The Top Ten Events in Somerset County, NJ This Weekend December 8-10, 2017

The Top Ten Events in Somerset County, NJ This Weekend December 8-10, 2017

    1. Vienna Boys Choir, State Theatre New Jersey
    2. Somerset Patriots Holiday Toy Drive, TD Bank Ballpark
    3. Moscow Ballet’s The Great Russian Nutcracker, RVCC Arts
    4. A Snow White Christmas– Opening Weekend, Villagers Theatre
    5. Glen Burtnik’s Christmas, State Theatre New Jersey
    6. Candlelight Holiday Tours, Rockingham Historic Site
    7. Breakfast with Santa, The Bernards Inn
    8. Santa Brunch, Grain House Restaurant at The Olde Mill Inn
    9. Peter Mayer Stars & Promises Concert, United Reformed Church Somerville
  1. 10.

Holiday Concert by Brassworks

    1. , Farmstead Arts Center

Check out full calendar of events



 

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USAA members and their families can receive a substantial reduction on their next real estate transaction.


 

 


 

 

Real Estate Market Update Report Somerset County NJ

Somerset County’s Real Estate Market Conditions | December of 2017

Somerset County’s Real Estate Market Conditions | December of 2017

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Get ahead of the real estate market economic and behavior drivers in Somerset County, New Jersey with Coldwell Banker Residential Broker sales associate, Joe Peters.

Somerset County New Jersey Real Estate Market Conditions (including):

  1. Branchburg
  2. Bridgewater
  3. Somerville
  4. Hillsborough 
  5. Warren
  6. Watchung

Based on the last full month’s contract sales, statistics show a supply of approximately four months. Normal market conditions average four to six months in Somerset County.  Units sold averaged 61 days on the market. 307 properties went “under contract” in November, down from 338 in the prior month. Newly listed properties in the same period totaled 252.

Somerset County Inventory Breakdown by Price | October:

New Listings Under Contract Active Listings Month’s Supply
Condos/Town Houses * 133 132 358 3
Over 55 Communities* 10 19 50 3
$000K to $199K 33 38 91 2
$200K to $299K 81 94 245 3
$300K to $399K 79 64 199 3
$400K to $499K 40 42 153 4
$500K to $599K 31 33 139 4
$600K to $699K 29 22 122 6
$700K to $799K 21 14 98 7
$800K to $899K 10 12 83 7
$900K to $999K 16 6 73 12
$1,000K and Up 49 13 260 20
Totals for October 389 338 1463 4
Average Price $579,975 $436,420 -24.8%  
Average Days on Market 61
* Included in $ breakdowns

Somerset County Sales Breakdown Overview:

  • 70 % of sales in houses < $500,000
  • 26 %of sales in houses > $500,000 and < $1,000,000
  • 04 % percent of total sales (or 13 in total) in houses >$1,000,000

Somerset County Inventory Breakdown by Municipality | October

Somerset County Sales Breakdown Detailed:

Active Listings Under Contract Month’s Supply
Bedminster Twp 72 17 4
Bernards Twp 151 31 5
Bernardsville 88 8 11
Bound Brook 20 6 3
Branchburg Twp 75 12 6
Bridgewater Twp 161 40 4
Far Hills Boro 14 0
Franklin Twp 202 80 3
Green Brook 34 7 5
Hillsborough 123 31 4
Manville Boro 37 6 6
Millstone Boro 2 0
Montgomery Twp 147 20 7
North Plainfield 71 25 3
Peapack Gladstone 30 3 10
Raritan Boro 12 8 2
Rocky Hill Boro 2 1 2
Somerville Boro 32 8 4
South Bound Brook 13 7 2
Warren Twp 125 19 7
Watchung Boro 52 9 6
Totals 1463 338 4

Two areas in Somerset County reported no sales in the past month:

  • Far Hills
  • Millstone

One area reported one or two sales each last month:

  • Rocky Hill

Hotspots:

  • Bernards – 24 sales
  • Bridgewater – 35 sales
  • Franklin – 65 sales
  • Hillsborough – 35 sales
  • Montgomery – 19 sales
  • N Plainfield – 18 sales

These hotspot areas equaled 64% of the sales last month. The average new listing coming on the market last month neared $545,660 The average price of a unit going “under contract” neared $432,561 (21% less).

Note: To get an accurate price point for your property, contact me. Coldwell Banker’s big data technology capabilities will put you at an advantage. Houses priced and marketed accurately sell fast, especially with a real estate industry veteran and local expert helping you navigate the process.

New Jersey’s Economic Drivers:

New Jersey Home Sales:

Home purchase demand increased by  9% in New Jersey during October giving the state its 6th consecutive month of increases. (These numbers run a month behind).  The same number were about 4% in 2016.

