July 23, 2010
Home Sales in Pennington for the last 12 Months

With the first half of the year behind us, here is a look at how the real estate market is faring in Pennington, New Jersey. There have been 36 homes sold in the past 12 months for an average sale price of $451,233. The average asking price was $490,327 and the homes spent an average of 110 days on the market.

The previous twelve months (July 2008 to June 2009) saw a per-house average sale price of $450,088 for the 21 homes that sold. The average asking price was $504,909 and it took on the average 122 days for them to sell.

Just a quick glance will tell you that the number of homes sold increased and the time on the market also increased from year to year, and that the average sold price increased only slightly. While all this may be statistically true, it may also relate to the types of homes being sold.

Information from the TReND MLS is deemed reliable but is not guaranteed.

Posted by: Bruce

June 10, 2010
How Do You Get Started Selling Real Estate?

Perhaps you are wondering: How you get a license? How do you join a company? What does it cost? and How do you make money?

For insights into the answers, visit Careers In Central New Jersey Real Estate. You will find information on Schooling, Licensing, and Careers Choices.

Posted by: Bruce

March 28, 2010
Search Homes for Sale on a Map of Pennington

If you know which Pennington neighborhood you want to live in, it is possible using the added functionality of the Use An Atlas Search Page to focus in on a specific area in Pennington Borough and discover the homes that are for sale there.

Posted by: Bruce

February 26, 2010
Regional Data Appears More Optimistic than National Data

Single-Family Homes and Condos

Single-family home sales fell 6.9 percent to a seasonally adjusted annual rate of 4.43 million in January 2010 from a level of 4.76 million in December, but are 8.6 percent above the 4.08 million pace in January 2009. The median existing single-family home price was $163,600 in January, down 0.4 percent from a year ago.

Existing condominium and co-op sales dropped 8.1 percent to a seasonally adjusted annual rate of 620,000 in January from 675,000 in December, but are 38.1 percent above the 449,000-unit level a year ago. The median existing condo price was $172,400 in January, which is 1.4 percent higher than January 2009.

Regional Performance

Existing-home sales in the Northeast fell 10.9 percent to an annual pace of 820,000 in January 2010 but are 22.4 percent above a year ago. The median price in the Northeast was $245,300, a gain of 8.8 percent from January 2009.

Posted by: Bruce

January 14, 2010
Updated Neighborhood Information

Sales data for the last two years has just been incorporated into the data supplied for each of Pennington Borough's neighborhoods. The number of sales have remained fairly constant, and as you would expect sales prices have generally declined as values are being affected by the national economy.

Posted by: Bruce

December 07, 2009
December 2009 Market Conditions

Pennington currently has 24 homes for sale. Through today, there have been 22 homes sold so far this year. At this rate of home sales, it would take 12 months to exhaust the supply, making this a buyer's market. The average sales price has been $415,281 for homes were asking an average price of $467,336.

Information from TREND MLS - Information Deemed Reliable but Not Guaranteed.

Posted by: Bruce

November 07, 2009
First-Time Homebuyer Tax Credit Extended and Expanded

It’s now official, Congress has extended and expanded the existing $8,000 homebuyers tax credit and the President signed it into law on Friday, Nov. 6th.

The new law extends the existing tax credit for Pennington area buyers who have not owned a home that was their principal residence in the past three years and adds some new criteria and qualifying homebuyers.

The $8,000 credit was scheduled to lapse on December 1st, 2009 but will now be in effect through the end of June. Homebuyers must sign a contract before April 30, 2010 and close by June 30, 2010.

The income limits have been raised: Single buyers can now earn up to $125,000 and still get the full credit while a married couple can earn $225,000.

The bill also made more Pennington, NJ homeowners eligible to claim the credit on their taxes. First-time buyers — those who have not owned a home in the past three years — still qualify for an $8,000 rebate. But now people who want to trade up can also qualify. Those who have owned and occupied a residence for at least five years out of the past eight can claim a $6,500 tax credit if they close on a purchase by the end of June.

Posted by: Bruce

October 29, 2009
Pennington Encourages Water Conservation

At its February 11, 2008 meeting, the Pennington Borough Council adopted a new Water and Sewer rate structure that is intended to encourage water conservation. “Conservation will be a key focus going forward for the Pennington water system. It is far less expensive to reduce the growth in projected water consumption, than develop new wells and related supply infrastructure,” said Council Member Tom Ogren.

The new rate structure has increased the number of usage tiers from three to five. As consumers move up into higher usage tiers, they will be required to pay a higher rate per 1,000 gallons consumed. As a result, it is in the consumer’s economic interest to reduce water consumption so that the lower rates apply. “Those consumers that place the highest demand on the water system should proportionately bear higher costs,” said Council Member Glen Griffiths.

Posted by: Bruce

October 02, 2009
Pennington Home Sales - September 2009

Pennington Borough monthly sales statistics derived from our local Multiple Listing Service known as TReND, show that 2 homes sold in Pennington this last month. With an average number of homes sold per month over the last year at 2 and with 25 homes currently on the market, it will take about 12 months for all the inventory to sell.

These two homes sold for an average price of $458,000. The average sale price for the past year has been $416,925 for a home in the borough of Pennington.

Posted by: Bruce

September 24, 2009
Tick. Tock. Tick. Tock.

Time is running out on the tax credit available to first time home buyers through the federal stimulus package. You must have purchased the home before the end of the day on November 30, 2009 to qualify. Information on the 22 homes available in Pennington Borough can be found here.

Posted by: Bruce