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Warren Township Inventory Shrinks Nearly 6 Percent in November, 2012

The Warren Township real estate market was not impressive in comparison to the previous month. Indeed, the typical slow-down that accompanies the fall season was felt in at least 2 key areas: Closed and pending sales. But as we will show, the market was actually quite improved versus this same time last year. Take total sales as an example: The most recent total of 95 closings represents a 12.8-percent decrease versus the previous month’s total of 116. But compared to last November’s total of just 62 this is a much greater improvement of 53.2 percent. Also, an average of 104 closings were finalized during the months of September, October and November of this year, or 33.3 percent more, compared to this same quarter in 2011, when the average was just 78 closings per month.

Total pending sales fell nearly 21 percent, from 116 in October to just 92 in November. But compared to last November’s total of 88 this is actually a 4.5-percent improvement—not huge, but an improvement nonetheless. In another long-term analysis, the average number of pending sales reported from September through November of this year was up a hefty 38.2 percent compared to this same quarter 1 year ago.

In the current market climate, fewer listings is a good thing; which is why the most recent 5.9-percent decrease in total listings is a welcomed development to be sure. Further still, November’s total of 611 listings represents an 11.2-percent reduction in total inventory versus this same time last year. Also, from September through November of this year, there were 644 homes for sale per month, or 8.9 percent fewer, compared to this same quarter in 2011. Finally, 127 of the 611 homes on the market in November were new listings. This is down 22.6 percent versus the previous month’s total of 164, and down 2.3 percent versus last November’s total of 130. On average, a total of 147 new listings have been added to the market each month over the past year.

View the complete, original report here.