Rent Real EstateSomerset County, New Jersey Realtors Report Fall Sales
Realtors across the 21 municipalities of Somerset County in New Jersey report that its terrific location on the train routes to New York City and Philadelphia make it an ideal place to relocate.
"This is the core area for America"s pharmaceutical industry," says Realtor Karl von Loewe. "Somerset County, with the highest median income in the country, remains a popular destination for corporate transferees, especially in the pharmaceutical industry. It has jobs, a great lifestyle and good schools, in addition to being just an hour from Manhattan."
About the market, von Loewe says, "October 2004 was the best in a couple of years, up in sales made and sales closed, as well as listings taken. The average sale price year-to-date is $506,823, compared to $456,145 for all of 2003. As of November 1, there were 1,216 active listings with an average list price of $764,760 in all communities in Somerset County. Compare this to November 1, 2003, when there were just 1,146 listings available at an average list price of $768,184. Did you notice the difference in average list price?
He continues, "The market index stands at 3.07, little more than three months" supply of homes at last month"s rate of sale. Compare that to 2003, when the index was 3.22, about thirteen weeks" supply. The supply/demand ratio is 76 percent, with 522 new listings coming on the market, and 396 selling. Late October seemed to be slower than earlier, perhaps because of the upcoming presidential election. Now that the election has been decided, it will be interesting to see if there is a "bump" in the market prior to the Thanksgiving and year-end holidays."
Explains Realtor Anthony Tony Gervasio, "A recent study by The Otteau Appraisal Group indicates that home prices in New Jersey have been increasing in 2004 at an accelerated pace. After increasing by 12 percent for all of 2003, the increase for the first half of 2004 alone was 14 percent. However, preliminary trends suggest that this pace slowed substantially in October as higher home prices have reduced housing affordability. The residential market should remain strong in 2005. Contributing factors are accelerating demand due to immigration and migration from New York, inadequate new construction levels which are not keeping pace with household formation and increases in mortgage rates being gradual. However, potential home buyers will become more price sensitive in 2005 as higher home prices and rising mortgage rates reduce affordability and slow the pace of home price increases."
Says Realtor Robert Allison, "The northern county of Somerset in New Jersey gives visitors and residents alike a trip back in time, with many historic sites open to the public dating back to the early to mid-1800s."
Allison suggests, "The real estate climate in Somerset County remains active. With more than 1,200 properties up for sale currently, there are many options. This market may experience a slowing down as we move deeper into Fall and closer to the busy holiday season. The prices typically range, for a single family home, from $200,000 to $3,990,000. Town homes/condos are also available in Somerset County. The pricing for the units being sold on the current market range from $114,500 to $1,049,000. The average price for single-family homes in Somerset County come in around $350,000. Somerset County is full of historic landmarks in its 21 municipalities. With so much to see in this northern New Jersey county, try to plan a full day of house hunting but leave some time to take in some of the magnificent sight seeing opportunities this county has to offer."
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