Hunterdon County’s only Weekly Real Estate Market Update
83 Houses sold in the first 28 days of January in Hunterdon County
As a local real estate agent with a Hunterdon County area focus, I publish this report on a weekly basis to provide information on Hunterdon County homes for sale, including Flemington Real Estate, Clinton NJ homes, and real estate for sale, as well as all other Hunterdon, Somerset and Warren County Real Estate.
This is a market update on the activity in Hunterdon County New Jersey Real Estate as of January 29th, 2013 as reported on the Garden State Multiple Listing System (GSMLS).
For the first 28 days of January:
- 148 new residential properties came onto the market during that same period
- 82% of the new listings were under the $600,000 list price
- The total new listings are nearly 2 times the amount that went under contract
- 83 residential properties reported as going ”Under Contract” (UC/US status)
- 75% of those sold were under $500,000 list price
- 81% of those sold were under $600,000 list price
- 19% of those sold (16 properties) were over $600,000 list showing some activity in the upper end or our market
- 830 residential properties were reported as being “Active” in Hunterdon County as of this post showing the normal winter slowdown and the usual end of year expired listings resulting in fewer active properties being available.
- If you divide these 830 active properties by the average sold per week (times 4.3 to get a monthly average), we now have about a 9 month supply of houses for sale in Hunterdon County.
The 83 under contracts for that period broke down between the following price points:
- The average list price on new listings was over $482,100. The average list price for those going “Under Contract” in the last 28 days was $400,000 or 17% less.
- The average days on market for the homes that sold was reported as 116 days (or just over 3.8 months)
- Of the 83 sales 35 had price reductions averaging just over $43,500.
- The upper end of the market showed good listing activity with 27 new listings over $600,000 with 16 listings going under contract.
It would appear that we are seeing much deeper price cuts in order to move some of the older inventory. As mentioned earlier, we are now adding listings at nearly 2 times the rate of sales. Total units on the market has been dropping steadily reflecting early winter activity.
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 3.625% as of this writing (same as last week). 30 Year FHA mortgages are also at 3.625% (up 1/4 since last week). We have seen other rates below this in the last week as well. There are also a lot of other attractive rates for 15 year mortgages and ARMs which are in the high 2% 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 an 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.