ABSORPTION REPORT for MORRIS COUNTY

The current absorption rate in your market. Here’s how you find that:­

  • First, determine the number of homes closed in your market over a specific period — say, 6 months.
  • Next, divide the number of homes by the number of months in the period — in this case, 6. This calculation gives a per month absorption rate.
  • Last, divide the rate into the number of current listings. This yields the months’ supply of homes.


6 months of ­supply is considered a balanced market — when the number of listings roughly equals the number of buyers. Numbers over six represent a buyers’ market and those below a sellers’ market.

ABSORPTION REPORT for MORRIS COUNTY ­ ­ ­ ­source:GSMLS

November 2017 thru April 2018 data used for this chart or the last six months.

 

ABSORPTION REPORT for MORRIS COUNTY  
November 2017 thru April 2018 data used for this report
Town Solds Average Sold/Month Months of Supply
Boonton Town  36  6 3.67
Boonton Twp.  19  3.17 9.15
Butler Boro  54  9 3.56
Chatham Boro  51  8.5 4.47
Chatham Twp.  64  10.67 6.65
Chester Boro  11  1.83 5.46
Chester Twp.  50  8.33 9.36
Denville Twp.  94  15.67 4.4
Dover Town  55  9.17 2.62
East Hanover Twp.  44  7.33 4.23
Florham Park Boro  48  8 4.75
Hanover Twp.  51  8.5 3.29
Harding Twp.  20  3.33 14.11
Jefferson Twp.  145  24.17 5.75
Kinnelon Boro  46  7.67 8.34
Lincoln Park Boro  77  12.83 2.88
Long Hill Twp.  53  8.83 4.42
Madison Boro  82  13.67 6
Mendham Boro  34  5.67 8.99
Mendham Twp.  29  4.83 16.56
Mine Hill Twp.  30  5 5.8
Montville Twp.  90  15 7.27
Morris Plains Boro  40  6.67 3.15
Morris Twp.  141  23.5 3.87
Morristown Town  57  9.5 3.37
Mount Arlington Boro  45  7.5 4.67
Mount Olive Twp.  162  27 3.11
Mountain Lakes Boro  20  3.33 19.82
Netcong Boro  11  1.83 6.01
Parsippany-Troy Hills Twp.  191  31.83 3.83
Pequannock Twp.  70  11.67 3.08
Randolph Twp.  121  20.17 5.11
Riverdale Boro  44  7.33 2.86
Rockaway Boro  33  5.5 4.73
Rockaway Twp.  172  28.67 3.8
Roxbury Twp.  134  22.33 3.9
Victory Gardens Boro  1.17 0
Washington Twp.  105  17.5 6.34
Wharton Boro  20  3.33 1.8

 

Claudia Marquardt

Claudia Marquardt

RealtorĀ®, Sales Associate
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The Do's and Don'ts of Credit

Here are some important credit related facts that everyone who would like a higher credit score should know! 

1. Don't Apply For New Credit. Every time that you have your credit pulled by a potential creditor or lender, you can lose points from your credit score immediately. ** Exception to the Case- When pulled for mortgage purposes or car loans, multiple credit pulls will not have a negative impact on a score, if done within a certain time frame**

2. Don't Pay Off Collections or "Charge Offs". If you want to pay off old accounts, do it through escrow, making sure that the debt is yours. Request a "letter of deletion" from the creditor. 

3. Don't Close Credit Card Accounts. If you close a credit card account, it may appear that your debt ratio has gone up. Closing a card will affect other factors in the score, including credit history.

4. Don't Max Out or Over Charge Credit Card Accounts. Try to keep your credit card balances below 40 percent of their limit during the process. Pay Down balances if possible

5. Don't Consolidate Your Debt. When you consolidate all of your debt onto one or two credit cards, it will appear that you are "maxed out" on that card and you will be penalized.

6. Do join a credit monitoring service like www.myfico.com or www.creditchecktotal.com. These inquires won’t affect your credit score and can alert you early to any potential inaccuracy or action needed to improve your credit score.

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