The Town Broker

Census 2010: Why Being Counted, Counts!

I recieved by 2010 Census form in the mail this week. You probably did too. I’ll be taking the time to complete it and mail it back this this weekend, and I’m encouraging you to do the same. Why is this so important?

Now, More Than Ever Before…NJ Needs An Accurate Census Count.

I don’t know about you, but I’ve been pretty alarmed by the recently announced cutbacks in our state budget. One way to address this is to be absolutely certain that we’re getting all the federal dollars that we’re entitled to. I learned this week that NJ gets back 50 cents for every dollar we send to Washington.  OUCH!

The census will help determine how over $400 Billion in federal dollars are allocated. This money is used to pay for things like:

• Hospitals
• Schools
• Senior Centers
• Community Centers
• Emergency Services
• Bridges and Public Works Projects.

In my own industry, buyers and sellers rely heavily on the community demographics provided by the census when making real estate decisions.

Now, more than ever before, NJ residents need to be sure that we get our fair share back from Washington. So this weekend, take 10 minutes to complete the 2010 census form, and send it back.  We’re counting on you!

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Tags: Census, real estate statistics, Westfield

Westfield, NJ Market Report- February 2010

In Westfield NJ, the month of February closed with inventory levels coming down (at least vs. last February), and buyer demand on the rise. Here are the key numbers for the month.  Check out this video report for more detail and analysis.

Number of Active Listings: 152

Number of Closed Sales:    15

Average Days on Market:    55

Median Sale Price:     $756,000

Tags: market report, real estate statistics, Westfield

Westfield Market Report – January, 2010

In Westfield NJ, the month of January closed with average sale prices, up and days on market down. Here are the key numbers for the month:

Number of Active Listings:          145

Number of Closed Sales:               11

Average Days on Market:             54

Average Sale Price:                      $941,682 

Check out this video report for more detail and analysis.

Tags: market report, real estate statistics, Westfield

Real Estate Statistics: What You Need To Understand. (Part 3)

Real estate statistics can be confusing, and real estate is FULL of statistics! In Part 1 of this 3-part series, I looked at market absorption, how it describes the “dynamics” of the real estate market, and how you can use it to your advantage! In Part 2, I reviewed how the days on market (DOM)  tells how much the market values a listing. In this post, I’ll cover the final of the big 3 statistics: Sale Price/ Original List Price Ratio.

Sale Price/ Original List Price Ratio. 

This number simply tells how close to the original asking price the seller got for their home. It is NOT the number most commonly reported by the major real estate websites, or even by agents and brokers when they tout their marketing success. As a consumer, you’re more likely to see Read the rest of this entry »

Tags: List to sale ratio, LP/SP, market report, real estate statistics

Real Estate Statistics: What You Need To Understand. (Part 2)

Real estate statistics can be confusing, and real estate is FULL of statistics! In Part 1 of this 3-part series, I looked at market absorption, how it describes the “dynamics” of the real estate market, and how you can use it to your advantage! In this post, I’ll look at another key market statistic: days on market (DOM).

Know The Key Real Estate Statistics To Achieve Success

Days on market measures just what it says…the number of days that a home has currently been on the market. Why is this number so important? Because it can tell what the market thinks about the value of the home.

When a new listing comes on the market, it becomes a little like “NFL draft day”. This is the day when the promising college football stars go on the “auction block” for the NFL teams to bid on.

If you’re a college player and the scouts & coaching staff think you’ve “got the goods”, you might be lucky enough to get drafted in one of the early rounds. You will have commanded a hefty pricetag, and will be well on your way to fulfilling your childhood dreams!! But if you slip to the later rounds, your fate Read the rest of this entry »

Tags: days on market, DOM, Real Estate, real estate statistics

Real Estate Statistics: What You Need To Understand. (Part 1)

Real estate statistics can be confusing. I once had a college professor who said that there were three kinds of lies: lies, damned lies, and statistics. (Actually, I think he stole this quote from Mark Twain. But the concept stuck with me, so I’ll give him credit.)  The phrase describes the idea that numbers can be used very persuasively in supporting an argument (especially a weak one). It also points out that people are often quick to disparage statistics that don’t support their point of view. 

Know The Key Real Estate Statistics To Achieve Success

Real estate is FULL of statistics! In this 3-part series, I’ll take a deeper look at the ones that I believe convey the most important information about any housing market: 1) market absorption, 2) days on market (DOM), and 3) sale price to original list price ratio.

Market Absorption

The market absorption rate is a statistic that describes the “dynamics” of the current market. If we can agree that all markets seek to find a balance between supply and demand, then the absorption rate tells us just how well it’s doing. The number is found by dividing the total number of available listings (those that are fully available to be shown and purchased) by the number of listings that have gone under contract in the past month. The answer to this simple math problem tells you just how many months it would take for Read the rest of this entry »

Tags: absorption rate, market absorption, real estate statistics