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

February thru July 2018 data used for this chart or the last six months.

ABSORPTION REPORT for MORRIS COUNTY  
February thru July 2018 data used for this report  
Town Solds Average Sold/Month Months of Supply
Boonton Town  43  7.17 4.6
Boonton Twp.  25  4.17 7.91
Butler Boro  48  8 5
Chatham Boro  76  12.67 3.47
Chatham Twp.  99  16.5 4.97
Chester Boro  10  1.67 5.99
Chester Twp.  58  9.67 8.27
Denville Twp.  124  20.67 4.02
Dover Town  52  8.67 2.77
East Hanover Twp.  50  8.33 3.6
Florham Park Boro  53  8.83 4.53
Hanover Twp.  64  10.67 3.94
Harding Twp.  18  3 20.67
Jefferson Twp.  160  26.67 6.97
Kinnelon Boro  50  8.33 11.28
Lincoln Park Boro  83  13.83 2.68
Long Hill Twp.  55  9.17 5.34
Madison Boro  113  18.83 3.35
Mendham Boro  45  7.5 8.27
Mendham Twp.  57  9.5 9.16
Mine Hill Twp.  35  5.83 3.43
Montville Twp.  120  20 6.6
Morris Plains Boro  53  8.83 1.81
Morris Twp.  170  28.33 4.17
Morristown Town  63  10.5 5.14
Mount Arlington Boro  57  9.5 3.37
Mount Olive Twp.  185  30.83 4.09
Mountain Lakes Boro  26  4.33 18.24
Netcong Boro  13  2.17 7.37
Parsippany-Troy Hills Twp.  232  38.67 3.52
Pequannock Twp.  84  14 2.43
Randolph Twp.  144  24 5.38
Riverdale Boro  64  10.67 1.69
Rockaway Boro  50  8.33 2.76
Rockaway Twp.  201  33.5 4
Roxbury Twp.  170  28.33 3.71
Victory Gardens Boro  0.67 2.99
Washington Twp.  143  23.83 5.41
Wharton Boro  20  3.33 4.8
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®?

NJ Realtors® Skinny -- Q2 2018