Here are a few quick facts to give you an overall picture of the May 2015 real estate market in Warren, NJ:
- The average sales price: $798,625.
- The lowest priced sale: $300,000
- The highest priced sale: $1,795,000.
- The median sale price: $665,000
- Homes spent an average of 68 days on the market.
- Homes sold for an average of 96.8% of their listing price.
Out of the 12 homes sold in May, the most popular price range was between $500,000 and $749,999, with four homes sold in this category.
The second most popular price range was a tie at 3 homes sold in the category of below $500K as well as between $1M to $1.499M.
Absorption rate 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 that the < $1MM market is showing more strength than above $1MM.
The overall Warren market absorption rate for May 2015 is at 7.9 months of inventory, indicating that it will take on average, 7.9 months for all of the current inventory to be absorbed (or in other words...SOLD) . This month's number (7.9) reveals a slightly favorable market for buyers in the broadest sense.
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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