A good friend of mine forwarded this link to me and thought it would be a good idea to place the link to the article and video he found on MSN.com on my Blog. Since he enjoyed reading and listening, I took his advice and posted the link.
Sold Listings, Middlesex County, New Jersey
June 19, 2010 By Leave a Comment
Taking a Look at Sale Prices and Sales Transactions
Real estate sales have improved in 2010 in Middlesex County, as compared to 2009. Closed residential sales transactions are up 14.6%through May, as reported by the Middlesex County MLS. Likewise, closed sales of condos/townhouses are up 23.6 %. In addition, average sales prices have increased .5 % and 2.2 % respectfully. However, what is true of the whole is not true of the parts.
Real estate is local. Real estate sales activity and sale prices vary from County to County, Town to Town and, just as important, from section to section or area within a Town, whether you are reviewing real estate statistics for Iselin, New Jersey, Colonia, Edison or any other Town.
For example, here is a quick view of a year to date comparison of closed sales through May, 2010 for one family homes in a few Towns:
Town # of Transactions Average Sale Price
Iselin 38 (+58.3%) $295,766 (-3.2%)
Colonia 45 (+18.4%) $331,966 (-1.8%)
Edison 144 (+23.1%) $419,762 (+12.9%)
East Brunswick 84 (+15.1%) $357,179 (-9.5%)
Old Bridge 91 (-5.2%) $331,633 (-5.9%)
Middlesex County 1191 (+14.6%) $336,911 (+.5%)
To view more Towns and more detailed reports, visit www.RealEstateSalesData.DavidFialk.com
Sales activity is not necessarily a mirrror of sale prices. Closed transactions increased in 4 of the 5 examples above, but sale prices increased in only one 1 of the 5 Towns.
The $8,000 First Time Buyer Tax Credit has had a tremendous impact on real estate activity in 2010! The $6,500 Move Up Buyer Tax Credit also benefited many homebuyers. Was the tax credit more of a benefit to first time buyers than move up buyers? Was there more sales activity in the lower first time buyer price ranges than the higher price ranges?
Sales by Price Range: All Middlesex MLS One Family
Reported in MLS through 5/31/10
| Under 100K | 16 | 1.2% |
| 100K-199K | 158 | 11.6% |
| 200K-299K | 439 | 32.4% |
| 300K-399K | 349 | 25.7% |
| 400K-499K | 180 | 13.3% |
| 500K-599K | 122 | 9.0% |
| 600K-699K | 49 | 3.6% |
| 700K-799K | 20 | 1.5% |
| 800K-899K | 11 | 0.8% |
| 900K-999K | 9 | 0.7% |
| Above 1000K | 4 | 0.3% |
| TOTAL | 1357 | 100.0% |
Sales by Price Range: All Middlesex MLS One Family
Reported in MLS YTD for 2009
| Under 100K | 38 | 0.9% |
| 100K-199K | 383 | 9.3% |
| 200K-299K | 1,301 | 31.7% |
| 300K-399K | 1,216 | 29.7% |
| 400K-499K | 595 | 14.5% |
| 500K-599K | 303 | 7.4% |
| 600K-699K | 129 | 3.1% |
| 700K-799K | 68 | 1.7% |
| 800K-899K | 30 | 0.7% |
| 900K-999K | 22 | 0.5% |
| Above 1000K | 14 | 0.3% |
| TOTAL | 4099 | 100.0% |
Sales activity under the $400,000 price range accounted for slightly over 70% of all closed transactions, a strong indication that the current real estate market is more appealing to first time buyers than move up buyers!
Will sales activity continue to increase in the months ahead now that the tax credit has expired? Will the benefit of historic low mortgage rates enable more buyers to enter the market and purchase real estate?
Take advantage of the value a knowlegeable REALTOR can provide in answering questions and providing information about the real estate market and whether or not there are opporunities you can benefit from!
Middlesex County Real Estate Statistics, March 2010
April 17, 2010 By Leave a Comment
Whether you are searching for a home or considering selling a home in Iselin, Colonia or any other Town in Middlesex County, New Jersey or are just curious about home values, obtaining reliable information is important. The information provided is obtained from the Middlesex County Multiple Listing System and is year to date for the year 2010.
View 2010 Year to Date Real Estate Sale Statistics in Middlesex County, New Jersey for residential one family homes, condos and townhouses.
Obtaining trends in real estate market values is important. However, if your needs require a reliable market value estimate, it is recommended that a local REALTOR be contacted. An experienced REALTOR can provide a comprehensive “Market Analysis” detailing the market value of the home. Wondering what a Market Analysis Report consists of?
Obtain Market Analysis from David Fialk, REALTOR, Choice Realty Co.
What are the Benefits in Obtaining a CMA?
March 21, 2010 By 1 Comment
CMA: Comparative Market Analysis
Simply worded, it is a real estate agent’s opinion of market value of real estate as detailed by recent sales of similar properties. It is not a written real estate appraisal.
Homeowners should stay in touch with the real estate market and continually be aware of the current value of their home, if for no other reason than making sure their homeowner’s insurance reflects current market value. Insurance is necessary to protect the assets you own, and carrying the proper amount of fire insurance limits becomes very important.
Knowing the current market value of your home is most important when thinking of selling, especially if the proceeds of the sale are needed to purchase another home. When homeowners guess wrong, they begin to look at homes or purchase another home in the wrong price range or find that the amount of equity is much less than anticipated.
When planning to sell a home, obtaining a reliable and comprehensive “Market Analysis Report” is a very important consideration for homeowners. A Market Analysis Report should contain much more than sold properties. While sold properties are the most reliable indicators of value, they represent events of the past. Real estate values vary from one time frame to another. Just because a home sold for a certain price three or six months ago does not mean that a similar home will sell for the same price today. It could sell for more, if the real estate market is strong and values are rising, and it could sell for less, if the real estate market is weak and values are dropping.
It is the current real estate market which determines market values. A comprehensive analysis of market value should also include active listings, under contract sales and expired listings, those properties which did not sell during the marketing term. The analysis should include asking price history and days on market.
Real estate is local, whether the home is in Colonia or Iselin, New Jersey, in Middlesex County or in some other State. What is occuring in one section of the Country, State, County or Region may not be representative of what is occuring locally. Home sales and home values vary from one Town to another and from one Neighborhood to another.
When properly prepared and presented by a REALTOR for a Homeowner, a Market Analysis Report should provide a realistic and reliable estimate of the current value of their home.
Related Artice: Factors That DO NOT Affect the Value of Real Estate
What information is provided in a CMA?
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