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Greater Princeton Area Real Estate Trends March 14 2013
1. Market Confidence Meter
The National Association
of Realtors reports
that
prices for single-family
homes rose in 88%
of U.S. cities
in the fourth quarter of
2012.
2. Market Confidence Meter
Nationally, we have
recovered about 66% of
the jobs lost in the
63-month recession.
More people working =
fewer foreclosures, a
better housing recovery
and a better economy.
3. Market Confidence Meter
NJ Housing Affordability
is at 133%.
This means you can buy a
third more house for the
same monthly payment,
a $400,000 house
for the same monthly
payment as
a $300,000 house!
4. Market Confidence Meter
The Federal Reserve
will continue boosting
housing market recovery
by keeping
downward pressure on
interest rates,
now at or near
historic lows.
5. Market Confidence Meter
In New Jersey,
January was the 16th
consecutive month of
increased sales. Housing
inventory is down to its lowest
levels since 2005, the last year
of the housing bubble.
With sales up and supply
down, everything points to a
strong, breakout NJ
real estate market this Spring!
6. Market Confidence Meter
The average rate on a 30-
year, fixed-rate mortgage is
still below 4%.
At these rates,
and with rising rents,
Homeownership is now
cheaper than Renting
in all 100 of the largest U.S.
metros by a wide margin,
reported Trulia!
7. 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)
8. Market Confidence Meter
The Federal Reserve
Bank of Philadelphia
forecasts the New
Jersey economy
growing at more than
4.5% over the next six
months.
9. With an eye to Moving This Year!
If you are a Buyer,
• with today’s low interest rates, hovering around 3.4% for 30-year
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.
10. Top Five Rules for Understanding
the Real Estate Market:
1. Real Estate is Local
2. Real Estate is Local
3. Real Estate is Local
4. Real Estate is Local.
5. Real Estate is Local
12. 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.
13. Sample Market Absorption Rate
Anyt ow n., NJ
100 cur r ent act ive list ings 25
= Mont hs’
4 r epor t ed sales in last 30 days absor pt ion
r at e
5-6 Months Market Absorption Rate indicates a normal market.
15. Market Scale for Supply & Demand
Weichert, Realtors has
been studying market
1 conditions for more than 3
Market Absorption in Months
decades and has found a
2 direct correlation between
3 market absorption rates
and property values.
4 As absorption rates increase
5 beyond a normal market
Normal
level of 5-6 months,
6 property values depreciate
annually. As they decrease
7 below 5 months, they
increase—inverse
8
proportion. Although
9 different markets may not
see the amount of decrease
10 shown here, the pressure on
prices will be similar.
11
12
16. 3/4/13
Towns Active Pending Absorption New Listings Net Gain Listings % of Expired W/drawn Closed
Listings in Last Rate in in 30 Days (Loss) to Reduced in Invent. Listings Listings Listings
30 Days Months Market 30 Days Reduced
West
Windsor: 64 24 2.7 22 (2) 12 18.8% 1 2 16
All Styles
West
Windsor 9 9 1.0 5 (4) 1 11.1% 1 1 4
Condo/
T.Houses
West
Windsor 8 2 4.0 2 0 _ _ 0 0 3
55+
West
Windsor 47 13 3.6 15 2 11 23.4% 0 1 9
Single
Family
Lawrence:
All Styles 144 12 12.0 48 36 18 12.5% 10 1 20
Lawrence:
Condo/ 41 5 8.2 17 12 7 17.1% 5 0 8
THouses
Lawrence:
55+ 9 0 99 1 1 _ _ 1 1 4
Lawrence:
Single 94 7 13.4 30 23 11 11.7% 4 0 8
Family
17. 3/4/13
Towns Active Pending Absorption New Net Gain Listings % of Expired W/drawn Closed
Listings in Last Rate in Listings in (Loss) to Reduced Invent. Listings Listings Listings
30 Days Months 30 Days Market in 30 Reduced
