Home Buying in 08820>Question Details

bijoudunil, Home Buyer in Edison, NJ

how is the market now in North Edison, compared to 3 mos ago. have prices gone up since last quarter and if so by how much?

Asked by bijoudunil, Edison, NJ Tue Apr 30, 2013

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Dear Bijoudunil,

Because real estate is seasonal, it would not be an accurate assessment of the market to compare today vs. 3 months ago. Typically the spring market sees more activity than the winter market and the timeline is too close to see any meaningful statistical data.

A better comparison would be to look at the year-over-year average sales price for Q12013 vs Q12012.

I took a look at it for you...for sold homes in North Edison at least a 4 bedroom, 2 full bath, 2 story home, not newer than 2000, the average sales price for these sold homes that went under contract during Q12012 was approx. $512K.

For Q12013 with the same criteria, and assuming that the majority of homes that are currently under will close close to list price (which many homes in N. Edison are doing, if not over list price), the average sales is projected to be approx. $530K.

However, that figure could change depending on what the actual sales prices are of those homes that are currently under contract.

That would indicate approximately 3% increase in average sale price YOY. Of course there are other factors which affect whether or not the home you're interested in or are looking for has appreciated in value or not.

Overall, I feel that the market has seen an uptick in activity, and homes that are priced right to reflect it's condition, location, etc...could fetch multiple offers and get over asking price. Some buyers are beginning to waive the appraisal contingency or part of it. These homes will become future comps. for appraisers to use to justify higher prices, which allow the market to continue to go up.

If you currently have a real estate agent you're working with to buy a home, they should be able to answer your questions about the market conditions. If not, or you do not have an agent...considering working with one.

Of course, I am also available to assist you in your home purchase. If you have any other questions, contact me directly.

Thanks.

--
Raymond S. Lee, SFR, CNE | Vice President & REALTOR Associate
NJAR Circle of Excellence Award: Silver - 2012
Nextage M3 Realty | Residential & Commercial Real Estate
1910 Oak Tree Road, Edison, NJ 08820
Cell: 732-585-8379 | Office: 732-603-0700
http://www.RaySellsNJHomes.com | rlee@nextagerealty.com






Disclaimer: Please note that the information contained herein has not been compiled or approved by the Middlesex County Multiple Listing System, Inc.
1 vote Thank Flag Link Wed May 1, 2013
Hi,

North Edison market is doing well compared to 3 months ago. Property values are not going down. Several homes have multiple offers as long as they are priced correctly.

Should you have further questions, please feel free to contact me any time.

Vishal
0 votes Thank Flag Link Wed May 1, 2013
Bijoudunil,

Depends on the price range, location, size of home etc. For example, for houses listed up to $500K, sales statistics are:

NOTE: Since today is May 1, some closings that occurred yesterday might not have been recorded in the MLS to give an accurate monthly/quarterly profile of closed sales.

Closings April 1 - April 30 there were 30 closings REPORTED so far. Avg sales price was $423,000, median Sales price was $427,000. Days on market (DOM) till contract, average was 60, median was 20

From March 1 - March 31 there were 5 closings. Avg sales price was $398,000, median sales price was $371,000. Average DOM was 55, median was 44

From Feb 1-Feb 28 there were 12 closings. Avg sales price was $389,000 , median was $373,000. Avg DOM was 131, median was 91

There have been MANY multiple offer situations, and as you can see, the average and median sales prices have gone up slightly.

I can tell you that quarterly from:

Aug 2012-Oct 2012 sales prices were up 2.01% from previous quarter
Nov 2012 - Jan 2013 sales prices were down, but only by 0.69% from previous quarter
As I said, the April 30th closings may not be in yet so the statistics for Feb 2013 - April 2013 may not be correct.
Give me a call in a few days and I can check back on the April statistics.

However, inventory is low, mortgage rates are low, homes are being priced correctly, there's lots of buyers out there, and it IS becoming a sellers market, slowly, but happening.
0 votes Thank Flag Link Wed May 1, 2013
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