Hi everyone! Welcome to my blog. 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 88 listings in the entire township of West Windsor; 16 of which are townhomes/condos and 72 are single family homes. The market absorption rate for the township is 8 months. Given that an 8 month supply is the balance point below which home prices are inclined to stabilize, an end to 3 years of declining home prices could be at hand. In addition, based upon current trends, it appears that home sale activity during the winter months will rise to its highest seasonal level since 2004, a time when home prices were still rising.
This past week in West Windsor saw three properties go pending:
- 4 Fairfax Court, single family home in Grovers Mill Estates, listed for $604,000, days on market (DOM) 44
- 33 Springhill Drive, single family home in Princeton Chase, listed for $650,000, DOM 128
- 4 Country Squire Lane, single family home in Hunters Run, listed for $798,000, DOM 24
New to the West Windsor market are the following properties:
- 110 Lowell Court, Canal Pointe condo, listed at $255,000
- 148 Princeton-Hightstown Road, single family home, listed at $519,900
- 2 Jewel Road, single family home in Crown Pointe, listed at $808,000
Closed Sales in West Windsor this past week are:
- 34 Honeyflower Lane, Village Grande (Active Adult Community), $310,000, DOM 88
- 16 Heath Ct, Canal Pointe condo, $371,500, DOM 69
- 349 Clarksville Road, single family home, $390,000, DOM 18
- 15 Perry Drive, Kings Mill single family home, $510,000, DOM 189
- 2 Birchwood Court, Birchwood Estates single family home, $558,000, DOM 239
- 79 Saratoga Drive, Kings Point single family home, $570,000, DOM 39
- 32 Slayback Drive, Princeton Ivy single family home, $593,000, DOM 63
- 419 Clarksville Road, single famly home, $997,000, DOM 56
In addition, 2 properties went into attorney review, 3 properties had price reductions, and 2 properties were 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.