Here are a few quick facts to give you an overall picture of the June 2015 real estate market in Warren, NJ:
- As of July 1st, there were 104 homes for sale in Warren...including 36 new offerings during the month of June (note: as of June 1st, there were 105 homes for sale in Warren, including 35 new offerings during the month of May).
- The average sales price: $977,417.
- The lowest priced sale: $640,000
- The highest priced sale: $1,779,000.
- The median sale price: $810,000
- 6 homes sold during the months and spent an average of 30 days on the market.
- Homes sold for an average of 96.7% of their listing price.
During the month of June there were 15 homes that were chosen and buyers and sellers came to a meeting of the minds on price and terms...Interesting to note: that all 15 homes were listed below $1,000,000.
Out of the 6 homes sold in June, the most popular price range was between $500,000 and $749,999 and $750,000 to $999,999, with two homes sold in each category. The second most popular price range was a tie at 1 home sold in the category of between $1M to $1.499M and 1 home sold in the category of $1.5M - $1.999M. No homes at $2M or above were sold in June 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 June 2015 is at 8.6 months of inventory, indicating that it will take on average, 8.6 months for all of the current inventory to be absorbed (or in other words...SOLD) . This month's number (8.6) reveals a 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.
Note: this is a guide, and averages are just that, estimations, since every house and its location is unique.
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