I hope everyone had a wonderful holiday with family and friends, filled with laughter and joy.
Once again, here are a few things to keep in mind before I get down to this week’s market activity.
Market absorption is an industry wide standard that is used to measure the market. Simply put, it is the amount of time, in months, that it would take to sell the existing inventory at the current pace of sales, assuming no other homes come on the market. A market absorption rate of 5-6 months is considered a ‘normal’ market; anything under 5-6 months is a seller’s market and over 6 months is a buyer’s market. Attorney review is the period after an offer is accepted by a seller and the attorneys are working through the contract details. Pending (or under contract) means that the contract has completed the attorney review period, and is now binding upon both the buyer and the seller.
We currently have 82 listings in the entire township of West Windsor; 17 of which are townhomes/condos and 65 are single family homes. The market absorption rate for the township is 5 months, a three month difference from last week’s 8 month market absorption rate.
There were 7 properties reported as pending this past week in West Windsor, a pretty robust showing for a holiday week:
- 203 Salem Ct., Canal Pointe condo, listed at $259,800, days on market (DOM) 12
- 52 Grande Blvd., Village Grande (active adult community), listed at $289,000, DOM 225
- 45 Scott Ave., Berrien Village single family home (SFH), listed at $379,900, DOM 128
- 11 Monterey Dr., Benford Estates SFH, listed at $528,000, DOM 65
- 278 N. Post Rd.,Wellington Estates SFH, listed at $589,000, DOM 76
- 2 Jewel Rd., Crown Pointe SFH, listed at $808,000, DOM 4
- 2 Norfolk Dr., Millbrook SFH, listed at $925,000, DOM 66
New to the West Windsor market this week is the following property:
- 203 Salem Ct, Canal Pointe condo, listed at $254,999
Reported closed sales in West Windsor this past week are:
- 8 Scott Ave., Berrien Village SFH, $275,000 (originally listed at $279,900), DOM 35
- 41 Nassau Pl., Colonial Park SFH, $461,000 (originally listed at $489,000), DOM 24
In addition, 1 property went into attorney review, 1 property had a price reduction, 2 properties expired and 1 property was withdrawn from the West Windsor market.
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Please visit my West Windsor sold page for more informaton on what homes have sold by month (organized by development) over the past two years.