60 Houses sold in the first 07 days of February
(Below is a market update on the real estate activity in Somerset County as of February 08, 2013, as reported on the Garden State Multiple Listing System. This information is provided by courtesy of Somerset County Realtor Joe Peters.)
During the first 07 days of this February, 60 residential Somerset County properties went “under contract,” with 83 percent of them being under a $500,000 list price. Showing positive activity on the upper end of the market, 10 percent of the “under contract” properties were listed as more than $600,000.
In the same 07 days, 128 residential properties were newly listed for sale, with 81 percent under a $600,000 price point.
Also to report:
- The average list price in these new listings was $576,166.
- The average list price for those going “under contract” was $358,590 or 38 percent less.
- The average tim on the market for the “under contract” homes was 72 days.
- Of the 66 “under contract” homes 15 had price reductions averaging $18,763.
- There are 1,533 active residential properties in Somerset County.
- In Somerset County, there is about a 6 month supply of homes base on these Month-T0-Date figures.
The recent activity indicates we are seeing much deeper price cuts in order to move some of the older inventory.
For more information or for help understanding the Somerset County real estate market, please call me at 908-238-0118. I can offer you knowledgeable and proven advice based upon my more than 20 years of experience, including a special emphasis on Somerset County.
Please note: This report is published on a weekly basis to provide information on homes for sale in Somerset County – including Somerville, Bridgewater, and Hillsbourough.
Wells Fargo reports an interest rate of 3.625* percent for a 30-year conventional mortgage, same as last week. FHA 30-year mortgages are at 3.375* percent. For 15-year mortgages and ARMs, rates are landing in the high 2% percent range.
*rates as of publishing
- How long is it taking to sell a home in Somerset County?
- How is the time on market broken down by price point?
- View the latest monthly market update numbers for Somerset County.
- Read some of the latest local and national real estate news here.