Let’s take a look:
The average list to sales ratio for Metuchen in January 2011 is 94.7% The current inventory can best be described as sluggish.
Currently there are 14 sales pending in the market overall, leaving 75 listings still for sale. The resulting pending ratio is 15.7% which sounds great, but let’s look closer. Typically, a pending ratio indicates the supply and demand of the market. A high ratio means that listings are in demand and quickly going to contract. A low ratio means there are not enough qualified buyers for the existing supply.
Currently the $200K to $300K price range has a relatively large inventory of properties pending sale. The $300K to $400K price range has a relatively large inventory of properties for sale (currently 26 listings). The average list price (or asking price) for all properties in Metuchen is $424,868.
40 contracts have closed in the last 6 months with an average sold price of $393,532. So breaking it down, the $300k to $400k price range contains the highest number of sold listings. A total of 71 listings have expired in the last 6 months. The $300K to $400K price range has the highest number of expired listing with 24 properties. Listings may expire for many reasons such as being priced too high, inadequately marketed or the property being in poor condition.
Analysis of sold homes in Metuchen for the last 6 months reveals an average sold price of $393,532 and 65 days on the market. However, it would appear that properties in the $600K to $700K price range have sold the quickest over the past 6 months. Analysis of the overall absorption rate in Metuchen indicate an inventory of 11.3 months based on the last 6 months of sales. It is also significant to mention that this estimate does not take into account any additional properties that will come on the market in the future.
For more information and tables and graphs, please take a look at the book below: