1. Market Confidence Meter
The National Association
of Realtors reports
total existing-home sales
for 2013
were the strongest
in seven years.
2. Market Confidence Meter
Today’s jobs report
reveals the unemployment
rate down to 6.6%
More people working,
plus higher home prices,
means fewer foreclosures,
a continued housing
recovery and economic
strengthening.
3. Market Confidence Meter
Nearly every city in the
U.S. is expected to see
economic growth in 2014,
according to the U.S.
Conference of Mayors.
Case-Shiller forecasts a
6.8% rise in the median
home value for 2014.
4. Market Confidence Meter
In New Jersey,
2013 home sales contracts rose
to the highest level since 2006.
Average home prices in the
state rose 4-5% in 2013.
Housing inventory remains at
its lowest level since 2005.
5. Market Confidence Meter
The average rate
on a 30-year,
fixed-rate mortgage
hovers near
4.375%.
Buyers take note: rates
are projected to climb
above 5% in 2014.
6. Historic Home Prices
Remember, when adjusted for
inflation, American home prices
increased by an average of about half
a percentage point per year
from 1890 through 2008,
according to data compiled by Yale
University Professor Robert Shiller.
(www.USNews.com/money - Luke Mullins, March 4, 2010)
7. With an eye to Moving This Year!
If you are a Buyer,
•
with today’s low interest rates, hovering around 3.75% for 30year fixed-rate mortgages, AFFORDABILITY is HIGH !
•
consult with an experienced New Jersey mortgage counselor to
assess your buying power and position yourself in the market.
If you are a Seller,
•
Pinpoint pricing is all important in this challenging market.
•
Professional staging can make all the difference in getting a
good, negotiable offer.
•
Pre-inspections prevent later fall-throughs once you have a
contract for sale!
•
Marketing for today’s buyers and the way they search for
homes–on the INTERNET, makes all the difference.
8. Top Five Rules for Understanding
the Real Estate Market:
1.
2.
3.
4.
5.
Real Estate is Local
Real Estate is Local
Real Estate is Local
Real Estate is Local.
Real Estate is Local
10. How do we assess strength and vitality
in our real estate markets?
By checking the “Absorption Rate.”
This is the number of homes available
divided by the number of homes
that have gone under contract
in the past 30 days.
It is our most accurate measure
of current market strength.
11. Sample Market Absorption Rate
Anyt ow n., NJ
100 cur r ent act ive list ings
4 r epor t ed sales in last 30 days
25
= Mont hs’
absor pt ion
r at e
5-6 Months Market Absorption Rate indicates a normal market.
13. Market Scale for Supply & Demand
1
2
3
4
Normal
Market Absorption in Months
Weichert, Realtors has
5
6
7
8
9
10
11
12
been studying market
conditions for more than 3
decades and has found a
direct correlation between
market absorption rates
and property values.
As absorption rates increase
beyond a normal market
level of 5-6 months,
property values depreciate
annually. As they decrease
below 5 months, they
increase—inverse
proportion. Although
different markets may not
see the amount of decrease
shown here, the pressure on
prices will be similar.
14. 1/27/14
Towns
Active
Listings
Pending in Absorption
Last 30
Rate in
Days
Months
Net Gain
New Listings
(Loss) to
in 30 Days
Market
Listings
Reduced in
30 Days
% of Invent.
Reduced
Expired
Listings
W/drawn
Listings
Closed
Listings
West Windsor:
All Styles
46
12
3.83
14
2
5
10.9
7
5
13
West Windsor
Condo/
T.Houses
7
3
2.33
5
2
0
0
0
2
4
West Windsor
55+
0
0
0
0
0
--
--
0
1
3
West Windsor
Single Family
39
9
4.33
9
0
5
12.8
7
2
6
Lawrence: All
Styles
118
11
10.73
18
7
19
16.1
9
10
6
Lawrence:
Condo/
THouses
27
3
9
8
5
8
29.6
4
2
2
Lawrence:
55+
7
0
999
1
1
--
--
0
2
0
84
8
10.5
9
1
11
13.1
5
6
4
Lawrence:
Single Family
15. 1/27/14
Towns
Active
Listings
Pending
in Last
30 Days
Absorption
Rate in
Months
New
Listings
in 30
Days
Net Gain
(Loss) to
Market
Listings
Reduced
in 30
Days
% of
Invent.
