For Middlesex County, the number of new homes listed in June has increased over 20% compare to new homes listed in May. This is expected seasonal behavior with more sellers waiting for this time of the year to list their homes. It is under last year number's (-7.32%) and is a positive for the overall inventory and DOI (Days of Inventory).

The Active Inventory as we follow it (homes for sale not including "under attorney reviews") has slightly decreased to 2838 homes currently for sale in Middlesex County following a high in April (2874).

This month's absorption rate (364 per month) or number of sold homes has increased 41% versus last month after a 21% increase from April. January and February absorption rates averaged 165. Buyers are definitely back and profiting from the grants and incentives available.

This is beneficially affecting the Days of Inventory (DOI) which has decreased over 32% versus last month. At 233 days, it means it would take over 7 months to sell all existing inventory at the same rate. DOI has been consistently decreasing since January. A market with over 6 months supply would usually qualify as a buyer's market. A market with less than 6 months of supply would usually qualify as a seller's market.

Both median and average sold prices increased almost 6% versus May and they are following a 5 months up-trend.

SP/AP ratio increased as well at 95%. In average, sellers are accepting offers at 95% of their asking price.

Another important real estate statistic is Days on market or DOM which stays at the same level (80 days). Meaning that it takes less than 3 months in average to go under contract.

Cathy Chaudemanche
Realtor Associate / Keller Williams Metuchen Elite Realty
Servicing Home Buyers and Sellers with their Real Estate needs in Middlesex County and central New Jersey.

- Middlesex County Condos and Townhouses prices (do not include single family homes price). Calculated with YTD=05/01/2009

Avenel $240,125
Dunellen $194,000
East Brunswick $244,124
Edison $281,032
Fords $245,000
Helmetta $221,500
Highland Park $346,000
Iselin $203,333
Jamesburg $208,250
Metuchen $291,000
Middlesex $181,967
Milltown $207,000
Monroe $370,000
New Brunswick $219,000
North Brunswick $226,575
Old Bridge $298,913
Perth Amboy $179,000
Piscataway $271,048
Plainsboro $220,496
Sayreville $262,109
South Amboy $396,250
South Brunswick $273,202
South Plainfield$245,000
Spotswood $208,800
Woodbridge $190,438

*Source Data  from Middlesex County Multiple Listing System MLS.

Need help understanding mortgage and real estate terms? Subscribe  to my blog today! Or Bookmark my main Blog Here. You'll get also money saving home maintenance and staging tips, local real estate tips, info and statistics 4 to 6 times a week.

Cathy Chaudemanche
Realtor Associate/Keller Williams Realty
Metuchen, NJ
Servicing Home Buyers and Sellers in Middlesex County, NJ
http://www.YourHouseFast.com

Beginning 2009 (February) it has jumped to an all time high of 173.5 and is the highest level of housing affordability since 1971.

To interpret this index, a value of 100 means that a family with the median income has exactly enough income to qualify for a mortgage on a median-priced home.

From Dr. Mark J. Perry (Professor Mark J. Perry's Blog for Economics and Finance):
The record-high housing affordability will play an important role in the real estate market's recovery, and should be considered very positive news. This key real estate market statistic frequently gets overlooked by the media, which often seems more interested in reporting "record high jobless claims/employment losses/______ fill in the blank" when it's negative news, than reporting record high statistics like housing affordability when it's good news.

We will be following closely the Housing Affordability Index and report on it at the next release.

Need help understanding mortgage and real estate terms? Subscribe  to my blog today! Or Bookmark my main Blog Here. You'll get also money saving home maintenance and staging tips, local real estate tips, info and statistics 4 to 6 times a week.

Cathy Chaudemanche
Realtor Associate/Keller Williams Realty
Metuchen, NJ
Servicing Home Buyers and Sellers in Middlesex County, NJ
http://www.YourHouseFast.com

- 2009 YTD average sold price: $247,737

- 2009 YTD average days on market: 84 days

- 2009 YTD number of units sold: 191
Avenel: $235,000

East Brunswick: $249,343

Edison: $287,200

Highland Park: N/A

Iselin: $200,500

Jamesburg:$208,250

Metuchen: $280,000

New Brunswick: $220,400

No. Brunswick: $205,306

Old Bridge: $294,315

Perth Amboy: N/A

Piscataway: $266,933

Plainsboro: $226,716

Sayreville: $245,846

So. Brunswick:$271,166

South Plainfield: N/A

Spotswood: $208,800

Woodbridge: $190,437

 *Data  from Middlesex County Multiple Listing System MLS.

Calculated on 04/02/09 pm (=YTD) with number of homes sold > 2.

Cathy Chaudemanche