Let’s take a look:
The average list-to-sales ratio for this area is 94.9%. The current inventory can best be described as mildly active.
Currently there are 38 sales pending in the market overall, leaving 108 listings still for sale. The resulting pending ratio is 26% 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 $400K to $500K price range has a relatively large inventory of properties pending sale. This same price range has a relatively large inventory of properties for sale (currently 31 listings). The average list price (or asking price) for all properties in North Edison is $633,506.
79 contracts have closed in the last 6 months with an average sold price of $504,733. So breaking it down, the $500k to $600k price range contains the highest number of sold listings. A total of 124 listings have expired in the last 6 months. The $400K to $500K price range has the highest number of expired listing with 33 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 North Edison for the last 6 months reveals an average sold price of $504,733 and 64 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 month. Analysis of the overall absorption rate in North Edison indicate an inventory of 8.2 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: