomorrow...
Catherine "Cathy" ChaudemancheKeller Williams Elite Realty / Middlesex County market


Metuchen condos for salein Metuchen NJ. North Edison Real Estatein Edison, Middlesex County and Piscataway Condos for Sale. Local real estate websites for your local needs. Servicing first time home buyers, investors and sellers in Middlesex County, New Jersey.center.

Middlesex County NJ Real Estate Statistics for September 2009

Middlesex County NJ Real Estate Statistics / September 2009 (edit/delete)
Middlesex County NJ Real Estate Statistics
Those Middlesex County NJ real estate statistics include residential one family only. They do not include townhouses, condos, co-ops, multi-family, commercial properties, etc...Home statistics are calculated from the Middlesex County Multi Listing System (MLS)
Middlesex County NJ Real Estate Statistics
September 2009*
Previous Month**
September 2008
Active Inventory
2545
2675 (-4.86%)
3097 (-17.82%)
New Homes Listed
653
675 (-3.26%)
726 (-10.05%)
Sold Homes
350
368 (-4.90%)
311 (12.54%)
Median Sold Price (MSP)
$325,000
$330,000 (-1.51%)
$350,000 (-7.14%)
Average Sold Price (ASP)
$346,860
$356,631 (-2.74%)
$399,809 (-13.24%)
Sold Price/Asking Price (SP/AP)
94.00%
95% (-1.05%)
95% (-1.05%)
Days on Market (DOM)
78
73 (6.85%)
83 (-6.02%)
Days of Inventory (DOI)
219
226 (-3.10%)
299 (-26.76%)
*Middlesex County Real Estate Statistics Calculated on 10/11/2009 **Calculated on 09/12/2009
Click on the following link for more Middlesex County NJ Real Estate Statistics, including Sold Home Ratio, 100% Asking Price and more...
Catherine "Cathy" ChaudemancheKeller Williams Elite Realty / Middlesex County market center.

Metuchen condos for sale in Metuchen NJ. North Edison Real Estate in Edison, Middlesex County and Piscataway Condos for Sale. Local real estate websites for your local needs. Servicing first time home buyers, investors and sellers in Middlesex County, New Jersey.

Your Metuchen Homes for Sale? There's Still Hope!

Your Metuchen Homes for Sale? There's Still Hope!

Some who have put their Metuchen homes for sale in the past year are still waiting to put that "Sold" sign in the yard. If this is you, don't panic! There's still hope for closing the sale this year.
According to the National Association of REALTORS®, home sales have risen five months in a row. Great news for everyone currently in the real estate market. Why are they rising? A few reasons:
Mortgage interest rates are at an all time low.
Home prices have dropped to become more affordable.
Buyers have a large selection to choose from, which encourages buyers that might otherwise have held out.
First time buyers are rushing to buy before the $8,000 tax credit ends, which means closing the deal before November of this year.
Here are a few tips to help you get your Metuchen home sold before the year is up:
Pricing - The key for most homebuyers is the price. In fact, lower priced homes are selling the fastest. Go over your pricing with your Metuchen real estate agent. Discuss whether you can afford to drop your home price, and if so, by how much.
Valuation - A major reason for some of the sales falling through is because appraisals were performed by home appraisers outside of the area. Unfortunately, many of them appraised homes lower than the price the buyers and sellers had negotiated. Because of this, Freddie Mac and Fannie Mae push for appraisals to be done by home appraisers in the local area and appraisers who are more experienced with the local area's housing trends and market. So, when it's time to have your house evaluated, choose someone in your area, and ask that the buyer does the same.
Competition - Because there is so much competition, it's always a good idea to take one last look at your Metuchen home. Take your real estate agent with you and go over the home with a fine-toothed comb. What can you do to up the value? What can you do to make it more appealing?
Lastly, don't give up hope! You have great Metuchen homes or Metuchen Condos to sell and buyers are looking. Do your best, listen to your agent and stay relaxed.Catherine ChaudemancheMetuchen Real Estate Agent/Metuchen Keller Williams Realty

Don’t forget to inspect Edison NJ Homes for Sale!

