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Note and Disclaimer: 1) this page contains economic indicators , local real estate statistics, commentaries either from myself or other contributors. 2) this page is not a recommendation for any specific individuals to buy, sell or time the market. It is presented for educational purposes only. 3) you should always consider your very own individual circumstances before making financial decisions. 4) calculations deemed reliable but not guaranteed. 5) like with most industry specific statistics you should reach out to an expert for accurate interpretation and guidance. 6) this representation is based in part or in whole on data supplied by the Middlesex County Multiple Listing System and the Garden State Multiple Listing System. Middlesex County MLS and Garden State MLS do not guarantee nor are in any way responsible for its accuracy. Data maintained by Middlesex MLS and Garden State MLS may not reflect all real estate activity in the market. 7) this page is updated every second week of the month with  data and commentary for the previous month.


 

Middlesex County RE Market Barometer

Strong Buyer's Market Buyer's Market Neutral Market Seller's Market Strong Seller's Market



-Middlesex County Statistics and Commentary (Residential one family only; does not include Townhouses/Condos/Multi-family)-

 

 

Middlesex County Trends April 2009* Previous Month** April 2008
Active Inventory 2874 2747 (+4.62%) N/A
New Homes Listed 785 765 (+2.61%) 913 (-14.01%)
Sold Homes 213 200 (+6.5%) 308 (-30.84%)
Median Sold Price $310,000 $299,950 (+3.35%) $372,500 (-16.78%)
Average Sold Price $321,665 $316,381 (+1.67%) $412,765 (-22.07%)
Sold Price/Asking Price Ratio 94.00% 94.00% 95% (-1.05%)
Days on Market 89 97 (-8.24%) 77 (+15.58%)
Days of Inventory 405 426 (-4.92%) N/A

 *Calculated on 05/07/09 **Calculated on 04/07/09

 

 

The number of new homes listed in April has slightly increased 2.61% versus March and is following a 16% increase from February. 785 homes listed is the highest number since June 2008.

 

The Active Inventory (AI) as we follow it (homes for sales not including "under attorney reviews") has increased +4.62% as well compare to March. It has slowly increased since last December but is still much lower than last year high.

 

This month’s absorption rate (213 homes/month) or number of sold homes has increased 6.5% versus last month, following over 26% increase from February. Good numbers and we expect the trend to keep up as we are engaging the busiest season (spring and summer).

 

This is beneficially affecting the Days of Inventory (DOI) which has decreased almost 5% versus last month, following a 11% decrease versus February. At 405 days, it means it will take over 1 year to sell all existing inventory.

 

Both median and average sold prices are higher than the previous month (+3.35% @ $310,000 and +1.67% @ $321,665 respectively).
Median home price is back over last December lows’ and setting the stage for the seasonal price increase.


Sold price versus asking price ratio stay the same at 94%. In average, sellers are accepting offers at 94% of their asking price.

 

Days on market or DOM decreased 8.24% to 89 days. It takes less than 3 months in average to go under contract. A word of caution with this indicator as it is not a cumulative DOM. 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.

 

We have switched our Middlesex County Real Estate barometer from "Buyer's Market" to "Strong Buyer's Market" last November 2008. Variables for that decision were the decrease to historical lows of the 30-year fixed-rate mortgage and the November sold price correction.

We are keeping our barometer the same as we believe that we are in one of the strongest buying stage opportunity.

 

See the Local markets statistic section for detailed statistics for Metuchen, Edison, Piscataway, Woodbridge, Iselin, South Plainfield, New Brunswick, East Brunswick and North Brunswick.

 

30 years fixed mortgage rate is historically at its lowest (see the Mortgage Rates section). This variable alone is great news for buyers, especially first time home buyers as it makes home ownership more affordable.

 
 

Medium Term Trends (last 5 months):

 

Real Estate Trends for Middlesex County for April 2009

 

 

 


Middlesex County Yearly Trends                       

 

Residential one family only, does not include Townhouses/Condos.

 


Local Real Estate Markets Statistics                                                  

 

Those statistics are for one family residential only. They do not include multi-family or Condo/Townhouse/Co-Op etc...

 

Metuchen - New Jersey Apr-09 Comments
Active Inventory 61 Number of homes in Metuchen for sale. Does not include homes under "Attorney Review".
New Homes 11 Number of new homes in Metuchen listed for sale in April.
Sold Homes 5 Number of homes sold in April in Metuchen.
Average Asking Price (AP) $362,940 This is the average asking price for the homes that sold in April.
Average Sold Price (SP) $348,980 This is the average selling price for the homes that sold in April.
Sold Price Vs Asking Price 96% This is the average of all ratios SP/AP for the homes that sold in April.
Average Days on Market (DOM) 35 Average number of days on the market for the homes that sold in April.

