Up to date Moorestown Market Data

To get the latest Moorestown, NJ market data - Just the Facts

Moorestown Real Estate Sales Volume Cut in Half

During the month of May we saw a sharp decline in the Sold Volume for homes in Moorestown, NJ. During May 2008 the dollar amount of homes sold in Moorestown was $11,852,200. In May 2009 the dollar amount of homes sold in Moorestown, NJ was cut by almost 50% to $6,548,499. Obviously this is a significant drop, but thankfully we also saw a smaller drop on a percentage basis (approximately 20% or $8,000,000) in the dollar amount of homes listed for sale in Moorestown, NJ. All-in-all it has been a down year for real estate across the country, but it appears to be stabilizing in Moorestown. (Statistics are from Trend MLS)

The people that want to sell to move up into a larger home see this as an opportunity to take advantage of historically low interest rates and reduced sale prices especially at the higher end of the market. This is creating an incentive for them to adjust their prices down to sell their homes. Once a few of the homes sell it will create a domino effect in Moorestown, NJ and for a few lucky Sellers who have adjusted their prices down it will create a situation where they will have multiple offers to consider. A significant switch from January of 2009.

For the first time homebuyers they want to take advantage of the historically low interest rates and the $8000 tax credit prior to December. There is plenty of supply in Moorestown, NJ for the first time homebuyer and with a great school system it should always be on the list of towns to consider.

If you want more information regarding the type of buyers for homes in Moorestown or the surrounding areas please contact me.

Moorestown Homes are Affordable

Did You Know?

70% to almost 90% of all homes sold in Moorestown since 2003 were $699,999 or less. Buying a home in Moorestown is possible in all price ranges.*

$0 to $699,999

2003 = 88.50%
2004 = 79.80%
2005 = 75.41%
2006 = 70.27%
2007 = 74.68%
2008 = 76.19%
2009 = 80.56%

*Statistics are from Trend MLS.

If you want more information regarding the demand for homes in Moorestown by price range please contact me.

Just The Facts for Moorestown Real Estate - On the Right Track

June Real Estate Numbers for Moorestown
Moorestown Real Estate Data - June 2007 vs June 2008

Homes listed for sale: 48 vs 37
Homes sold: 28 vs 25
Days on market: 86 vs 110
Average sale price: $627,996 vs $597,148
Average list price: $660,608 vs $570,127

The first 6-months are now behind us and what a challenging period it has been for the real estate market. In Moorestown we have seen our ups and downs, but they are not as pronounced as some other towns in Burlington and Camden Counties. For that matter even other parts of the country. As you can see by the numbers we had fewer homes listed for sale in June then we did last year. This is good news for the overall supply of homes since the new construction market has practically disappeared in town. Demand for homes was relatively flat to slightly down while the days to sell a home continue to trend up. These three trends combined with the realignment of pricing continues to indicate our home market is getting back to normal, but is still at a fragile state. As a Seller continue to price your home accurately in a changing market and understand there is still plenty of supply (as of 7/5/2008 there were 213 homes for sale in Moorestown and an inventory accumulation of 14). As a Buyer realize that if a home is priced accurately there are people out there looking to purchase and it just might sell by the time you think the market has hit the bottom.

Keep coming back to this blog to learn more about the Moorestown real estate market and local real estate trends. Or if you want a FREE consultation regarding your property and the impact the trends will have on selling it please contact me.

Based on information from TREND MLS for June 1, 2007 to June 30, 2008

Just The Facts for Moorestown Real Estate - Making Up Ground

May Real Estate Numbers for Moorestown
Moorestown Real Estate Data - May 2007 vs May 2008

Homes listed for sale: 61 vs 59
Homes sold: 16 vs 26
Days on market: 138 vs 93
Average sale price: $603,562 vs $456,234
Average list price: $655,006 vs $729,106

I get asked are we at the bottom of the real estate correction fairly often. Of course this is very difficult to do. One may call a bottom, but in reality it could be a fools rally. Well, I maybe a fool, but I do believe we are getting close to the bottom. The only challenge I do see on the horizon is the employment rate and shrinking bonuses usually awarded to employees. The combination will continue to stall the economy and potentially allow other issues to surface such as a slower Commercial real estate market and a second round of mortgage issues. Thankfully in Moorestown our lows are never as bad as those in other towns given our strong school system, few development opportunities and a higher than average income level.

