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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. source is from the Middlesex County Multi Listing System (MLS) and is the basis for our Middlesex County NJ market commentary. Please read our Disclaimer.
1. Middlesex County NJ Real Estate Statistics - July 2010
| Middlesex County Real Estate Statistics | June 2010* | May 2010** | June 2009*** | June/May 2010 (%) | June 2010/ June 2009 (%) |
| Active Inventory | 3177 | 3103 | 2838 | 2.4% | 11.9% |
| New Homes Listed | 743 | 766 | 747 | -3.0% | -0.5% |
| Sold Homes | 528 | 295 | 364 | 79.0% | 45.1% |
| Median Sold Price (MSP) | $345,000 | $315,000 | $328,250 | 9.5% | 5.1% |
| Average Sold Price (ASP) | $369,225 | $340,880 | $355,841 | 8.3% | 3.8% |
| Sold Price/Asking Price (SP/AP) | 95.00% | 95.00% | 95.00% | 0.0% | 0.0% |
| Days on Market (DOM) | 70 | 71 | 80 | -1.4% | -12.5% |
| Days of Inventory (DOI) | 181 | 326 | 233 | -44.5% | -22.3% |
*Middlesex County Real Estate Statistics Calculated on *Thursday 07/08/2010 **Sunday 06/13/2010 ***Calculated on 07/2009
2. Middlesex County NJ Market Commentary - Saturday 07/10/2010
For Middlesex County NJ, the number of new homes listed in June has decreased 3% (743 new homes) compare to new homes listed in May.
The Active Inventory as we follow it (homes for sale not including “under attorney reviews”) has slightly increased to 3177 homes for sale in Middlesex County NJ.
June’s absorption rate (528) or number of sold homes has increased 79% versus last month and increased as well versus last year (45.1%) making this number the big story.
Days of Inventory (DOI) has consequently drastically decreased -44.5% versus May and decreased -22.3% over last year (YOY). At 181 days, it means it would take about 6 months to sell all existing inventory at the current 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 and median sold price have increased versus last month, 8.3% and 9.5% respectively. Same direction year over year for both average and median as well.
SP/AP ratio stays at 95%. In average, sellers are accepting offers at 95% 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 from their current market value as calculated through a Comparative Market Analysis.
Another real estate statistic is Days on Market or DOM which has decreased to 70 days. Meaning that 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. 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 and market comparison 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 Team, Saturday 07/10/2010
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 in our current and local markets. Read what others have to say, then when you are ready contact me-
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3. Middlesex County NJ Real Estate Stats -Yearly Trending
*2010 is until end of June.