greater princeton nj real estate markets april 27, 2011
DESCRIPTION
Real Estate Market Data for the Greater Princeton New Jersey Area as of April 27, 2011TRANSCRIPT
•According to the National Association of Realtors, sales of existing homes rose 3.7 percent in March.
Market Confidence Meter
Historic Home Prices
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)
Home Prices Now
Now, however, as a result of many economic factors since
2008, the median American home prices have settled back to 2003
levels.
Source: Case Schiller Non-Seasonally Adjusted Composite
20 U.S. Home Price Index as of March 2010
If you are a Buyer,
• with today’s low interest rates AFFORDABILITY is still HIGH !
• consult with an experienced New Jersey mortgage counselor to assess your buying power and properly position yourself in the market. In this way, sellers will take your offers seriously!
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 2011 buyers and the way they search for homes makes all the difference
With an eye to Moving This Year!
Home Prices and Affordability
• Effective monthly rent payments moved above after-tax mortgage payments for the first time since 1991.
• Housing affordability in Q4 2010 improved over Q3.
• Average mortgage rates appear to have bottomed in Q4 2010.
Source: Deutsche Bank, National Association of Realtors, REIS - 2011
Deutsche Bank Survey, 2011
OPPORTUNITY IS EVERYWHERE!
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/ 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.
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Market Scale for Supply & DemandMarket Scale for Supply & Demand
Weichert has been studying market conditions for more than 3 decades and has found a direct correlation between market absorption and property values.
As absorption rates increase beyond a normal market level of 5-6 months, property values depreciate annually.
4/26/11Towns 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
Princeton Boro: All Styles 60 5 12 20 15 9 15% 1 2 5
Pton -Boro Condo/ Thouses31 3 10 10 7 5 16% 1 0 0
Pton-BoroSingle Family 29 2 15 10 8 4 14% 0 2 5
Pton Twp: All Styles 161 8 20 37 29 23 14% 6 3 9
Pton Twp: Condo/ Thouses20 1 20 5 4 4 20% 1 2 2
Pton Twp:Single Family 141 7 20 32 25 19 13% 5 1 7
4/26/11Towns Active
ListingsPending in Last 30 Days
Absorption Rate in Months
New Listings in 30 Days
Net Gain (Loss) to Market
Li1stings Reduced in 30 Days
% of Invent. Reduced
Expired Listings
W/drawn Listings
Closed Listings
West Windsor: All Styles
140 13 10.8 48 35 37 26% 5 5 21
West Windsor Condo/ T.Houses
31 4 7.75 14 10 6 19% 2 3 11
West Windsor55+
8 0 99 4 4 - - 0 0 2
West Windsor Single Family
101 9 11.2 32 23 31 31% 3 2 8
Lawrence: All Styles 234 20 11.7 55 35 56 24% 10 4 19
Lawrence:Condo/THouses
84 7 12 19 12 20 24% 3 2 4
Lawrence: 55+ 17 0 99 2 2 - - 1 0 1
Lawrence: Single Family
133 13 10.2 34 21 36 27% 6 2 14
4/26/11Towns 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
PlainsboroAll Styles 118 19 6 34 15 24 20% 6 0 7
PlainsboroCondo/ THouses
63 10 6 16 6 12 19% 6 0 3
Plainsboro55+ 19 2 5 5 1 2 11% 0 0 1
PlainsboroSingle Family
36 7 5 15 8 10 27% 0 0 3
Cranbury: Single Family
25 1 25 8 7 3 12% 1 0 2
4/26/11Towns 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 306 16 19.1 63 47 76 25% 14 4 15
Ewing : Condo/ T.Houses
43 3 14.3 9 6 9 21% 3 1 2
Ewing 55+: 12 0 99 1 1 - - 0 0 0
Ewing:Single Family
251 13 19.3 53 40 67 27% 11 3 12
East Windsor:All Styles
236 14 17 41 27 43 18% 7 5 7
East Windsor:Condo/ THouses
144 7 21 17 10 22 15% 5 3 2
East Windsor:55+
14 2 7 2 0 -- -- 0 1 0
East Windsor: Single Family
81 5 16 22 17 21 26% 2 1 5
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
Hopewell Twp.All Styles 158 8 20 47 39 42 26.5% 5 1 9
Hopewell Twp. Condo/ T.Houses
17 3 6 6 3 5 29% 0 0 2
Hopewell Twp.:55+ 9 1 9 0 -1 -- -- 0 0 0
Hopewell Twp Single Family 132 4 33 41 37 37 28% 5 0 7
Hamilton: All Styles671 115 6 173 58 158 23.5% 24 16 46
Hamilton:Condo/ THouses 130 18 7 37 19 36 28% 4 2 11
Hamilton:55+ 42 6 7 11 5 -- -- 0 0 0
Hamilton: Single Family 499 91 5 125 34 122 24% 20 14 35
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
Hopewell Twp.All Styles 158 8 20 47 39 42 26.5% 5 1 9
Hopewell Twp. Condo/ T.Houses
17 3 6 6 3 5 29% 0 0 2
Hopewell Twp.:55+ 9 1 9 0 -1 -- -- 0 0 0
Hopewell Twp Single Family 132 4 33 41 37 37 28% 5 0 7
Hamilton: All Styles 671 115 6 173 58 158 23.5% 24 16 46
Hamilton:Condo/ THouses 130 18 7 37 19 36 28% 4 2 11
Hamilton:55+ 42 6 7 11 5 -- -- 0 0 0
Hamilton: Single Family 499 91 5 125 34 122 24% 20 14 35
4/26/11
4/26/11Towns 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 152 14 11 38 24 40 26% 9 11 9
RobbinsvilleCondo/ T.Houses
70 8 9 16 8 19 27% 3 4 6
Single Family 82 6 14 16 10 21 36% 6 7 3
Hightstown Boro: All Styles 77 2 38 18 16 15 19% 1 2 4
Pennington 14 3 5 6 3 5 36% 0 0 2
Hopewell Boro 17 3 5 7 4 3 18% 1 0 3