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Claudia Marrone's Blog

By Claudia Marrone | Agent in 08876

Snapshot view of the current Somerville NJ real estate market

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.

Claudia Marrone
Realtor, Associate
NJAR Circle of Excellence 2011
Re/Max Classic Group
O: 908-393-8143
C: 908-304-4520

Source: GSMLS as November 14, 2012


By Jeff Metcalf, REALTOR®,  Tue Nov 20 2012, 07:34
Thanks for sharing~
By Claudia Marrone,  Tue Nov 20 2012, 07:41
Thank you for reading it!
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