Keep coming back to this blog to learn more about the Moorestown real estate market and local real estate trends. Or if you want a FREE consultation regarding your property and the impact the trends will have on selling it please contact me.

Based on information from TREND MLS for May 1, 2007 to May 30, 2008

Just The Facts for Moorestown Real Estate - Finding the Bottom

April Real Estate Numbers for Moorestown
Moorestown Real Estate Data - April 2007 vs April 2008

Homes listed for sale: 55 vs 58
Homes sold: 26 vs 14
Days on market: 69 vs 177
Average sale price: $580,523 vs $569,471
Average list price: $728,756 vs $658,603

Given the spike in days on market and the growing supply the bottom is not yet here, but we are getting close.

Keep coming back to this blog to learn more about the Moorestown real estate market and local real estate trends. Or if you want a FREE consultation regarding your property and the impact the trends will have on selling it please contact me.

Based on information from TREND MLS for April 1, 2007 to April 30, 2008

Just The Facts for Moorestown Real Estate - A Down First Quarter

March Real Estate Numbers for Moorestown
Moorestown Real Estate Data - March 2007 vs March 2008

Homes listed for sale: 53 vs 47
Homes sold: 26 vs 08
Days on market: 84 vs 105
Average sale price: $475,426 vs $526,250
Average list price: $585,508 vs $633,856

Keep coming back to this blog to learn more about the Moorestown real estate market and local real estate trends. Or if you want a FREE consultation regarding your property and the impact the trends will have on selling it please contact me.

Based on information from TREND MLS for March 1, 2007 to March 31, 2008

Just The Facts for Moorestown Real Estate - The Slowing Market

February Real Estate Numbers for Moorestown
Moorestown Real Estate Data - February 2007 vs February 2008

Homes listed for sale: 57 vs 47
Homes sold: 21 vs 08
Days on market: 85 vs 103
Average sale price: $458,085 vs $562,875
Average list price: $685,364 vs $842,792

Keep coming back to this blog to learn more about the Moorestown real estate market and local real estate trends. Or if you want a FREE consultation regarding your property and the impact the trends will have on selling it please contact me.

Based on information from TREND MLS for February 1, 2007 to February 29, 2008

Just The Facts for Moorestown Real Estate - Slower sales and rising supply

January Real Estate Numbers for Moorestown
Moorestown Real Estate Data - January 2007 vs January 2008

Homes listed for sale: 46 vs 47
Homes sold: 16 vs 08
Days on market: 112 vs 86
Average sale price: $647,343 vs $482,112
Average list price: $590,410 vs $853,740

The January numbers for the Moorestown real estate market are in and illustrate a lower demand for homes in Moorestown when you compare January 2007 to January 2008.

Since only 8 homes in Moorestown sold this January I thought I'd share which price ranges had activity.
2 Moorestown homes sold between $200,000 to $249,999. 1 of the houses had 3 bedrooms and the other Moorestown home had 4 bedrooms.
1 Moorestown home with 3 bedrooms sold between $250,000 to $299,999.
1 Moorestown townhouse with 3 bedrooms sold between $350,000 to $399,999.
1 Moorestown home with 4 bedrooms sold between $400,000 to $449,999.
1 Moorestown home with 4 bedrooms sold between $450,000 to $499,999.
1 Moorestown home with 4 bedrooms sold between $650,000 to $699,999.
1 Moorestown home with 4 plus bedrooms sold between $1,000,000 to $1,999,999.

Of course all these homes in Moorestown had varying features, sizes and conditions which play a part in determining the sale price.

Overall, the January numbers for the Moorestown real estate market show a slowing trend and with only 9 pended sales in January a slower February 2008 could be in store. With more homes coming on the market for the spring time buyers will be in a strong position once again, yet, if you are a buyer keep in mind if a home is priced right it will sell and may even get multiple offers.

