Wondering about the Somerville NJ Real Estate Market? Well, wonder no more.
Total number of homes available for sale in Somerville NJ: 41
Average List Price of those 41 homes in Somerville, NJ: $233,041 with an average of 3 Bedrooms, 2 Full Baths, 0 Half Bath and a 1 Car Garage
Average Days on the Market: 102 days
Total number of homes that are currently Under Contract: 13
Average List Price of those 13 homes: $261,600 with an average of 4 Bedrooms, and 2 Full Baths, 0 Half Bath and a 1 Car Garage
In the last 30 days, the total number of homes that have gone Under Contract: 1
Given the last fact, the current absorption rate for Somerville, NJ is:41 months
In the last 30 days, the total number of homes that have Sold: 5
For the 5 homes, the average List Price was: $263,160 vs Average Sold Price of: 251,900
The difference between the List Price and the Sold Price is approximately 4%
Average Days on the Market for the sold homes was: 61 days
As you digest this info, please keep in mind that in the last two weeks we were hit with Hurricane Sandy and its aftermath. As I write this blog, things are just about getting back to normal. With all this in mind, the absorption rate is high, putting Somerville in a buyer’s market. If you are a seller, you need to make sure that you price your home correctly. If you are a buyer, you have lots of homes to look through.
If you are a seller and need a CMA for your home, I’d be more than happy to provide you with one. If you are a buyer and want to discuss your options, call or email me.
Claudia Marrone is a top Re/Max real estate agent with a successful track record.
NJAR Circle of Excellence 2011
Re/Max Classic Group
Source: GSMLS as November 14, 2012