Total number of homes available for sale in Somerville NJ: 52
Average List Price of those 52 homes in Somerville, NJ: $276,391 with an average of 3.3 Bedrooms, 1.6 Full Baths, 0.5 Half Baths and a 0.7 Car Garage
Average Days on the Market: 133 days
Total number of homes that are currently Under Contract: 9
Average List Price of those 9 homes: $223,511 with an average of 3.1 Bedrooms, 1.4 Full Baths, 0.3 Half Baths and a 0.6 Car Garage
In the last 30 days, the total number of homes that have gone Under Contract: 3
Given the last fact, the current absorption rate for Somerville, NJ is: 17.33 months
In the last 30 days, the total number of homes that have Sold: 7
For the 7 homes, the average List Price was: $258,643 vs Average Sold Price of: $249,286
Average Days on the Market for the sold homes was: 96 days
Summary: With an absorption rate of 17 months, Somerville NJ is in a buyer’s market. So, if you are a seller and you want to get top dollar for your home, make sure that your list price clearly reflects your home’s location and condition. On the flip side, if you are thinking of buying a home in Somerville, you will see that you have several homes to pick from. However, don’t be surprised that if you see that perfect house that there are others looking at it too.
If you are thinking of selling your house in Somerville, let me know so that I may give you a complimentary CMA and further discuss the market conditions. If you are thinking of buying a home in Somerville, call me for a buyer consultation.
Claudia Marrone is a top Re/Max real estate agent in Somerset County with a successful track record.
NJAR Circle of Excellence Sales Award – Silver Level 2012 and 2013
Re/Max Classic Group
Source: GSMLS as of December 23, 2014