Somerset County’s only Weekly Real Estate Newsletter
246 houses sold in the first 28 days of July in Somerset County
As a local real estate agent, I publish this report on a weekly basis to provide information on Somerset County Real Estate.
This is a report of activity in Somerset County NJ Real Estate as of July 28th 2012 as reported on the Garden State Multiple Listing System (GSMLS).
For the first 28 days in July:
- 246 residential properties reported as going ”Under Contract” (UC/US status)
- 65% of those sold were under $500,000 list price
- 77% of those sold were under $600,000 list price
- 23% of those sold (56 properties) were over $600,000 list showing strong activity in the upper end or our market
- 337 new residential properties came onto the market during that same period
- 73% of the new listings were also under $600,000 list price
- The total new listings are nearly 1.4 times the amount that went under contract
- 2,269 residential properties were reported as being “Active” in Somerset County as of this post.
- If you divide these 2,269 active properties by the average sold per week (times 4.3 to get a monthly average), we now have about a 8.6 month supply of houses for sale in Somerset County.
The 246 under contracts for that period broke down between the following price points:
- The average list price for those going “Under Contract” in the last 28 days was $469,000. The average list price on new listings was over $528,700 or 13% more.
- The average days on market for the homes that sold was reported as 87 days (or 3 months)
- Of the 246 sales 114 had price reductions averaging $38,500.
- The upper end of the market is showing strong activity with 92 new listings over $600,000 and 56 going under contract.
It would appear that we are seeing much deeper price cuts in order to move some of the older inventory. We are seeing an increase recently, reflecting the seasonal summer market additions coming on to the market.
You can read some of the latest news articles that pertain to our local and national real estate marker here.
Interest rates as reported by Wells Fargo for a 30 year conventional mortgage is 3.875% as of this writing (up 1/8 from last week). There are also a lot of other attractive rates for 15 year mortgages and ARMs which are below the 3% range.
There is a lot of information here.
Understanding this information and using it to help your particular situation as either a buyer or seller requires the assistance of a agent who is a local “Neighborhood Specialist“.
This is where I can be of benefit in to you….
If you would like more detailed information on these statistics, or would like help in making sense of it all and understand how it pertains to your individual situation, please give me a call to discuss at (908) 238-0118.
Note: This information is deemed accurate (as reported) but not guaranteed and should be used for informational purposes only