Here are a few quick facts to give you an overall picture of the August 2015 real estate market in Warren, NJ:
- As of September 1st, there were 105 homes for sale in Warren... including 29 new offerings during the month of August
- The average sales price: $665,089
- The lowest priced sale: $128,018
- The highest priced sale: $1,130,000
- The median sale price: $670,000
- 18 homes sold during the month of August and spent an average of 52 days on the market
- Homes sold for an average of 94.9% of their listing price
During the month of August there were 20 homes that went under contract after buyers and sellers came to a meeting of the minds on price and terms. Note: All 20 homes were listed below $2,000,000 and 16 out of 20 were below $1,000,000!
Out of the 18 homes sold in August, the most popular price range was between $500,000 and $749,999, with a whopping 10 homes sold within that category. The second most popular price range was a tie: 3 homes sold in the under $500,000 category and 3 homes sold in the $1M - $1.499M category. No homes priced at or above $1.5M were sold in August 2015.
Absorption rate is a prediction of how quickly the current unsold inventory of homes (current active listed homes) can be absorbed (sold) based on the average rate that homes sold over the previous 12 months. You can see that the < $1MM market is showing more strength than above $1MM.
The overall Warren market absorption rate for August 2015 is at 8.4 months of inventory, indicating that it will take 8.4 months on average for all of the current inventory to be absorbed (or in other words... SOLD). This month's number (8.4) reveals a a slightly favorable market for buyers, especially buyers in the market of homes listed for above $1,000,000 which is indicating a strong buyers market. On the contrary, homes $750,000 and below in Warren is a seller's market based on the guide below.
Our guide: If the absorption rate is:
- 6 months is the balanced market benchmark.
- under 6 months... it is a sellers market.
- above 6 Months... it is a buyers market.
Note: this is a guide, and averages are just that, estimations, since every house and its location is unique.
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