 

Edison - New Jersey Apr-09 Comments
Active Inventory 349 Number of homes for sale in Edison. Does not include homes under "Attorney Review".
New Homes 105 Number of new homes in Edison listed for sale in April.
Sold Homes 31 Number of homes sold in April in Edison.
Average Asking Price (AP) $381,419 This is the average asking price for the homes that sold in April.
Average Sold Price (SP) $356,032 This is the average selling price for the homes that sold in April.
Sold Price Vs Asking Price 93% This is the average of all ratios SP/AP for the homes that sold in April.
Average Days on Market (DOM) 70 Average number of days on the market for the homes that sold in April.

 

Piscataway - New Jersey Apr-09 Comments
Active Inventory 209 Number of homes for sale in Piscataway. Does not include homes under "Attorney Review".
New Homes 56 Number of new homes in Piscataway listed for sale in April.
Sold Homes 7 Number of homes sold in April in Piscataway.
Average Asking Price (AP) $354,785 This is the average asking price for the homes that sold in April.
Average Sold Price (SP) $343,357 This is the average selling price for the homes that sold in April.
Sold Price Vs Asking Price 97% This is the average of all ratios SP/AP for the homes that sold in April.
Average Days on Market (DOM) 169 Average number of days on the market for the homes that sold in April.

 

Woodbridge - New Jersey Apr-09 Comments
Active Inventory 47 Number of homes for sale in Woodbridge. Does not include homes under "Attorney Review".
New Homes 25 Number of new homes in Woodbridge listed for sale in April.
Sold Homes 7 Number of homes sold in April in Woodbridge.
Average Asking Price (AP) $248,485 This is the average asking price for the homes that sold in April.
Average Sold Price (SP) $227,857 This is the average selling price for the homes that sold in April.
Sold Price Vs Asking Price 92% This is the average of all ratios SP/AP for the homes that sold in April.
Average Days on Market (DOM) 74 Average number of days on the market for the homes that sold in April.

 

Iselin - New Jersey Apr-09 Comments
Active Inventory 88 Number of homes for sale in iselin. Does not include homes under "Attorney Review".
New Homes 22 Number of new homes in Iselin listed for sale in April.
Sold Homes 3 Number of homes sold in April in Iselin.
Average Asking Price (AP) $371,933 This is the average asking price for the homes that sold in April.
Average Sold Price (SP) $336,333 This is the average selling price for the homes that sold in April.
Sold Price Vs Asking Price 91% This is the average of all ratios SP/AP for the homes that sold in April.
Average Days on Market (DOM) 156 Average number of days on the market for the homes that sold in April.

 

South Plainfield - New Jersey Apr-09 Comments
Active Inventory 109 Number of homes for sale in South Plainfield. Does not include homes under "Attorney Review".
New Homes 36 Number of new homes in South Plainfield listed for sale in April.
Sold Homes 12 Number of homes sold in April in South Plainfield.
Average Asking Price (AP) $308,533 This is the average asking price for the homes that sold in April.
Average Sold Price (SP) $290,291 This is the average selling price for the homes that sold in April.
Sold Price Vs Asking Price 94% This is the average of all ratios SP/AP for the homes that sold in April.
Average Days on Market (DOM) 101 Average number of days on the market for the homes that sold in April.

 

East Brunswick - New Jersey Apr-09 Comments
Active Inventory 204 Number of homes for sale in East Brunswick. Does not include homes under "Attorney Review".
New Homes 65 Number of new homes in East Brunswick listed for sale in April.
Sold Homes 19 Number of homes sold in April in East Brunswick.
Average Asking Price (AP) $399,742 This is the average asking price for the homes that sold in April.
Average Sold Price (SP) $382,539 This is the average selling price for the homes that sold in April.
Sold Price Vs Asking Price 96% This is the average of all ratios SP/AP for the homes that sold in April.
Average Days on Market (DOM) 59 Average number of days on the market for the homes that sold in April.

