Middlesex County Real Estate Market Commentary for JULY 2009 New Jersey -Part I

Middlesex County Real Estate Market Commentary Part I

For Middlesex County, the number of new homes listed in July has decreased over 9% compare to new homes listed in June. It is well under last year's number as well (-13.52%). 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 market.

The Active Inventory as we follow it (homes for sale not including "under attorney reviews") has slightly decreased to 2727 homes currently for sale in Middlesex County following a high in April with 2874 homes for sale.

This month's absorption rate (416 per month) or number of sold homes has increased 9.24% versus last month after a 41% increase from May. January and February absorption rates averaged 165 homes sold. This month's absorption rate is also 16% higher than last year. Buyers are definitely profiting from the grants, incentives available and the overall homes prices decrease.

Days of Inventory (DOI) is another big winner with a 13 % decrease versus June, following a 32% decrease versus May. At 203 days, it means it would take over 6 months to sell all existing inventory at the same rate. DOI has been consistently decreasing since January. 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.

Metuchen homes for sale and Metuchen Real Estate in Middlesex County, NJ is just one click away. From your local Metuchen real estate agent...

Cathy Chaudemanche
Metuchen Keller Williams Realty