Archive for the 'Union county' Category

July Real Estate Market Conditions

The local real estate market continues the turnaround begun early in the year.  Here is the July update on Real Estate Absorption rates in the area.  The absorption rate number is how many months it would take for the current inventory of listings to sell given the current monthly rate of homes going under contract.

As buying has been brisk this spring and early summer, inventory has remained stable.  Its possible the rates will drop even further as less new listings hit the market in the fall and the remaining inventory continues to be sold.

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Market Improvement

Real Estate conditions are improving!

Absorption rates are a common measure of how fast homes are selling.  Here, for example, the absorption rate for South Orange has dropped from 8 or 9 to 4.7.  This means at the rate that homes are selling now (20 in the last 30 days), it would take 4.7 months for all the listings available (94) to sell.  If these rates begin to stay under 5 we will gradually be moving from a buyer’s market toward a seller’s market.

 

Area Real Estate Sales Figures (4q & full year 2011)

Here are the 4th quarter and full year end 2011 real estate figures for our area.

A dip in the number of 4th quarter sales is usually seasonal.  The major dip in sales price and list price in the 4th quarter is more than a seasonal dip.  Home prices have dropped yet again but we’re hoping to stabilize and begin the slow climb back in 2012.


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