It comes as no surprise to anyone who has been watching our real estate market in Hamilton NJ and Mercer County, to read the news that the number of price-reduced homes on the market in November increased dramatically nationwide, compared to the same time last year, rising 24.1% according to ZipRealty’s Price Reduction Index (a monthly review of 26 markets).
For the second straight month, total inventory dropped with November seeing a 3.8% decrease as compared to October. The percentage of inventory that has been reduced edged up 0.1% as the number of price-reduced listings fell at a slightly slower rate of 3.7%. This is normal for New Jersey, because of weather-related issues and builder inventory slowdown.
“Typically, November is a slower month for sales,” said John Oldham, Director of Marketing for ZipRealty. “Inventory peaked in September and has dropped over the last two months. The increase in price-reduced listings is evidence that sellers are still trying to find the right price point to get the property to sell.” While some homeowners may wait until after the holidays to sell; those selling now are listing homes for lower prices as the median list price dropped 2.8% from October to $234,484.
Highlights of the report:
-Nearly half (48.4%) of listed homes in November included at least one price reduction, an increase of 24.1% over last year and 0.1% over October
-The median list price dropped by 2.8% from October to $234,484, and the average percentage of price reduction amount to list price rose to 7.6% in November, a 1.7% change from October
-In 17 of the 26 markets surveyed, listings have experienced an average of two price reductions
Price reductions aren't good for sellers, but they mean value for buyers. Call or email me to find some great prices for a Hamilton NJ home to fit your needs.
Joe Giancarli, SA
609-658-2612
jgiancarli@remax.net
http://www.joegiancarli.com/
http://www.njhomesource.com/
www.activerain.com/blogs/josephgiancarli
http://www.newjerseynewhomes.blogspot.com/
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