Real Estate Statistics and Market Commentary for Middlesex County, New Jersey

Those Middlesex County  NJ real estate statistics include residential one family only. They do not include townhouses, condos, co-ops, multi-family, commercial properties, etc...This page is updated every second week of the month. Data is from the Middlesex County Multi Listing System (MLS) and is the basis for our Middlesex County NJ market commentary.

1.  Middlesex County NJ Real Estate Statistics

*Middlesex County Real Estate Statistics Calculated on *02/07/2010  **Calculated on 01/04/2010  ***Calculated on 02/10/2009 

2.  Middlesex County NJ Market Commentary

January 2010-

For Middlesex County NJ, the number of new homes listed in January has increased 125.5% to 724 homes compare to new homes listed in December. It is also higher than January 09.

The Active Inventory as we follow it (homes for sale not including “under attorney reviews”) has increased to 2385 homes for sale in Middlesex County NJ as of 02/07/2010. The Active Inventory has been consistently decreasing since last April and is the first increase since then.

This month’s absorption rate (197) or number of sold homes has decreased 34.5% versus last month but increased versus last year (15.8%). Buyers are definitely profiting from the grants, incentives available, low interest rates and the overall homes price decrease.

Days of Inventory (DOI) has increased 71.1% versus December due to the increased number of new homes. At 375 days, it means it would take about 12 months to sell all existing inventory at the same absorption rate. A market with over 6 months supply would usually qualify as a buyer's market. A market with less than 6 months of supply would usually qualify as a seller's market.

The average sold price has slightly increased (0.9% Vs December). The median sold price decreased 3.9%.

SP/AP ratio stays at 94%. In average, sellers are accepting offers at 94% of their last asking price. Please note that I mentioned “last asking price” and not “original asking price” which is very different. As a general rule, houses that sell are houses that are very close to their current market value as calculated through a Comparative Market Analysis.

You might be interested to know the percentage of homes sold at asking price in Middlesex County NJ and the Sold homes ratio in Middlesex County NJ

Another real estate statistic is Days on Market or DOM which has slightly increased to 91 days. Meaning that it takes about 3 months in average to go under contract. A word of caution with this indicator as it is not a cumulative DOM. Meaning the clock re-starts with any new contract for the same home. This is a good example of the better value of looking at those statistics, which is more in the trend analysis than in a specific number at a specific given time.

That’s the end of our local market commentary based on Middlesex County NJ real estate statistics. As always, contact me if any questions.

Cathy Chaudemanche, Sunday 02/07/2010

P.S.

In real estate as in business, what you don’t know can cost you! Whether you are selling your home, a first time home buyer or a seasoned investor, I can help you by providing you with the knowledge and facts you need to make sound decisions. Read what others have to say, then when you are ready contact me-

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