Warren Twp Housing Market

January 17, 2011 at 11:40 am Leave a comment

Let’s take a look at the Warren Twp Housing Market, year to date.
The Warren housing market has held up better than most of NJ during the two plus year housing depression, though it still has taken a slight downturn as of late. There is no sugar-coating the information here, we provide you the straight forward facts, positive or negative.

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Data & Analysis

Year to date, there have been 134 sales in total. Of that, the last 6 months has seen a drastic drop in sales volume of  43%. Dropping from 49 units sold down to 28 units sold.

The standard deviation from six months ago to current date is 14.84 and the variance is a very unstable 220.5. (both of these statistics show the instability and unreliability of sales volume. Which in essence, is a correlation of the market’s instability.

The market’s current inventory absorption rate stands at 12.6 months, as there are 142 property listings. (active+pending) Currently, Warren Twp housing inventory is trending significantly upward from six months ago, when the monthly supply stood at 5.4 months.

What we can surmise from this data is, that the drop off is probably due in part to the season as well as the continuation of a deteriorating economy overall. As well as lingering uncertainty and a lack of confidence in the dollar.

Even at these relatively high median price points, it is apparent that would-be homeowners/investors have some trepidation as to plunking down serious cash for a home.

From one year ago to date, the overall aggregate (all housing units) median settled price in Warren Twp has increased +12.5% (Dec. 09 – Dec. 10) But that’s not the whole story-

The breakdown is as follows: From December 2009 to June 2010, the median price rose +15.7%. Then from June 2010 to December 2010 the market lost -3.2% of its price gain. So the current price trend is declining, but not by very much. In addition, inventory is piling up. All in all, the Warren Twp housing market is stumbling and slightly declining in price and volume. (all housing units considered)

Median Settled Price:

Start Period:                  17-Dec-2009                20-Jun-2010                18-Sep-2010

End Period:                    19-Jun-2010                17-Sep-2010                17-Dec-2010

Median Sold Price:           $670000                     $795000                      $770000

Conclusion

While the market does show some signs of weakness and slowdown, there are still good deals to be had within Warren Twp. Factors to consider are; buy-in price-point, specific location and property taxes. There are sections of older established homes that are much lower than the median price. In fact there are nearly a dozen homes currently for sale under $399k. up to $499k, there are 22 active listings for sale. So there are buying opportunities in the moderate price range within Warren Twp.

Certainly, there is cause for concern and some degree of anxiety in the local housing market, as well as the national market and overall economy. Here in NJ the so-called “reported” unemployment rate is near 10%. The reality is more like 18%. When you factor in the U rate (total + underemployment)

As a buyer or seller, it is wise to proceed with caution and perform your due diligence. Knowing the market conditions- local, regional and overall will help you to determine the proper price at which housing assets are moving and how long you can expect a properly priced home to sell. Understanding and comprehending the economic and financial conditions will give any informed buyer or seller the edge needed in this lagging market.

If you are looking to buy or sell in the Warren Twp or any town in the Somerset/Morris/Hunterdon County area, please call or email Exit 24/7 Realty. Our expert valuation and marketing staff can assist you with any and all of your property needs.

www.exit24-7.com

908-754-0111

Exit 24/7

 
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Entry filed under: Assets, basking ridge, Basking Ridge Real Estate, Basking-Ridge-Real-Estate, Bedminster Real Estate, bernardsville, Bernardsville Real Estate, Central Jersey, Central NJ, Commercial Real Estate, economics, Exit 24/7 Realty, Exit Realty, far hills, Farming, FHA, Foreclosures, hills of somerset, Housing, Housing Markets, I-78 Corridor, Investment property, Investments, mls, Morris County, Mortgage, New Jersey, nj homes for sale, nj mls, NJ real estate, NYC/NJ Metro area, Peapack-Gladstone Real Estate, Pharma belt, property, Property Taxes, real estate, real estate market, Real Estate News, Realtors, Skylands Region, Somerset County, somerset county real estate, somerset hills, The Garden State, warren twp, watchung real estate. Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , .

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