How can you gage market conditions in a specific area?
One way is the Absorption Rate. This is defined by dividing the number of properties available by the number that has sold in the last month for a given area. An example might be if there are 100 properties available in a market and 10 have sold in the past month - the Absorption Rate for that particular market is 10. This indicates that based on these statistics it will take 10 months to sell the current inventory.
An average Absorption Rate is considered to be 5 to 6 months. Less than this is considered a seller's market and more to be a buyer's market.
Statistics compiled in July of 2008 show an overall Absorption Rate of nearly 12 months for Hunterdon County in New Jersey.
The lowest areas weighed in with an Absorption Rate of just over 7 months and the highest was over four years. While you could argue that some of these computations did not have enough statistics within them to be representative, in general they are considered one barometer of how a particular market is doing.
And, this Absorption Rate is broken down further for the Hunterdon County by price point. In this example the homes under $300,000 had an Absorption Rate of just over 7.5 months and those over a million $ were in excess of 21 months. The price points in-between showed several weak spots with some other price points in excess of 23 months.
Then, you could also break these numbers down even further to show price point within area and the resulting Absorption Rate (these figures could even be taken down to specific developments).
This Absorption Rate is not the only factor in gaging the market conditions for a specific area, but they are a fairly good indicator.
You can visit my site at http://www.jpeters.com/to learn more and to see the specific numbers that were compiled.
Your "Local Neighborhood Specialist" Focused on Hunterdon County and its surrounding areas. As a Licensed Weichert Agent, I can assist you in locating a new property or marketing your current one...
Your "Local Neighborhood Specialist" Focused on Hunterdon County and its surrounding areas.
As a Licensed NJ Weichert Agent, I can assist you in all of your requirements in locating a new property or in the marketing and selling your current one.
Some Information About My Background:
A local professional for all of your real estate needs:
Dedicated, Outgoing, Knowledgeable, Resourceful and most of all Caring - those words are used to describe Joe by those who have known and worked with him. His enthusiasm in his vocation as a real estate associate projects EXCELLENCE and ACTION, the cornerstones of his success. As a real estate specialist, Joe has countless hours of advanced studies in marketing, sales, real estate procedures and real estate law. He is a proven professional in every way.
Background and Accomplishments:
Prior to entering Real Estate, Joe was a successful technology salesperson and IT Executive with over twenty-five years of experience. He is well known for developing positive and enduring professional relationships. His ability to developed innovative strategies and implement creative marketing solutions for his customers transfers well in his career in Real Estate.
For the past fifteen years, Joe has held positions with several technology companies where he has marketed and sold large scale ERP solutions to the retail industry. Earlier in his career he held key IT Management positions with several major retailers in the area including Macy*s and Allied Stores in New York City.
Joe has been involved in real estate as an investor for the past twenty years before joining Weichert as a full time sales representative, is a native to New Jersey and has been a homeowner in Clinton Township for the past ten years. His relative experience in buying and selling properties in Hunterdon County bring relative experience to this process and an empathic ear to your specific requirements.
Here is what some of my past customers have said about me:
"As a real estate investor and a homeowner both buying and selling, I have complete confidence in Joe Peters. He completely understood my objectives and needs. He has a great sense of human nature and the real estate market as it constantly changes. Joe is focused, methodical, thorough, conscientious, realistic, honest - the best residential real estate agent I have ever worked with."
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"What they say is true, buying a home is very stressful. Especially for us because it was our first and we were on a tight budget. However, having Joe as our agent definitely took a lot of that stress away. He was very patient and took us to so many houses just so we could find the right one for us! Thank you!"
Catherine Lensi
"Thanks for your many efforts on helping us relocate from New York to Hunterdon County, NJ. Your perspicacity of local real estate values and your recognition of our nuances helped us find a home quickly. As an engineer, I was impressed with your knowledge of home construction."
Brian P. O'Rourke, P.E.
After a long year looking for the right home, Joe consistently worked with us with the same enthusiasm and dedication from day 1. He is knowledgeable, patient and very resourceful. We are very pleased with his services as a realtor estate agent and give him thumbs up!! Go Joe!
M. Picchio, Flemington
"Working with Joe to buy one place & sell another was a great experience. He had prepared us well for each step of the process. He had an excellent knowledge of how the system works in Hunterdon county, what was needed, etc. Even during a slow point in the market, Joe was able to find us just what we wanted."
Garrett VanFleet, Whitehouse Station
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