Princeton Area Real Estate July 24 12

Zillow reported this week Home Prices were up for the 2nd quarter of 2012 for the first time since

2007.

The Wall St. Journal’s David Wessel reported on July 12,

“The housing bust is over.”

Market Confidence Meter

The Commerce Department said June housing starts were up

23.4% from a year ago, at their highest rate since

October 2008


Lawrence Yun, Chief Economist for the National

Association of Realtors reports that “The latest

increase in home contract signings marks 13

consecutive months of year-over-year gains.” He expects

to see a 9 to 10% improvement in total sales

for 2012.


The Labor Department reported Unemployment

claims for the week ending are down, at 353,000, a decrease of 35,000 from the previous week's revised figure. The four-week moving average was 367,250, a decrease of from the previous week's

revised average of 376,000.


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)

If you are a Buyer,

• with today’s low interest rates, hovering around 3.5% for 30-year fixed-rate mortgages, AFFORDABILITY is HIGH !

• consult with an experienced New Jersey mortgage counselor to assess your buying power and position yourself in the market.

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 today’s buyers and the way they search for homes–on the INTERNET, makes all the difference.

With an eye to Moving This Year!

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 or 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.

11

Market Absorption ScaleMarket Absorption Scale(Absorption Rate in Months)(Absorption Rate in Months)

Ma

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rpti

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in M

on

ths

1

2

3

4

5

6

7

8

9

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No

rma

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Market Scale for Supply & DemandMarket Scale for Supply & DemandWeichert, Realtors has been studying market conditions for more than 3 decades and has found a direct correlation between market absorption rates and property values.

As absorption rates increase beyond a normal market level of 5-6 months, property values depreciate annually. As they decrease below 5 months, they increase—inverse proportion. Although different markets may not see the amount of decrease shown here, the pressure on prices will be similar.

7/23/12Towns 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

West Windsor: All Styles

125 31 4.0 32 1 34 27.2% 3 6 43

West Windsor Condo/ T.Houses

23 10 2.3 11 1 7 30.4% 0 2 8

West Windsor55+

11 0 99 4 4 _ _ 0 0 3

West Windsor Single Family

91 21 4.3 17 (4) 27 29.7% 3 4 32

Lawrence: All Styles 200 16 12.5 37 21 48 24.0% 8 6 30

Lawrence:Condo/THouses

66 8 8.3 14 6 21 31.8% 2 1 9

Lawrence: 55+ 4 1 4 3 2 _ _ 1 0 3Lawrence: Single Family

130 7 18.6 20 13 27 20.8% 5 5 18

7/23/12

Towns Active Listings

Pending in Last 30 Days






Expired Listings

W/drawn Listings

Closed Listings

PlainsboroAll Styles

80 11 7.27 24 13 13 16% 11 0 22

PlainsboroCondo/ THouses

40 7 5.7 14 7 9 23% 4 0 13

Plainsboro55+

10 1 10 4 3 0 0 2 0 1

PlainsboroSingle Family

30 3 10 6 3 4 13% 5 0 8

Cranbury:All Styles

22 0 22 3 3 5 23% 2 0 0

7/23/12Towns Active







Expired Listings

W/drawn Listings

Closed Listings

Ewing: All Styles

274 17 16 36 19 54 20% 9 8 23

Ewing : Condo/ T.Houses

35 0 999 9 9 9 26% 2 2 3

Ewing 55+:

8 0 999 0 0 --- --- 0 0 1

Ewing:Single Family

231 17 14 27 10 45 19% 7 6 19

East Windsor:All Styles

193 14 14 34 20 33 17% 8 5 22

East Windsor:Condo/ Thouses

106 5 21 21 16 18 17% 6 2 10

East Windsor:55+

16 1 16 0 -1 --- --- 1 0 0

East Windsor: Single Family

71 8 9 13 5 15 21% 1 3 12

7/23/12Towns Active







Expired Listings

W/drawn Listings

Closed Listings

Hopewell Twp.All Styles

159 20 8 29 9 40 25.2% 4 7 29

Hopewell Twp. Condo/ T.Houses

16 5 3.2 5 0 5 31.2% 1 1 3

Hopewell Twp.:55+

7 1 7 2 1 -- -- 0 0 4

Hopewell Twp Single Family 136 14 9.7 22 8 35 25.7% 3 6 22

Hamilton: All Styles 521 57 9.1 84 27 123 23.6% 18 13 56

Hamilton:Condo/ THouses 90 5 18 10 5 18 20% 1 1 9

Hamilton:55+ 27 3 9 2 -1 -- -- 1 1 7

Hamilton: Single Family 404 49 8.2 72 23 105 26% 18 11 40

7/23/12Towns Active







Expired Listings

W/drawn Listings

Closed Listings

RobbinsvilleAll Styles 123 25 5 32 7 31 25% 8 4 22

RobbinsvilleCondo/ T.Houses

59 12 5 22 10 17 29% 6 0 11

Single Family 64 13 5 10 (3) 14 22% 2 4 11

Hightstown Boro: All Styles

50 4 12 5 1 6 11% 7 1 1

Pennington 23 5 5 3 (2) 7 30% 0 2 10

Hopewell Boro 9 2 4.5 1 (1) 2 22% 1 0 2

7/23/12Towns Active







Expired Listings

W/drawn Listings

Closed Listings

Princeton Boro: All Styles 46 3 15.3 6 3 7 15.2% 0 3 7

Pton -Boro Condo/ Thouses 21 1 21 3 2 4 19% 0 0 3

Pton-BoroSingle Family 25 2 12.5 3 1 3 12% 0 3 4

Pton Twp: All Styles 146 17 8.6 20 3 26 17.8% 0 7 19

Pton Twp: Condo/ Thouses 21 5 4.2 4 -1 5 23.8% 0 1 2

Pton Twp:Single Family 125 12 10.4 16 4 21 16.8% 0 6 17

7/23/12Towns Active







Expired Listings

W/drawn Listings

Closed Listings

South

Brunswick

All Styles

250 20 13 56 36 48 19 26 0 36

South BrunswickCondo/ T.Houses

93 9 9 24 15 22 24 10 0 10

South Brunswick

55+

31 1 31 5 4 0 0 4 0 4

South Brunswick

Single Family

126 10 13 27 17 26 21 12 0 22

Monroe:

All Styles 475 37 13 101 24 3 1 38 3 75

Monroe:

55+ 322 32 10 66 34 1 3 24 1 56

Monroe:

Single Family 153 5 51 35 30 2 13 14 2 19

7/23/12Towns Active







Expired Listings

W/drawn Listings

Closed Listings

Montgomery

All Styles 162 39 4.1 25 -14 35 22% 8 4 38

Montgomery

Condo/Twnhms 27 7 3.8 7 0 5 18% 1 1 9

Single Family 135 32 4.2 18 -14 30 22% 7 3 29

Hillsborough

All Styles 261 46 5.7 33 -13 60 23% 15 12 47

Hillsborough

Condo/Twnhms 100 24 4.1 16 - 8 22 22% 8 8 12

Hillsborough

Single Family 161 22 7.3 17 - 5 38 24% 7 4 35

Princeton Area Real Estate July 24 12

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Transcript of Princeton Area Real Estate July 24 12