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

August 2017 thru January 2018 data used for this chart or the last six months.

ABSORPTION REPORT for MORRIS COUNTY  
August 2017 thru January 2018 data used for this report
Town Solds Average Sold/Month Months of Supply
Boonton Town  38  6.33 3
Boonton Twp.  22  3.67 5.99
Butler Boro  66  11 2.27
Chatham Boro  47  7.83 3.07
Chatham Twp.  70  11.67 3.68
Chester Boro  11  1.83 6.01
Chester Twp.  72  12 4.5
Denville Twp.  123  20.5 2.68
Dover Town  68  11.33 2.29
East Hanover Twp.  57  9.5 3.26
Florham Park Boro  43  7.17 2.93
Hanover Twp.  59  9.83 3.46
Harding Twp.  34  5.67 5.82
Jefferson Twp.  180  30 4
Kinnelon Boro  69  11.5 4.78
Lincoln Park Boro  88  14.67 2.39
Long Hill Twp.  57  9.5 3.47
Madison Boro  66  11 4.73
Mendham Boro  40  6.67 6.6
Mendham Twp.  37  6.17 8.59
Mine Hill Twp.  31  5.17 3.48
Montville Twp.  116  19.33 3.67
Morris Plains Boro  50  8.33 1.68
Morris Twp.  171  28.5 2.74
Morristown Town  72  12 1.83
Mount Arlington Boro  51  8.5 4.12
Mount Olive Twp.  175  29.17 2.95
Mountain Lakes Boro  26  4.33 7.85
Netcong Boro  12  2 6.5
Parsippany-Troy Hills Twp.  258  43 2.02
Pequannock Twp.  86  14.33 2.3
Randolph Twp.  179  29.83 2.55
Riverdale Boro  41  6.83 3.66
Rockaway Boro  45  7.5 1.6
Rockaway Twp.  221  36.83 2.77
Roxbury Twp.  149  24.83 3.22
Victory Gardens Boro  1 1
Washington Twp.  125  20.83 3.98
Wharton Boro  27  4.5 1.78
Claudia Marquardt

Claudia Marquardt

Realtor®, 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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