19 Jun 2010

Sold Listings, Middlesex County, New Jersey

 Taking a Look at Sale Prices and Sales Transactions

Real estate sales have improved in 2010 in Middlesex County, as compared to 2009. Closed residential sales transactions are up 14.6%through May, as reported by the Middlesex County MLS. Likewise, closed sales of condos/townhouses are up 23.6 %. In addition, average sales prices have increased .5 % and 2.2 % respectfully. However, what is true of the whole is not true of the parts.

Real estate is local. Real estate sales activity and sale prices vary from County to County, Town to Town and, just as important, from section to section or area within a Town, whether you are reviewing real estate statistics for Iselin, New Jersey, Colonia, Edison or any other Town.

For example, here is a quick view of a year to date comparison of closed sales through May, 2010 for one family homes in a few Towns:
Town                             # of Transactions       Average Sale Price
Iselin                                 38  (+58.3%)                $295,766  (-3.2%)
Colonia                             45  (+18.4%)                 $331,966  (-1.8%)
Edison                             144 (+23.1%)                 $419,762 (+12.9%)
East Brunswick                 84 (+15.1%)                  $357,179 (-9.5%)
Old Bridge                         91 (-5.2%)                    $331,633 (-5.9%)

Middlesex County           1191 (+14.6%)                 $336,911 (+.5%)

To view more Towns and  more detailed reports, visit www.RealEstateSalesData.DavidFialk.com

Sales activity is not necessarily a mirrror of sale prices. Closed transactions increased in 4 of the 5 examples above, but sale prices increased in only one 1 of the 5 Towns.

The $8,000 First Time Buyer Tax Credit has had a tremendous impact on real estate activity in 2010! The $6,500 Move Up Buyer Tax Credit also benefited many homebuyers. Was the tax credit more of a benefit to first time buyers than move up buyers? Was there more sales activity in the lower first time buyer price ranges than the higher price ranges?

Sales by Price Range: All Middlesex MLS One Family
Reported in MLS through 5/31/10

Under 100K 16 1.2%
100K-199K 158 11.6%
200K-299K 439 32.4%
300K-399K 349 25.7%
400K-499K 180 13.3%
500K-599K 122 9.0%
600K-699K 49 3.6%
700K-799K 20 1.5%
800K-899K 11 0.8%
900K-999K 9 0.7%
Above 1000K 4 0.3%
TOTAL 1357 100.0%

Sales by Price Range: All Middlesex MLS One Family 
Reported in MLS YTD for 2009

Under 100K 38 0.9%
100K-199K 383 9.3%
200K-299K 1,301 31.7%
300K-399K 1,216 29.7%
400K-499K 595 14.5%
500K-599K 303 7.4%
600K-699K 129 3.1%
700K-799K 68 1.7%
800K-899K 30 0.7%
900K-999K 22 0.5%
Above 1000K 14 0.3%
TOTAL 4099 100.0%

Sales activity under the $400,000 price range accounted for slightly over 70% of all closed transactions, a strong indication that the current real estate market is more appealing to first time buyers than move up buyers!

Will sales activity continue to increase in the months ahead now that the tax credit has expired? Will the benefit of historic low mortgage rates enable more buyers to enter the market and purchase real estate?

Take advantage of the value a knowlegeable REALTOR can provide in answering questions and providing information about the real estate market and whether or not there are opporunities you can benefit from!

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