New Jersey Real Estate Agent

West Windsor NJ Real Estate - First Quarter 2008

The West Windsor NJ real estate (of the greater Princeton NJ) report is now  completed with the results for the 1st quarter. This report details the prices of West Windsor 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. The West Windsor NJ real estate is different from Princeton NJ real estate Montgomery NJ real estate. You can review the report for Princeton NJ real estate  and Montgomery NJ real estate housing report could be used for comparison.

This is important information for West Windsor NJ real estate area buyers and sellers. In summary the data suggests significant slowing of the real estate market as the uncertainty of the buyers about further price declines and the condition of the economy continue. the effect of this slowdown is reflected in fewer West Windsor houses going on the market as as well as fewer houses going under contract and being sold. The West Windsor NJ real estate average sale price is a bit higher this quarter then the same quarter in 2007, but the median price is 10% lower. 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.

The decline in the number of houses on the market illustrates home sellers reluctance for putting their homes on the market, unless they absolutely have to. This could be good news for the buyers. More sellers serious about selling could lead to more realistic home prices. 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.

West Windsor NJ Real Estate Prices of Houses Sold
Average home price - $481,716

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

Median Price Q1 2008 - $418,500

Median Price Q1 2008 vs. Q1 2007     Down 10 % 

No dramatic conclusions about the direction of the real estate prices can be determined 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 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.

West Windsor NJ Real Estate - Housing Supply
Number of houses on the market

Q1 2008 -192

Q1 2008 vs. Q1 2007 Down 12%

The  12% decline compared to first quarter 2007 indicates, the sellers decisions not to sell, unless they absolutely have to.

West Windsor NJ Real Estate - Housing Demand

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

West Windsor NJ- Number of Houses Sold

Q1 2008 - 51

Q1 2008 vs. Q1 2007 -Down 20%

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 am introducing a new measure:

% Houses Sold compared to Active

Average % Pended) vs. Active - Q1 2008 - 14%

Average % Pended vs. Active - Q1 2007 - 16%

West Windsor NJ - Number of Houses Pended

Q1 2008  - 70

Q1 2008 vs. Q1 2007 -Down 29%

West Windsor NJ Homes For Sale - Days On The Market

Average DOM Q1 2008 -88

Average DOM Q1 2008 vs. Q1 2007 - Down 9%

 Average days on the the market for the sold houses is also slightly down from Q1 last year, which doesn't necessarily mean that West Windsor houses for sale are selling faster. Buyers uncertainty and unwillingness of many sellers to price their houses correctly is reflected in the increased length of time it take to sell them.

Related Market Report Articles:

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

Montgomery Township NJ Real Estate Housing Market Report - 1st Quarter 2008

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

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

Tips for buying and selling in West Windsor homes:

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

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