Reduced
Expired
Listings
W/drawn
Listings
Closed
Listings
Plainsboro
All Styles
33
3
11
10
7
1
3%
7
0
3
Plainsboro
Condo/
THouses
11
2
5.5
2
0
0
0
4
0
0
Plainsboro
55+
7
1
7
3
2
0
0
0
0
0
Plainsboro
Single
Family
15
0
15
5
5
1
6%
3
0
3
Cranbury:
All Styles
14
1
14
5
4
4
28%
1
0
0
16. 1/27/14
Towns
Active
Listings
Pending
in Last
30 Days
Absorption
Rate in
Months
Ewing:
All Styles
180
13
14
Ewing :
Condo/
T.Houses
26
6
Ewing
55+:
1
Ewing:
Single
Family
New
Listings in
30 Days
Net Gain
(Loss) to
Market
Listings
Reduced in
30 Days
% of
Invent.
Reduced
Expired
Listings
W/drawn
Listings
Closed
Listings
32
19
34
19%
23
6
10
4
8
2
3
12%
4
0
2
0
999
0
0
---
---
0
0
2
153
7
22
24
17
31
20%
19
6
6
East
Windsor:
All Styles
99
18
6
25
7
7
14%
12
3
16
East
Windsor:
Condo/
Thouses
48
12
4
13
1
4
8%
7
3
9
East
Windsor:
55+
8
1
8
0
-1
---
---
0
0
0
East
Windsor:
Single
Family
43
5
9
12
7
3
7%
5
0
7
17. 1/27/14
Towns
Active
Listings
Pending
in Last
30 Days
Absorption
Rate in
Months
New
Listings in
30 Days
118
8
14.75
13
5
15
12.7%
Hopewell
Twp. Condo/
T.Houses
9
1
9.00
3
2
1
11.1%
Hopewell
Twp.:
55+
1
1
1.0
0
(1)
Hopewell Twp
Single Family
108
6
18.00
10
4
14
Hamilton: All
Styles
393
32
12.28
68
36
81
7
11.57
16
8
0
0
304
25
12.16
Hopewell
Twp.
All Styles
Hamilton:
Condo/ THouses
Hamilton:
55+
Hamilton:
Single Family
Net Gain
(Loss) to
Market
Listings
Reduced in
30 Days
% of
Invent.
Reduced
Expired
Listings
Closed
Listings
2
4
0
1
0
0
0
12.9%
5
2
3
67
17.1%
36
13
35
9
13
16.1%
11
4
2
1
1
0
0
0
1
51
26
54
25
9
32
0
0
0
17.8%
5
W/drawn
Listings
0
18. 1/27/14
Towns
Active
Listings
Pending
in Last
30 Days
Absorption
Rate in
Months
New
Listings
in 30
Days
Net Gain
(Loss) to
Market
Listings
Reduced
in 30 Days
% of
Invent.
Reduced
Expired
Listings
W/drawn
Listings
Closed
Listings
Robbinsville
All Styles
60
9
7
18
9
9
15%
4
3
12
Robbinsville
Condo/
T.Houses
26
3
1
9
6
3
12%
3
3
7
Single Family
34
6
6
9
3
6
18%
1
0
5
Hightstown
Boro: All
Styles
27
5
5
3
(2)
2
7%
2
3
8
Pennington
19
0
999
5
5
1
5%
2
2
2
Hopewell Boro
9
3
3
1
(2)
2
22%
1
2
1
19. 1/27/14
Towns
Active
Listings
Pending in
Last 30
Days
Absorptio
n Rate in
Months
New
Listings in
30 Days
Net Gain
(Loss) to
Market
Listings
Reduced
in 30 Days
% of Invent.
Reduced
Expired
Listings
W/drawn
Listings
Closed
Listings
Princeton:
All Styles
89
7
12.7
14
7
7
7.9%
2
6
14
Princeton:
Condo/
Thouses
27
5
5.4
8
3
3
11.1%
0
0
2
Princeton:
Single
Family
62
2
31
6
4
4
6.5%
2
6
12
Populate this table to show the local absorption rate in the various price ranges that are appropriate for your market area. Please add or delete rows as necessary to adequately reflect local conditions.
Populate this table to show the local absorption rate in the various price ranges that are appropriate for your market area. Please add or delete rows as necessary to adequately reflect local conditions.
Populate this table to show the local absorption rate in the various price ranges that are appropriate for your market area. Please add or delete rows as necessary to adequately reflect local conditions.
Populate this table to show the local absorption rate in the various price ranges that are appropriate for your market area. Please add or delete rows as necessary to adequately reflect local conditions.
Populate this table to show the local absorption rate in the various price ranges that are appropriate for your market area. Please add or delete rows as necessary to adequately reflect local conditions.
Populate this table to show the local absorption rate in the various price ranges that are appropriate for your market area. Please add or delete rows as necessary to adequately reflect local conditions.