Days
Plainsboro
All Styles
65 17 3.8 25 8 7 11% 6 0 15
Plainsboro
Condo/
28 7 4 8 1 4 14% 4 0 8
THouses
Plainsboro
55+
12 5 2.4 3 (2) 1 8% 1 0 3
Plainsboro
Single
25 5 5 14 9 2 8% 1 0 4
Family
Cranbury:
All Styles
14 2 7 6 4 1 7% 2 0 0
18. 3/4/13
Towns Active Pending Absorption New Net Gain Listings % of Expired W/drawn Closed
Listings in Last Rate in Listings in (Loss) to Reduced in Invent. Listings Listings Listings
30 Days Months 30 Days Market 30 Days Reduced
Ewing:
All Styles
206 20 10 47 27 37 18% 10 4 14
Ewing :
Condo/
29 5 6 11 6 5 17% 1 1 4
T.Houses
Ewing
55+:
6 2 3 0 2 --- --- 2 0 1
Ewing:
Single
171 13 13 36 23 32 19% 7 3 9
Family
East
Windsor:
141 22 6 38 16 19 13% 7 3 10
All Styles
East
Windsor:
71 15 5 13 -2 12 17% 7 3 3
Condo/
Thouses
East
Windsor:
8 0 999 1 1 --- --- 0 0 1
55+
East
Windsor:
62 7 9 24 17 7 11% 0 0 6
Single
Family
19. 3/4/13
Towns Active Pending Absorption New Net Gain Listings % of Expired W/drawn Closed
Listings in Last Rate in Listings in (Loss) to Reduced in Invent. Listings Listings Listings
30 Days Months 30 Days Market 30 Days Reduced
Hopewell
Twp. 137 14 9.8 46 32 16 11.7% 1 4 6
All Styles
Hopewell
Twp. Condo/ 6 4 1.5 5 1 1 16.7% 0 1 0
T.Houses
Hopewell
Twp.: 2 0 99 1 1 -- -- 0 0 0
55+
Hopewell Twp
Single Family 129 10 12.9 40 30 15 11.6% 1 3 6
406 46 8.8 113 67 64 15.8% 17 13 50
Hamilton: All
Styles
76 9 8.4 17 8 9 11.8% 4 3 14
Hamilton:
Condo/ THouses
26 3 8.7 6 3 -- -- 0 0 3
Hamilton:
55+
304 34 8.9 90 56 55 18.1% 13 10 33
Hamilton:
Single Family
20. 3/4/13
Towns Active Pending Absorption New Net Gain Listings % of Expired W/drawn Closed
Listings in Last Rate in Listings (Loss) to Reduced Invent. Listings Listings Listings
30 Days Months in 30 Market in 30 Reduced
Days Days
76 17 4 27 10 15 20% 8 2 4
Robbinsville
All Styles
31 10 3 10 0 7 23% 3 1 4
Robbinsville
Condo/
T.Houses
45 7 6 17 10 8 18% 5 1 0
Single Family
53 4 13 7 3 16 30% 2 3 1
Hightstown
Boro: All
Styles
20 0 999 7 7 3 15% 3 1 0
Pennington
8 1 8 3 2 2 25% 0 0 3
Hopewell Boro
21. 3/4/13
Towns Active Pending Absorption New Net Gain Listings % of Expired W/drawn Closed
Listings in Last Rate in Listings in (Loss) to Reduced Invent. Listings Listings Listings
30 Days Months 30 Days Market in 30 Reduced
Days
120 14 8.6 33 19 16 13.3% 3 2 6
Princeton:
All Styles
27 3 9 4 1 3 11.1% 1 1 3
Princeton:
Condo/ Thouses
93 11 8.5 29 18 13 14% 2 1 3
Princeton:
Single Family
22. 3/4/13
Towns Active Pending Absorption New Net Gain Listings % of Expired W/drawn Closed
Listings in Last Rate in Listings in (Loss) to Reduced in Invent. Listings Listings Listings
30 Days Months 30 Days Market 30 Days Reduced
South
Brunswick 159 17 9 41 24 12 8 21 3 20
All Styles
South
BrunswickCon
do/ T.Houses
55 9 6 18 9 1 2 4 1 9
South
Brunswick 31 1 31 4 3 1 3 3 1 1
55+
South
Brunswick 73 7 10 19 12 10 14 14 1 10
Single Family
Monroe:
All Styles 428 33 13 110 67 34 8 2 1 3
Monroe:
55+ 271 28 10 73 45 19 7 1 1 2
Monroe:
Single Family 157 5 30 37 32 15 10 1 0 1
23. 3/4/13
Towns Active Pending Absorption New Net Gain Listings % of Expired W/drawn Closed
Listings in Last Rate in Listings in (Loss) to Reduced Invent. Listings Listings Listings
30 Days Months 30 Days Market in 30 Reduced
Days
99 17 5.8 31 +14 12 12% 6 0 16
Montgomery
All Styles
15 6 2.5 6 0 1 6% 0 1 1
Montgomery
Condo/Twnhms
84 11 7.6 25 +14 11 13% 6 0 15
Single Family
174 46 3.8 52 +6 24 14% 7 4 27
Hillsborough
All Styles
61 19 3.2 16 -3 13 21% 2 1 12
Hillsborough
Condo/Twnhms
113 27 4.2 36 +9 11 10% 5 3 15
Hillsborough
Single Family
Notes de l'éditeur
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.
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.