ABSORPTION REPORT for SOMERSET 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 SOMERSET COUNTY ­ ­ ­ ­source:GSMLS

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

 

ABSORPTION REPORT for SOMERSET COUNTY  
April thru September 2018 data used for this report  
Town Actives Solds Average Sold/Month Months of Supply
Bedminster Twp.  69  106  17.67 3.9
Bernards Twp.  181  292  48.67 3.72
Bernardsville Boro  102  55  9.17 11.12
Bound Brook Boro  27  45  7.5 3.6
Branchburg Twp.  78  114  19 4.11
Bridgewater Twp.  177  351  58.5 3.03
Far Hills Boro  18  0.5 36
Franklin Twp.  218  437  72.83 2.99
Green Brook Twp.  34  52  8.67 3.92
Hillsborough Twp.  140  323  53.83 2.6
Manville Boro  32  68  11.33 2.82
Millstone Boro  0.33 3.03
Montgomery Twp.  126  182  30.33 4.15
North Plainfield Boro  53  142  23.67 2.24
Peapack Gladstone Boro  22  24  4 5.5
Raritan Boro  16  34  5.67 2.82
Rocky Hill Boro  0.67 10.45
Somerville Boro  28  53  8.83 3.17
South Bound Brook Boro  16  35  5.83 2.74
Warren Twp.  137  100  16.67 8.22
Watchung Boro  53  34  5.67 9.35
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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