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

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

ABSORPTION REPORT for MORRIS COUNTY  
April thru September 2018 data used for this report  
Town Actives Solds Average Sold/Month Months of Supply
Boonton Town  28  48  8 3.5
Boonton Twp.  31  31  5.17 6
Butler Boro  45  66  11 4.09
Chatham Boro  37  88  14.67 2.52
Chatham Twp.  81  118  19.67 4.12
Chester Boro  11  18  3 3.67
Chester Twp.  75  74  12.33 6.08
Denville Twp.  93  146  24.33 3.82
Dover Town  27  63  10.5 2.57
East Hanover Twp.  30  60  10 3
Florham Park Boro  38  51  8.5 4.47
Hanover Twp.  39  77  12.83 3.04
Harding Twp.  62  23  3.83 16.19
Jefferson Twp.  180  172  28.67 6.28
Kinnelon Boro  89  58  9.67 9.2
Lincoln Park Boro  20  93  15.5 1.29
Long Hill Twp.  45  63  10.5 4.29
Madison Boro  59  118  19.67 3
Mendham Boro  58  50  8.33 6.96
Mendham Twp.  82  62  10.33 7.94
Mine Hill Twp.  25  39  6.5 3.85
Montville Twp.  117  144  24 4.88
Morris Plains Boro  21  58  9.67 2.17
Morris Twp.  119  189  31.5 3.78
Morristown Town  49  79  13.17 3.72
Mount Arlington Boro  39  63  10.5 3.71
Mount Olive Twp.  113  219  36.5 3.1
Mountain Lakes Boro  68  27  4.5 15.11
Netcong Boro  10  13  2.17 4.61
Parsippany-Troy Hills Twp.  123  297  49.5 2.48
Pequannock Twp.  40  88  14.67 2.73
Randolph Twp.  110  180  30 3.67
Riverdale Boro  23  73  12.17 1.89
Rockaway Boro  19  48  8 2.38
Rockaway Twp.  139  231  38.5 3.61
Roxbury Twp.  107  198  33 3.24
Victory Gardens Boro  0.33 6.06
Washington Twp.  115  158  26.33 4.37
Wharton Boro  25  27  4.5 5.56
Claudia Marquardt

Claudia Marquardt

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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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NJ Realtors® Skinny -- Q2 2018