Tewksbury NJ Real Estate Market November 2011

The latest information for the Tewksbury NJ Real Estate Market November 2011 indicates a dramatic increase in the amount of homes listed For Sale over the past two years (2010 & 2011) as compared to the previous two years (2008 & 2009) during the month of November by as much as a 5 to 1 margin. There are currently (103) homes For Sale, as compared to (88) homes for this same period last year, (26) in October of 2009 and just (19) in the same month of 2008. Currently there are (7) Pending Sales as compared to (4) at this time in 2010. There were (2) Closed Sales this month as compared to (0) from the same time last year with (4) in 2009 and (4) in 2008. The Average Sales Price is currently $287,000, which has been steadily declining over the past 3 years for the month of November.  This amount indicates November sales activity being primarily focused at the low end of the market with buyers holding off on the medium and high priced properties.

Tewksbury’s current supply of available inventory (Absorption Rate) has increased slightly by 3.4% from last year at this same time up from 20.1 to 20.8 months. This means it will take a little over 20 months to sell off the the existing inventory based on the current rate of sales (excluding new listings hitting the market during that time). This figure represents an extremely large and excess inventory which creates a significant advantage to buyers by having a large pool of homes from which to choose. In addition, interest rates remain at or near all time lows with prices continuing to be under downward pressure from a variety of factors including an increased rate of distressed sales along with an overall weak economy.

Residential Single Family Properties

  • Number of ACTIVE listings (homes For Sale) on the market:                         103
  • Number of PENDING transactions (homes Under Contract) in November:           7
  • Number of  CLOSED sales (homes Sold) in November:                                    2
  • Average Sales Price (Sold):                                                             $287,000
  • Average List Price (For Sale):                                                        $1.001,885
  • Sales to List Price Ratio:                                                                        88%
  • Average Days on Market:                                                                        169
  • Absorption Rate* (Months of Supply):                                          20.8 months

*This figure represents the number months it will take to sell off all of the inventory at the present rate of sales:

    • 4 months or less is considered to be a Seller’s market with limited inventory for buyers to choose from.
    • 5 to 6 months is considered to be a “normal or balanced” market.
    • 7 months or more is considered to be a Buyer’s market with excess inventory and plenty of homes for buyers to choose from.
Tewksbury NJ - Rolling 13 Month Listing & Sales Activity - November 2011

Tewksbury NJ - Rolling 13 Month Listing & Sales Activity - November 2011

Tewksbury NJ - Homes Listed For Sale - November

Tewksbury NJ - Homes Listed For Sale - November

Tewksbury NJ - Pending Sales (Under Contract) - November

Tewksbury NJ - Pending Sales (Under Contract) - November

Tewksbury NJ - Closed Sales (Sold)  - November

Tewksbury NJ - Closed Sales (Sold) - November

Tewksbury NJ - Average Sale Price - November

Tewksbury NJ - Average Sale Price - November

For listings in Tewksbury or parts of  Hunterdon, Somerset or Morris County simply use the search tools located on the right side of this page.  All listings are updated throughout the day so be sure to come back often for the most current information.  If you are unable to find what you are looking for using the search function on this website, or you are looking for a home that is unique with specific features, feel free to contact me direct and let me know exactly what they are.  My colleagues and I preview all kinds of properties each week and will be sure to identify just what you are looking for.  In addition, my office often features “exclusive” listings that are not released to the public that might be of interest to you as well.  I will be glad to answer all of your questions and arrange to show you the homes of your choice at a time convenient to your schedule.

I also serve the surrounding towns in northern Somerset County as well as select towns in Morris County including Morristown, Morris Township, Madison, the Chathams, the Mendhams, the Chesters and Long Valley (Washington Township) along with the Hunterdon County towns of Lebanon and Tewksbury Townships.

 

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