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Middlesex County NJ Market Commentary - September 2009 Part 1
Catherine "Cathy" Chaudemanche, "Local Realtor NJ"
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Middlesex County NJ Market Commentary - September 2009 Part1
This Middlesex County NJ market commentary for the month of September is based on Middlesex County NJ real estate statistics.
For Middlesex County, the number of new homes listed in September has slightly decreased compare to new homes listed in August. At 653 homes, it is lower than the average year to date of 679 homes listed per month. This is very positive for Middlesex County real estate market in general as we need to reduce the inventory to move into a more balanced / neutral market.
The Active Inventory as we follow it (homes for sale not including "under attorney reviews") has slightly decreased to 2545 homes for sale in Middlesex County following a high in April with 2874 homes for sale. The AI has been consistently decreasing since April.
This month's absorption rate (350) or number of sold homes has decreased 4.9% versus last month. It is well over last year absorption rate (+12.54%) indicating that the tax credit incentive ending in November is working as expected. Buyers are definitely profiting from the grants, incentives available and the overall homes prices decrease.
I will post Middlesex County NJ market commentary Part 2 tomorrow...
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