Keep coming back to this blog to learn more about the Moorestown real estate market and local real estate trends. Or if you want a FREE consultation regarding your property and the impact the trends will have on selling it please contact me.

Based on information from TREND MLS for January 1, 2007 to January 31, 2008

BUYER ALERT - Moorestown, NJ 08057

This is a new feature I am testing on my Blog to connect buyers and sellers in Moorestown and the surrounding towns.  The purpose of the Buyer Alert is to notify potential sellers about a qualified buyer and assist buyers find their dream home.  This notification of a buyer is done at their direction and has been undertaken because we have visited multiple homes in their search area, but still have not found what they are looking for in a home.

It should also be noted that if your property is currently listed with another real estate broker this is not a solicitation of that listing.

BUYER ALERT for Moorestown, NJ homeowners.

My buyer is looking for a home in Moorestown that has:

>Minimum of 3 bedrooms

>Minimum of 1.5 baths, but preferable 2 full baths

>Close enough to Main Street to walk or bike

>Area (basement/ garage/ attic) large enough that can be finished 

Qualifications of Moorestown home buyer:

>Ideal purchase price range is $350,000 to $450,000 

>Maximum price they could pay would be $500,000

>Does the buyer need to sell a property? No

>When can the buyer settle on the home? April/ May

>Will they be financing 80% or less? Yes

Please contact me if you are interested in exploring if your home would work for these buyers. We can discuss next steps and complete a comparative market analysis.

Just The Facts for Moorestown Real Estate - Revised 2007 Data Just In

Sometimes the data regarding the Moorestown real estate is revised depending on how quickly agents follow up with TREND MLS and post their sales to the real estate database. With this in mind here are some revised Moorestown real estate numbers for 2007.

I reported earlier that the average sale price for a Moorestown home during 2007 dropped about 1% versus 2006. This was revised down further to about 3.5%. This is a lower average sale price for Moorestown homes, but it still remains historically high from a total dollar point of view.

An additional revision was the number of transactions or homes sold in Moorestown for 2007 versus 2006. I reported earlier that the total number of homes sold in Moorestown rose by 14 units. This was also revised, but revised up to about 17 transactions.

Therefore, my point still remains true from my earlier Moorestown real estate blog entry that demand for Moorestown homes is up; however, the returns are flat to slightly down versus 2006. From my perspective, this is a supply story - buyers have more to select from so it is putting pressure on sellers regarding the pricing of their home.

Keep coming back to this blog to learn more about the Moorestown real estate market and local real estate trends. If you want a FREE consultation regarding your property and the impact the trends in your town will have on selling it please contact me. Or if you are preparing to buy a home and want a FREE workbook - “Preparing to Buy a Home” - please e-mail me your name and mailing address.

Happy house hunting and I look forwad to assisting you with your real estate questions.

Based on information from TREND MLS for December 1, 2006 to December 31, 2007

Moorestown Real Estate Revaluation

It has been some time since Moorestown has gone through a complete revaluation – I believe back in the 1980s was the last time when the entire town's home assessments were recalculated.

So why a revaluation? Since it has been so long since our last revaluation the current assessments in the municipality are no longer uniform and representative of 100% of their true market value. Therefore, a revaluation fairly redistributes the necessary tax burden among all property owners based upon the true value of their property. Of course this was written into law as well so their is no way around it.

If you haven't heard... the Moorestown revaluation is completed. It appears Moorestown residents are now receiving them and are a hot topic around our office and the local coffee shops. One of my friends say their taxes actually stayed the same; however, another one of my Moorestown friends had their taxes go up by about $400. I have not received mine yet, but I look forward to reviewing it and appealing it if it wasn't valued properly.

By the way, rumor has it that Moorestown Township was inundated with calls from the first batch of reassessments mailed out so start your appeal process early.

If you have questions regarding your new assessed value and are considering an appeal, regardless if you are residential or commercial real estate owner, feel free to contact me. If for reason I cannot help you I will make sure I introduce you to someone who can. I look forward to answering your questions.

