Somerset County’s only Weekly Real Estate Market Update
175 Houses sold in the first 28 days of January 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 January 29th as reported on the Garden State Multiple Listing System (GSMLS).
For the first 28 days in January:
- 368 new residential properties came onto the market during that same period
- 72% of the new listings were also under the $600,000 list price
- The total new listings are nearly 2.1 times the amount that went under contract
- 175 residential properties reported as going ”Under Contract” (UC/US status)
- 72% of those sold were under the $500,000 list price
- 84% of those sold were under the $600,000 list price
- 16% of those sold (218 properties) were over the $600,000 list price showing good activity in the upper end or our market
- 1,502 residential properties were reported as being “Active” in Somerset County as of this post reflecting the normal winter activity slowdown and normal end of year expires in available properties.
- If you divide these 1,502 active properties by the average sold per week (times 4.3 to get a monthly average), we now have about a 8 month supply of houses for sale in Somerset County.
The 175 under contracts for that period broke down between the following price points:
- The average list price on new listings was over $537,200. The average list price for those going “Under Contract” in the last 21 days was $417,300 or 22% less.
- The average days on market for the homes that sold was reported as 106 days (or just over 3.5 months)
- Of the 175 sales 76 had price reductions averaging $24,800.
- The upper end of the market is showing strong activity with 104 new listings over $600,000 and 28 listings actually 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 3.6255% as of this writing (same as last week). 30 year FHA mortgages are also at 3.625% (up 1/4 from last week). 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 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.