Somerset County’s only Weekly Real Estate Market Update
66 houses sold in the first 14 days of November 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 market update for the activity in Somerset County NJ Real Estate as of November 15th as reported on the Garden State Multiple Listing System (GSMLS).
For the first 14 days in November:
- 66 residential properties reported as going ”Under Contract” (UC/US status)
- 74% of those sold were under $500,000 list price
- 85% of those sold were under $600,000 list price
- 15% of those sold (10 properties) were over $600,000 list showing strong activity in the upper end or our market
- 78 new residential properties came onto the market during that same period
- 78% of the new listings were also under $600,000 list price
- The total new listings are nearly 1.2 times the amount that went under contract
- 1,858 residential properties were reported as being “Active” in Somerset County as of this post reflecting the normal fall activity slowdown.
- If you divide these 1.858 active properties by the average sold per week (times 4.3 to get a monthly average), we now have about a 6.5 month supply of houses for sale in Somerset County.
The 66 under contracts for that period broke down between the following price points:
- The average list price for those going “Under Contract” in the last 14 days was $515,300. The average list price on new listings was over $453,000 or 12% less.
- The average days on market for the homes that sold was reported as 109 days (or 3 months)
- Of the 66 sales 31 had price reductions averaging $43,700.
- The upper end of the market is showing strong activity with 17 new listings over $600,000 and 10 going under contract.
It would appear that we are seeing much deeper price cuts in order to move some of the older inventory.
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 3.5% as of this writing (same as last week). 30 year FHA mortgages are at 3.25%. We have also seen other lower rates during the past 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
—————Note: The information presented is deemed accurate but not reliable or guaranteed. Reasonable precautions were taken in the preparation and presentation of this information to ensure accuracy, but the author assumed no liability for any actions taken based on this information. Some opinions expressed represent forecasts of economic conditions as the impact real estate values. All such information is solely conjecture and should be regarded as opinion only and not serve as the sole basis of any financial decision.