~Find Your Next Home ~
www.ClintonRealEstate.com      
 
The New Jersey housing market appears to be stabilizing.  The inventory of available homes is dropping slowly.  As this map from the Otteau appraisal group shows, the inventory is lower just west of New York City and along 287. 

   According to the appraiser Jeffrey Otteau, “The New Jersey housing market continued to strengthen in July as the number of home sales increased for the 7th consecutive month, a run last seen in 2003.”  He also says there’s “good news to report on Unsold-Inventory, the number of homes being offered for sale, which has now declined for the past 3 months and stands at its lowest July level since 2005.”

Hunterdon County’s sales pace and inventory of available homes have not improved quite like other parts of New Jersey.  It’s not that we missed the boat; the real estate recovery hasn’t arrived yet.  It’s just over the horizon, headed west.  Hunterdon home prices have fallen by 20-25% bringing the affordability index above 100% – families with the median income can  now afford the median-priced home in Hunterdon County. 

Housing demand typically spreads west along the I-78 corridor and farther from the highway as buyers seek more house for the money.  The graphs below show that Hunterdon home sales and the inventory index have both remained steady in both July and August, in fact, sales were down slightly from June and inventory slightly higher after June. 

Given that New Jersey’s housing market is improving, I expect stronger demand in Hunterdon County this fall, a time that is traditionally the second best time to sell your home.  For a free consultation on the local homes market and your home’s most likely sale price, please email me or call Don Sherblom at (908) 797-9900.