Don’t forget to inspect Edison NJ Homes for Sale!
Just because you’ve found some interesting Edison nj homes for sale doesn’t mean your house hunt is over. There’s much more to do before signing those closing papers, and one of the biggest is having the Edison home inspected. In fact, getting a home inspection will probably be drilled into you by your Edison real estate agent. Yes, it’s that important.
What can you find out from your Edison nj home inspection report?
Some people may have a difficult time deciphering the reports to find out what’s serious and what isn’t. To make it worse, inspections vary from state to state. Fortunately, the National Association of Certified Home Inspectors, who has a list of inspectors all around the United States and Canada, has a specific set of guidelines.
General Inspection
A general inspection may covers such things as:
Structure - how well the walls, ceiling, foundation and more are put together
Exterior evaluation - landscaping, elevation, drainage, windows
Plumbing - Checks the condition of piping and identifies the materials used
Roof and attic - framing, flashing, gutters, ventilation
Systems - water heaters, duct work, air conditioning, chimney, furnaces, sprinklers
Garage - Slab, firewall, garage door
Appliances - including smoke detectors
Electrical - main panel, types of wiring, grounding, circuit breakers, light fixtures and more
The inspection reports will state whether the Edison nj home for sale has serious health and safety issues, bad or old roofs, systems malfunctions, foundation problems, and moisture and drainage problems.
Special Inspection
Although you may not want to spend the extra money, these things can cause the “sick house syndrome” (people getting sick a lot for no recognizable reason). These problems should not be ignored:
Asbestos
Radon
Formaldehyde
Mold, mildew and fungi
Rodents
Lead
Methane
Radiation
Some issues aren’t big and can be dealt with fairly easily. Other things, however, are expensive fixes and could be deal breakers. Before you sign closing papers on one of the Edison nj homes for sale, get that inspection done to find out what you’re really getting.
If you’re looking for a healthy home in good condition in Edison nj or in Middlesex County New Jersey, I can help. Contact me now…
Catherine “Cathy” Chaudemanche

Your Piscataway Condo and Townhouse for Sale in New Jersey; more than just another unit?

Piscataway Condos for Sale and Piscataway Townhouse for Sale in New Jersey; more than just another unit?

When buyers are looking at Piscataway Townhouses or Piscataway Condos for sale, they aren't just looking at the place itself. Although how a condo or townhouse looks on the inside is important, many are also looking at the surroundings. When you get ready to sell your home, start thinking about what other things you can sell. Here's a short list of other benefits you may be able to promote:

Condo Association - Piscataway condos have some sort of governing body like the Home Owner's Association or Community Association. How good is yours? Does your condo association listen to the needs of the home owners? Do they keep the building in good repair? If your association is one of the best, brag about it!

How much are the maintenance fees? Piscataway has many condos developments (Birch Glen Piscataway, Canterbury at Piscataway, Society Hill, Starpoint, Maple Grove, Castle point, The Commons...). They have different fees and those fees cover different things.

Cost of utilities - How much do your utilities cost? This could be a strong selling point in your favor. If the overall cost of your utilities is low, make sure you tell your Piscataway real estate agent. They'll know the best time to mention this information.

Surrounding neighborhood - What can you say about yours that is positive? Are there nearby parks? Playground, tennis courts, outdoor swimming pool? These are all good selling points, and should not be left out!
Selling a Piscataway condo isn't necessarily as hard as it may sound, even with the current real estate market. However, with the amount of competition out there, every little bit helps. Pay attention to all the good things you enjoy about your condo or townhouse and make sure potential buyers know about them!

Middlesex County NJ Market Commentary for August 2009, New Jersey -Part II (final part)

Middlesex County NJ Market Commentary for August 2009, New Jersey -Part II (final part)

...Days of Inventory (DOI) has increased over 11% versus July mostly due to the decrease in sold homes. At 226 days, it means it would take about 7 months to sell all existing inventory at the same absorption rate. A market with over 6 months supply would usually qualify as a buyer's market. A market with less than 6 months of supply would usually qualify as a seller's market. This decrease is very important to note as DOI is an important variable in the monitoring of local real estate markets and our real estate barometer.

Both median and average sold prices have increased versus last month but have decreased versus last year (-10.81% and -12.81% respectively).

SP/AP ratio is staying at 95%. In average, sellers are accepting offers at 95% of their last asking price. Please note that I mentioned "last asking price" and not "original asking price".
Another real estate statistic is Days on Market or DOM which has decreased down to 73 days. Meaning that it takes less than 3 months in average to go under contract. A word of caution with this indicator as it is not a cumulative DOM. Meaning the clock re-starts with any new contract for the same home. This is a good example of the better value of looking at those statistics, which is more in the trend analysis than in a specific number at a specific given time.

That's the end of our local Middlesex County NJ Market Commentary based on Middlesex County real estate statistics. As always, contact me if any questions.

Catherine Chaudemanche, Middlesex County NJ Market Commentary.Realtor AssociateMetuchen Keller Williams Elite Realty / Middlesex County NJ