Posts tagged ‘Pharma belt’

Warren Twp Housing Market

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.


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


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.


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

Labor Data suggests that hiring may soon pick up


The latest DoL data suggests that companies may soon accelerate  the hiring process.

December 9, 2010 at 4:11 pm Leave a comment

OPEN HOUSE! | Basking Ridge Ranch Home




December 2, 2010 at 3:16 pm Leave a comment

Elegant Colonial Home in Warren Twp

We would like to present this lovely renovated home in the Hills of Somerset, located in Warren Township, NJ.

Preview this charming colonial, situated on a large, 1.81 acre lot with lush green grounds, a paver patio, a sylvan in ground pool, and a Magnificent Gourmet Kitchen. All which highlight this gem of a property.

Exit 24/7 Realty, Broker Carl Porambo of Watchung. Warren Real Estate, Somerset Hills, Watchung Real Estate. Homes for Sale.

November 30, 2010 at 1:14 pm Leave a comment

N.J.’s exit tax

N.J.’s exit tax: So baffling, even officials can’t explain it…

If you thought New Jersey’s jughandles were confusing, try wrapping your head around the state’s “exit tax.”

October 18, 2010 at 6:05 pm Leave a comment

Short Sales and Foreclosures- Do I have a Choice?

Today, we would like to take a bit of your time, commenting on the current housing issues and economic situation we are all facing.

Unless you have been off the grid…you know what our nation is going through in terms of the financial and economic hardships. One of the major concerns most everyone shares, is the state of housing.

For many if not most, a home is the largest investment a family or an individual will make. The uncertainty of job stability and-or steady employment for some and the unfortunate reality for others who may have fallen behind in their mortgage payments, are all to real.

If you happen to be facing foreclosure, we may potentially be of help in negotiating a Short Sale with your lender. What is a Short Sale? Basically a Short Sale is when the lender agrees to accept and settle on a lower or lesser amount than the full balance of the mortgage you owe.

A Short Sale will be reported as a debt that was discharged, but not paid in full. This will impact your credit rating and credit score less than if you allowed your property to foreclose. A Foreclosure will have a much MORE negative effect on your credit rating/score, In fact it could be as much as a 200 point lower credit score.

Another advantage of trying to negotiate a Short Sale is that currently under Fannie Mae regulations, mortgage borrowers can be eligible for a purchase loan only 2 years after a short sale.  Compare this to waiting  5 years, after a foreclosure. Also, some lenders may be slightly more inclined to loan on a mortgage to someone who went through a short sale rather than a foreclosure. 

By opting for the Foreclosure alternative, a Short Sale, a potential borrower shows that they were proactive in trying to pay off the majority of their debt rather than simply giving up or walking away from their home.

Now we are not saying that a Short Sale is for everyone. We are not saying that everyone who is facing the possibility or are in the beginning stages of Foreclosure will qualify for a Short Sale, but our Exit 24/7 Realty | NJ REO Servicing team may be able to help you in preventing a Foreclosure.

Please give us a call, 908-754-0111 or send an email to the Exit 24/7 Realty | NJ REO Servicing Office. [] So we may discuss the possibility of a Short Sale today.

September 2, 2010 at 12:00 pm Leave a comment

NAR Economist: Low Chance for Double Dip

 The NAR’s take on today’s existing housing report.

Sales in July declined by 27.2%, a 15 year record low. Video report link below.


August 24, 2010 at 4:30 pm Leave a comment

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