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Real Estate Values and Real Estate Statistics, Middlesex County, NJ, May, 2011

July 2, 2011 By Leave a Comment

A Look at and
, , May, 2011 

Wondering what real estate values and real estate statistics look like in , , or any other town in Middlesex County in May, 2011 compared to May, 2010? Wondering if real estate values have increased? Are they still declining? Are there more home sales in 2011 than 2010?

View year to date real estate values and real estate statistics through May, 2011 and a comparison to 2010 for all towns in Middlesex County.
http://fp.choicerealty.com/MLS/2011/Comparison%20Report%20YTD_2011.pdf

Wondering if more homes are being listed in one price range or another?
http://fp.choicerealty.com/MLS/2011/Residential%20Listing%20Profile%20YTD_2011.pdf

Curious as to whether sales are consistent in all price ranges or there are more sales in one price range ?
http://fp.choicerealty.com/MLS/2011/Residential%20Sold%20Profile%20YTD_2011.pdf

View more Middlesex County real estate statistics.
http://www.davidfialk.com/getagent/Pages.php?Page=0000602285&aid=022900001&chome=1

Filed Under: Real Estate Values Tagged With: , , , ,

April 2011, Real Estate Values and Sale Statistics, Middlesex County, NJ

May 27, 2011 By Leave a Comment

 A Look at and Sale Statistics
, , April, 2011  

Comparison Report YTD

Wondering what real estate values and sale statistics look like in , , or any other town in Middlesex County on April, 2011 compared to April, 2010? Wondering if real estate values increased/decreased from 2010? Have more homes sold in 2011 than 2010?

Here are the average sale prices and sale statistics from a few towns in Middlesex County. Click here to view the statistics for all towns.  

Town# Sale
Transactions		% Change
From 2010		Average
Sale Price		% Change
From 2010
Middlesex County834-7.0%$312,683-6.8%
Iselin2816.7%$257,560-13.1%
Colonia385.6%$328,921-1.7%
Edison96-8.6%$383,894-8.3%
Metuchen24-35.1%$365,642-16%
East Brunswick65-1.5%$362.0710.6%
Old Bridge761.3%$283,488-12.5%

The change in average sale prices and closed sale transactions are inconsistent! Real estate sales and sale statistics vary from one county to another, one town to another and neighborhood to neighborhood. As learned in Economics 101, what is true of the whole is not necessarily true of the parts!

Statistical information is important, but average sale prices or median sale prices only show the large picture. There is more to knowing the real estate market and market values for a particular area or for a particular home than just looking at average price changes.

REALTORS have all this information at their finger tips. When a buyer or homeowner needs to obtain reliable information regarding local real estate values and sale statistics, the first place to start is contacting a LOCAL REALTOR who is very familiar with the local real estate market and sales activity.

Filed Under: Real Estate Values Tagged With: , , , , ,

Real Estate Values and Sale Statistics in Middlesex County, March, 2011

April 19, 2011 By Leave a Comment

Take a Look at and Sale Statistics in , !

Whether you are thinking of buying a home, planning on selling a home or are just curious as to what is happening with real estate values and   in Middlesex County, New Jersey and in your town or neighborhood, there is lots of real estate data available to preview. 

In Middlesex County, the  average sale price for one family homes through March, 2011 is $315,719 which is 5.1% less than 2010. and closed sale transactions are down 3.3%. The results for condos and townhouses for the same time period for average sale price are $244,905, down 5.7%,  and closed sale transactions, down 11.3%.

* View 2011 year to date sale statistics for each town in Middlesex County, with comparisons to 2010.

Real estate is local. Real estate values vary from town to town and neighborh0od to neighborhood, and more importantly, market values differ from one style home to another. No two homes are exactly alike!

* View sale prices for closed sales for one family homes, condos, town houses and even multi family homes in many towns, such as Iselin, Colonia, Edison in addition to many others.

Closed sales in this time period result from sale contracts originated in October through early February. Mortgage interest rates did jump slightly in December, 2010 , but dropped back in late January. Yes, the winter was colder and there was more snow this year, which would definitely affect home buyer activity.

If mortgage interest rates are near historically low levels and home prices are now near 2004 price levels, what is causing the drop in real estate home purchases and the continued decline in real estate values? There are lots of reasons, such as the economy, job security, unemployment, etc. Yes, reasons such as these were the cause of many previous weak real estate markets, and are truly contributing to it now. The previous weak real estate markets I have witnessed in the 39 plus years that I am selling real estate did not last for 6 plus years and still counting!

Is there more to it than these contributing factors? What are your thoughts?

Filed Under: Real Estate Values Tagged With: , , , , ,

Real Estate Values: A Buy Now Scenario For Home Buyers: Favorable Home Prices

July 26, 2010 By Leave a Comment

Why is the current real estate market a buy now scenario for home buyers?
Two important reasons: Mortgage Interest Rates and Favorable Home Prices!
   * Mortgage Interest Rates: Take a look at the 5 Year History of Average Mortgage Interest Rates! (Discussed in previous Blog post)
   * Favorable Home Prices: So what has happened with in the same period?

Real estate is local. Real estate values vary from one neighborhood or section within a town, from town to town, county to county and state to state. There are so many factors that can affect real estate values, most of which can be read daily.  

Needless to say, real estate values are substantially lower than previous years, and that is the reason why the current real estate market is a buy now scenario for all type of buyers and not just for first time buyers! The math is simple! The purchase price determines minimum down payment, which determines the amount of a mortgage required and then determines the amount of the mortgage payment.

As purchase prices drop, buyers benefit as minimum down payment requirements are less, the amount needed for a mortgage is less and the monthly mortgage payment is less, whether looking to buy a home a home in Iselin, , Colonia, Edison, Middlesex County or any other State.

Here is a look at closed sale residential one family statistics in , as obtained from the Multiple Listing System as of July 24, 2010. Statistics are provided through 2006 as the MLS saves 5 years of data and previous available reports did not include calculations for only Mddlesex County.

Just click the image for a larger view or to print.

So what are the benefits to home buyers?  A $64,000 drop in average sale prices from 2006 in Middlesex County is an approximate savings of $320.00 in a monthly mortgage payment. Not only are buyers purchasing homes at substantially lower prices than in previous years, but they are able to obtain mortgage interest rates that are substantially lower than in previous years, and that equals more savings!

Will prices drop further? They may or they may not. The more immediate concern should be will mortgage interest rates rise, when and by how much. A thorough understanding of the impact of mortgage interest rates is also important. (Discussed in previous Blog post)

Regardless of where the home search is or what town a home is located in, obtaining reliable market value information is important! Information like this can be provided by your local REALTOR. Home buyers and home sellers are always asking for this type information.

My immediate market area is Northern Middlesex County and here are the links to the average sale prices since 2002 for some of the towns I list, show or sell homes in every day.  

Iselin
Colonia
Avenel
Fords
Woodbridge
Edison
Metuchen
Carteret                                                                                                             

Filed Under: Buyer Closing Costs, Home Buying, Home Owners, Home Selling, Real Estate News, Real Estate Values Tagged With: , , , , , , , , ,
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