New Jersey Real Estate Agent

Hopewell NJ Real Estate – First Quarter 2008

The Hopewell NJ real estate (Greater Princeton NJ) report is now availableRe with the results for the 1st quarter 2008. This report details the prices of Hopewell NJ homes for sale, trends in the numbers of homes sold, the average  days on the market
it took to sell the house and the rate at which houses have sold. Data is compared it to the real estate statistics
for the same period of last year -Q1
2007. Although Hopewell is in close proximity to Princeton and Montgomery Township, the real estate statistics are different from Princeton NJ real estate  and Montgomery NJ real estate housing report (which could be used for comparison).

This information is important for Hopewell NJ real estate home buyers and home sellers
in helping understand what’s happening in the local real estate. In summary, the data suggests significant slowing of the Hopewell real estate as fewer sellers are putting their house on the market and  buyers continue to be uncertain about further price declines and the
condition of the economy. The effect of this slowdown is
reflected in 43% fewer Hopewell houses listed as as well
as fewer houses going under contract and being sold in the first quarter of 2008, compared to the same period in 2007. The Hopewell NJ real estate average sale price
is a a bit lower this quarter as well. I explained in the article “Who else wants clarity about
real estate prices” the difficulty of understanding of why these numbers could be different. There is slight decrease in the
average Days On The Market – a measure of time it
takes to sell.

There is a flip side to the slower market. Sellers reluctance for putting their homes on the
market, unless they absolutely have to, could be good news for the buyers. Sellers serious about selling could price their Hopewell homes for sale more realistically. The data bellow is for the Q1 2008*.

There are various sources of information available to West Windsor NJ real estate buyers and home sellers. It is important to make sure you understand the credibility of the
NJ realtor or another information provider and the sources of the
underlying data. Most important is to understand the meaning of each
price of information, as such information could be quite confusing not
just to consumers but to many New Jersey Realtors as well.

 Hopewell NJ Real Estate Prices of Houses Sold
Average home price – $527,107

Average price Q1 2008 vs. Q1 2007:  Down 3%

Median Price Q1 2008 –

Median Price Q1 2008 vs. Q1 2007    

Please note that no definitive conclusion about the direction of the Hopewell real estate prices could
be made by looking at the numbers for one quarter, because they
depend on the type of sales during this quarter. Preponderance of more
expensive homes sold during this period would increase the price, but
does not mean home prices are going up. In fact the exact
opposite could be happening.  To determine the real direction of real
estate prices, same property sales has to be tracked over time.

Hopewell NJ Real Estate – Housing Supply
Number of houses on the market

Q1 2008 – 530

Q1 2008 vs. Q1 2007 Down 24%

The 24% decline compared to first quarter 2007 indicates, the sellers decisions not to sell, unless they absolutely have to.

Hopewell NJ Real Estate – Housing Demand

Two most important indicators of Hopewell NJ
real estate demand are: the number of houses sold and the number of
houses gone under contract (Pended). There has been a significant decline in both of these  categories in Q1
2008 compared to Q1 2007.  Hopewell NJ number of Houses Pended is
the most indicative of the market
today, since it reflects the contacts being entered into now, as compared
with the Sold category, which reflects houses gone under contract
several months ago, and closed this quarter.

Hopewell NJ- Number of Houses Sold

Q1 2008 – 39

Q1 2008 vs. Q1 2007 -Down 22%

It could be expected that with fewer houses
on the market there would be fewer houses sold and/or placed under contract. To have an indication
of the houses sold relative to the number of active listings, I introduced a new measure -percent of houses Pended (gone under contract) as compared to Active on the market now. Calculated this way this percentage has not changed since same period last year.

% Houses Pended compared to Active

Average % Pended vs. Active – Q1 2008 – 9%

Average % Pended vs. Active – Q1 2007 -  9%

Hopewell NJ – Number of Houses Pended

Q1 2008  – 47

Q1 2008 vs. Q1 2007 -Down 23%

Hopewell NJ Homes For Sale – Days On The Market

Average DOM Q1 2008 -100

Average DOM Q1 2008 vs. Q1 2007 - Down 3%

Average
days on the the market for the sold houses is slightly down from
Q1 last year, which doesn’t necessarily mean that Hopewell houses for sale are selling faster. 

Related Articles:

Princeton NJ Mercer County Real Estate Market Housing Report -First Quarter 2008

Princeton NJ Real Estate Mercer County homes -Housing Market Statistics March 2008

Princeton NJ real estate Mercer County – Buyer Information

Princeton NJ real estate Mercer County -Seller Information

Princeton Mercer County NJ Real Estate – Secrets to selling your house like an agent.

Princeton Mercer County NJ Real Estate -Secrets To Buying A Home Like A Realtor

Princeton Mercer County NJ Real Estate Sellers- 3 Things That Sell Houses Now

Princeton Mercer County NJ Real Estate – 5 Deadly Mistakes When Selling Your House

Princeton Mercer County NJ Real Estate – Prices of Houses Sold in Princeton -January 2008

Please call 609-553-4175 for serving Princeton, Montgomery Township, West Windsor,
Plainsboro, Princeton Junction, Hopewell, Pennington, and Lawrenceville
New Jersey.New Jersey Real
estate, New Jersey homes for sale and/or listing New Jersey homes to
sell, relocation services and assistance. Referrals are accepted.
Countrywide and international relocation program.

Copyright
2007 Faina Sechzer All rights reserved. This information cannot be
copied, reproduced, transmitted, distributed, displayed or published.

No related posts.

Related posts brought to you by Yet Another Related Posts Plugin.