Here are a few quick facts to give you an overall picture of the April 2015 real estate market in Warren, NJ:
- The average sales price: $705,313.
- The lowest priced sale: $243,000.
- The highest priced sale: $1,225,000.
- The median sale price: $600,000.
- Homes spent an average of 85 days on the market.
- Homes sold for an average of 95.9% of their listing price.
Looking at the data by price range, two price ranges tied in April for most homes sold. Out of the 8 homes sold in April, the most popular price ranges for April 2015 were homes under $500K as well as homes from $1M-$1.499M, with 3 homes sold in each category.
I enjoy analyzing the monthly absorption rate. It is the examination and prediction of how quickly the current unsold inventory of homes (current active listed homes) can be absorbed (sold). You can see the results in the absorption rate graph above.
The overall Warren market absorption rate for April 2015 is at 7.5 months of inventory, revealing a slightly favorable market for buyers.
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.
Check out our absorption rate figures by price range, in the inforgraphic images below.The under $1M homes are still showing a much greater demand and combining this fact with less overall active inventory to choose from, results in a "seller's market" trend. The $1M-$2M range = a significant buyer's market and $2M+ = slightly a buyer's market.
Note: this is a guide, and averages are just that, estimations, since every house and its location is unique.
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