ABSORPTION REPORT for MORRIS COUNTY

The Absorption Rate is an important concept, and it's used by many real estate related businesses to attempt to predict home prices and sales activity going forward

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

August 2018 thru January 2019 data used for this chart or the last six months

 

ABSORPTION REPORT for MORRIS COUNTY  
August 2018 thru January 2019 data used for this report
Town Solds Average Sold/Month Months of Supply
Boonton Town  42  7 3.57
Boonton Twp.  27  4.5 5.78
Butler Boro  57  9.5 3.68
Chatham Boro  52  8.67 3.46
Chatham Twp.  76  12.67 4.42
Chester Boro  12  2 5.5
Chester Twp.  54  9 6
Denville Twp.  126  21 3.19
Dover Town  48  8 3
East Hanover Twp.  37  6.17 2.27
Florham Park Boro  45  7.5 4.13
Hanover Twp.  67  11.17 3.13
Harding Twp.  26  4.33 7.39
Jefferson Twp.  186  31 3.87
Kinnelon Boro  43  7.17 8.79
Lincoln Park Boro  56  9.33 2.36
Long Hill Twp.  52  8.67 4.15
Madison Boro  65  10.83 4.43
Mendham Boro  38  6.33 5.37
Mendham Twp.  51  8.5 6.59
Mine Hill Twp.  36  6 2.67
Montville Twp.  123  20.5 3.66
Morris Plains Boro  39  6.5 1.69
Morris Twp.  157  26.17 2.67
Morristown Town  83  13.83 2.17
Mount Arlington Boro  41  6.83 4.69
Mount Olive Twp.  161  26.83 4.25
Mountain Lakes Boro  26  4.33 11.55
Netcong Boro  16  2.67 3.37
Parsippany-Troy Hills Twp.  240  40 2.4
Pequannock Twp.  66  11 3.27
Randolph Twp.  154  25.67 2.8
Riverdale Boro  47  7.83 1.92
Rockaway Boro  33  5.5 2.36
Rockaway Twp.  201  33.5 3.13
Roxbury Twp.  165  27.5 2.33
Victory Gardens Boro  0.5 2
Washington Twp.  116  19.33 4.76
Wharton Boro  32  5.33 3
Claudia Marquardt

Claudia Marquardt

Realtor®, Sales Associate
Contact Me

The Tire Swing: Berkshire Hathaway HomeServices

Contact Me

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.

Need a Realtor®?

 

  Call Claudia Marquardt

NJ Realtors® Skinny -- Q4 2018