 

New Brunswick - New Jersey Apr-09 Comments
Active Inventory 107 Number of homes for sale in New Brunswick. Does not include homes under "Attorney Review".
New Homes 20 Number of new homes in New Brunswick listed for sale in April.
Sold Homes 5 Number of homes sold in April in New Brunswick.
Average Asking Price (AP) $317,500 This is the average asking price for the homes that sold in April.
Average Sold Price (SP) $282,400 This is the average selling price for the homes that sold in April.
Sold Price Vs Asking Price 94% This is the average of all ratios SP/AP for the homes that sold in April.
Average Days on Market (DOM) 86 Average number of days on the market for the homes that sold in April.

 

North Brunswick - New Jersey Apr-09 Comments
Active Inventory 127 Number of homes for sale in North Brunswick. Does not include homes under "Attorney Review".
New Homes 34 Number of new homes in North Brunswick listed for sale in April.
Sold Homes 15 Number of homes sold in April in North Brunswick.
Average Asking Price (AP) $341,606 This is the average asking price for the homes that sold in April.
Average Sold Price (SP) $330,000 This is the average selling price for the homes that sold in April.
Sold Price Vs Asking Price 97% This is the average of all ratios SP/AP for the homes that sold in April.
Average Days on Market (DOM) 59 Average number of days on the market for the homes that sold in April.

  

 

Note: When the number of Sold Homes is smaller (i.e. 2-5 Sold Homes), the resulting statistics may or may not be representative of the specific current market.

 

Disclaimer: This representation is based in part or in whole on data supplied by the Middlesex county Multiple Listing Systems and the Garden State Multiple Lising Systems. Middlesex County MLS and Garden State MLS do not guarantee nor is in any way responsible for its accuracy. Data maintained by Middlesex MLS and Garden State MLS may not reflect all real estate activity in the market.

Statistics created on 05/07 for the period of April 2009.

 




Mortgage Rate                                                           

 

Mortgage Rates Chart

Note: data used in this graph is from the Freddie Mac site.



Over the last 35 years, the 30 Years Fixed Mortgage Rate has mostly fluctuated between 6% and 16%.

 

McLean, VA – Freddie Mac (NYSE:FRE) released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 4.84 percent with an average 0.7 point for the week ending May 7, 2009, up from last week when it averaged 4.78 percent. Last year at this time, the 30-year FRM averaged 6.05 percent.

The 15-year FRM this week averaged 4.51 percent with an average 0.7 point, up from last week when it averaged 4.48 percent. A year ago at this time, the 15-year FRM averaged 5.60 percent.

 

"Mortgage rates rose slightly this week amid positive economic news that the economy may be approaching the bottom of the recession," said Frank Nothaft, Freddie Mac vice president and chief economist. "In terms of the household sector, the final April estimate of consumer sentiment, as measured by the University of Michigan, was revised above the market consensus. On the business side, the ISM Manufacturing Index for April also exceeded market expectations.

"In addition, the positive news was corroborated by Fed Chairman Bernanke when he stated that he expects economic activity to bottom out, then to turn up later this year. He also noted that the housing market is beginning to stabilize. For instance, pending existing home sales rose for the second consecutive time in March and represented the first back-to-back monthly increase since March 2008. Furthermore, in its April 2009 Senior Loan Officer Opinion Survey, the Federal Reserve found the demand for prime mortgages rose for the first time since April 2007 when it first began collecting such detailed mortgage data."

 

Weekly survey results (source: Freddie Mac):

30-yr 15-yr
Avg. Rate 4.84% 4.51%
Fees/Pts 0.7 0.7



Current Mortgage Rates are making historical lows.

This is very beneficial to buyers ( first time home buyers and trading-up buyers) as it helps making home ownership more affordable. Borrowing money is still historically cheap.


Current Mortgage Rate is one of the most important variables used by Mortgage companies to decide how much money one can borrow.

Everything else being equal, the lower the Mortgage Rate and the bigger the loan amount someone can qualify for. Also for the same loan amount, the lower the Mortgage Rate and the lower the monthly mortgage payment.

To illustrate, let's say if someone can afford to spend $2,000 a month on a mortgage payment, they can get a $300,000 mortgage at 7% (Not considering taxes, insurance, etc.). At 9%, that same $2,000 a month will get them a $230,000 mortgage.

The following table* illustrates the negative effect of increasing Mortgage Rates with a $2,000/month mortgage payment example.

Monthly Mortgage Payment 

Rate        

Loan Amount

$2,000

6%

$340,000

$2,000

7%

$300,000

$2,000

8%

$260,000

$2,000

9%

$230,000

*for illustrative purposes only and approximate


 

New Jersey Real Estate Facts & Analytics