New Jersey experienced a compounded growth rate of 14% over the past two years. Sales increased by 5% YTD.

Activity concentrates in the <$400,000 market where Millennial buyers transition into home ownership. During the same period, all housing sales showed increases across all price points showing confidence in the new administration’s plans on taxes and deregulation.

At the same time, the number of homes offered for sale in New Jersey remained low and had recently decreased. The supply decreased by ~ 5,000 homes, compared to a year ago.  Currently, ~33,000 fewer (-46%) homes are on the market compared to the 2011 peak.

Current unsold inventory in New Jersey sits at just under 4.3 months vs. 5.2 months from a year ago.

Hunterdon County has ~10% less inventory, and Somerset County also has ~ 13% less inventory than a year ago.

The fear of increasing interest rates based on future increases, and the Fed’s slightly loosening lending standards affect the current market activity.

Interest Rates:

Interest rates at the end of October rose slightly to a level of just over 3.9% for a 30-year conventional mortgage. A fifteen-year conventional mortgage rests at just under the 3.3% range. Five and seven-year arms are at the 3.3% range as well.

Consumer fears of steadily rising rates and slowly rising home prices impact the current market. The Fed already instituted initial increases in rates and are talking about additional ones. Industry analysts forecast a 4.7% rate by the end of the year, 5% by the end of 2018, and 5.5% by the end of 2019. If the rate increases from 4% to 5%, buyers will lose 9% of their buying power.

Combine that with the steadily increasing prices and consumer confidence, and you have what is driving our current market activity

National Job Front:

US unemployment rate is 4.1%. This is the lowest it has been in over forty+ years ! And, it is a decline of over 70% from the peak which happened in 2009.

On the national level, we reached full recovery in May of 2014 with 2,700,000+ job gains in 2015. Revised figures show a gain of 2,242,000+ in 2016.  Expectations of 2,000,000 jobs in 2017 leave us at  -6% from 2016.

  • The national U-3 unemployment rate stands at 4.1%.
  • U-6 unemployment rate stands at 7.9%

Note: Due to full-time and part-time jobs counted equally by the BLS, numbers differ.  The US economy still needs to create an additional 2,600,000 jobs to reach the same employment rate that existed before the start of the 2007 to 2009 recession.

But, the momentum is building and the result is consumer confidence is the highest since 2004. Great news for the housing industry !

New Jersey Job Front:

NJ unemployment rate increased to 4.9%, bolstering consumer confidence remains high in NJ as well.

New Jersy job growth increased by 65,000+ in 2015, the best in 15 years. Projecting on those numbers, New Jersey’s recession losses would recover by 2017.  To date, we reached 96% of projected numbers. Finalized projected numbers showed 59,000 in 2016. Still good!  Although we still trail the nation, we’re on pace to add 25,000 jobs this year vs. 59,000 being added in 2016 (- 60%).

Thru October, 22,000 additional jobs were added YTD vs. 50,900 for the same period last year.

It should be noted that even though these numbers are disappointing, the levels of the jobs being added at is much higher than in the past several years (a silver lining?).

Rental Market Trends:

Tight Market!

Prior restrictive mortgage standards nudged Millennials to postpone home ownership until later in life than previously seen. These potential buyers live with parents or share rentals. We are starting to see them now re-enter the rental and first-time buyer markets. The average age of our first-time buyer changed from 29 to 37 years over the past five years.  Older Americans impacted by underfunded retirement plans due to the economic downturn rent houses too.

Rental prices in New Jersey rose ~ 10% annually, averaging over $1,300 per unit. Current vacancy rates in New Jersey rest at 3.5%, the lowest in the state and nation (which is at 4.5%).

The drop in New Jersey’s homeownership contributes to rental demand.  A 12+ year trend shows a decrease from  71% to 52%.  This 8% decrease compared to an 8% national decrease contributes to the slower recovery of home prices in the state.  One or two-person households with no children stands at 65%, reflected in our school population.

New Jersey Foreclosures:

New Jersey continues to face high foreclosure rate filings. Other states have begun to, or already have recovered. In tight real estate market, these foreclosures sell at a small discount.

Note:  Figures vary by local market, especially those walloped by Hurricane Sandy three years ago and rural and urban areas. We still rank #1 in the country at 4.0%, followed by NY, LA, MS, ME, FL, MD, PA, MD, RI and DE.  The national baseline number sits at ~ 1.7%.

2016 saw a 3% decrease over the prior year and added a ~ 71,100 filings, compared to 76,800 in 2015.  2017 YTD  foreclosure filings YTD have decreased sllightly with 2016 YTD.  Forecasts project 72,000+ or -3%, putting pressure home prices in concentrated areas.

 Real Estate Market Recap

  • Consumer confidence is high. This is mainly based on the job and stock market increases.
  • 80% of consumers perceive homeownership as part of the American Dream.
  • Millennials make up 24% of homeowners with room for expansion at the lower end of the market with adequate inventory supply.
  • Analysts five-year forecast indicates slow and steady price growth ay an annual 4%.
  • Central New Jersey’s trend for 2016 and early 2017 showed a surge in home sales, but not prices, clustered in < $500,000 market. In 2016, a 1% rise in prices tallied for New Jersey. As inventory builds, prices will rise.
  • In 2017 prices rose ~ 4% in the more popular price points with ideal locations. Projections for 2017 rest at 5% by the end of the year.  Houses priced <$400,000 for first-time buyers, and Millennials experience greater pricing fluctuations.
  • The >$600K market holds steady to diminishing slightly, depending on location and price.  Often when a >$600K property goes on the market, it’s competing with a >$700K that needs to sell quickly.
  • People in their home > 10 years think about making a change with a healthy economy.  Home equity built up and a more significant portion of payments applies to principle.  Increases in pricing motives people to make changes or even start a new business with the extra equity cash.
  • Minimal new construction adds additional value to the current inventory.
  • Foreclosures help to offset fewer listings.

Somerset County

Net-Net

Either as a seller or buyer, navigate this real estate market with me!

  • Low-interest rates
  • Pent-up demand
  • Active market with increasing prices in the more popular price points and locations
  • High consumer confidence

Call me at 908-238-0118 to discuss your situation, and I’ll put my expertise and access to big data to work for you.

Note:  Presented as a public service by Joe Peters of Coldwell Banker Residential Brokerage. I took reasonable precautions presenting this information. Please consult with a professional sales agent and take no actions based on my opinions, gathered trends, and statistics.  I assume no liability.

The Top Ten Events in Somerset County, NJ This Weekend November 3-5, 2017

The Top Ten Events in Somerset County, NJ This Weekend November 3-5, 2017

 

  1. Good Libations, The Center for Contemporary Art
  2. Grain House Comedy Night, The Olde Mill Inn
  3. Avenue Q – Opening Weekend, Villagers Theatre
  4. On the Rocks & Rolled – A Whisky + Cigar Experience, The Bernards Inn
  5. Full Circle: 2017 | Art of Possibility, Robert Schonohorn Arts Center
  6. Lantern Walk, Fairview Farm Wildlife Preserve
  7. 13th Annual Adopt A Boulder, Sourland Mountain Preserve
  8. Roving Naturalist – Historical Changes in Our Land, Duke Farms
  9. A Taste of Change:, Jacobus Vanderveer House
  10. Great Tree Men and Women of America, Leonard J. Buck Garden

 

Check out full calendar of events


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USAA members and their families can receive a substantial reduction on their next real estate transaction.



The Top Ten Events in Somerset County, NJ This Weekend October 13-15, 2017

The Top Ten Events in Somerset County, NJ This Weekend October 13-15, 2017

 

1. Weekend Journey Through the Past, Throughout Somerset County

2. Bedminster Charities Fall Fest, River Road Park

3. New Jersey Oktoberfest, Forest Lodge

4. D&R CanalFest 2017, East Millstone

5. By the Light of the Moon, EEC

6. Jersey Boys, State Theatre NJ

7. EQUUS, Villagers Theatre

8. Live Animal Show , EEC

9. Annual Oktoberfest, Ninety Acres

10.Open Farm Weekend, Bluebird Farm Alpacas

 

Check out our full calendar of events!

 

Check out full calendar of events

 

 


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The Top Ten Events in Somerset County, NJ This Weekend October 6-8, 2017

The Top Ten Events in Somerset County, NJ This Weekend October 6-8, 2017

    1. VNA Fall Rummage Sale, Far Hills Fairgrounds
    2. USEF Show Jumping Talent Search Finals East, USET Foundation
    3. Old Fashioned Country Fair, Fairview Farm Wildlife Preserve
    4. Legally Blonde The Musical , Theatre at RVCC
    5. EQUUS – Opening Weekend, Villagers Theatre
    6. Sense and Sensibility, Theatre at RVCC.
    7. Birding Big Sit, Environmental Education Center
    8. Festival of South African Dance, State Theatre New Jersey
    9. It’s All in the Details – Artist Reception , Studio 7 Fine Art Gallery
    10. 10.Arsenic and Old Lace, Farmstead Arts Center

Check out full calendar of events

 

 


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