Here is the link to the company that Moorestown hired to do the revaluation and the posted values and sales values for your home - Appraisal Systems, Inc.

Best of luck!

First Time Homebuyers Misconception of Moorestown

Many first time homebuyers I work with typically want to stay in the $250,000.00 range and below. They provide me a list of towns they would like to buy in, but rarely consider Moorestown. This perception that there are no opportunities to buy in Moorestown below $250,000.00 is false.

In 2007 close to 40 homes sold in Moorestown from $250,000.00 and below. These homes were a mix of twins, townhouses, condos and single-family detached homes. Even as I write this there is a great 2 bedroom, 1 full bath home with a garage on Collins Avenue.

Yes, there are usually fewer options (less supply) in this price range and it will take you longer to find a home in Moorestown in this price range. However, you should consider the town a smart investment given the blue ribbon schools and steady appreciation of property values since 1999.

With all this in mind Moorestown doesn’t work for all my clients because they may need more bedrooms, new construction or closer proximity to work or family. When this is the case we are usually looking at neighborhoods in Merchantville, Pine Hill, Audubon, Collingswood, Haddon Heights, Haddon Township, Berlin and the surrounding towns.

Regardless of where you are looking you should begin to review how you are managing your money and using your credit. For all my clients I provide them a FREE workbook - “Preparing to Buy a Home”.  Just e-mail me your name and mailing address.

Happy house hunting! Please check back for other helpful tips on buying your first home.

Just The Facts for Moorestown Real Estate - Demand for Homes on the Rise

December Real Estate Numbers for Moorestown
Moorestown Real Estate Data - December 2006 vs December 2007

Homes listed for sale:      23 vs 14
Homes sold:                   12 vs 22
Days on market:             60 vs 74
Average sale price:        $559,825 vs $444,149
Average list price:         $625,452 vs $753,371

These real estate numbers for Moorestown are not typos. Yes we almost doubled the number of units sold in Moorestown this December versus last December. And just as important is the number of homes listed for sale -- it is down versus December 2006.

Yet for the doom and gloom people out there you will point out the average sale price and say that it is down almost $100,000 when you compare 12/2006 to 12/2007. Yes, it is down a lot, but remember as I have mentioned in the past you must also look at your local annual trends and not rely solely on the specific monthly trends. When we do that type of review you will see that the prices for Moorestown in 2007 were relatively flat versus 2006 as a whole. For those interested in a specific stat you can tell your friends that the average sold price was down about 1% while the number of transactions were up by 14 units for 2007. As a percentage these 14 units translate into a 6% rise in the total number of units sold in Moorestown.

This indicates to me that the demand remains strong for Moorestown homes when they are priced correctly. For those that bought three to five years ago that means you can ring in the New Year with your gains still intact.

For those that are on my mail list I will be following up this blog entry with my year in review letter. I will send this letter shortly to your home or place of business and then follow that letter with my Quarterly letter updating you on "Just the Facts" in Moorestown real estate. If you do not receive this letter and you would like to please contact me and provide me with your name and mailing address.

Keep coming back to this blog to learn more about the Moorestown real estate market and local real estate trends. Or if you want a FREE consultation regarding your property and the impact the trends will have on selling it please contact me.

Based on information from TREND MLS for December 1, 2006 to December 31, 2007

Are you a new home buyer?

Recently I went out with a couple in their early to mid twenties looking to purchase their first home. They currently rent, but realize that an important aspect of financial freedom is owning your own home. They are great clients. Great clients because by the 2nd house they posed several wonderful questions that all first time home buyers should know. I'll share a few here in my blog.

(1) As a first time home buyer when should we start evaluating mortgage companies?
(2) How do we find that comfort area between what we can afford and what we qualify for?
(3) Once we find a house what are the next steps with making an offer?

These questions put their financial health in the forefront and keep potential surprises to a minimum as we move forward with finding them a home. If you are a home buyer that would like help answering these questions for your individual circumstance please contact me.

Happy house hunting!

MiPro Stands -- History Made in Mount Laurel, N.J.

As Matthew Stoloff indicated to me via e-mail it appears the decision will stand regarding Mount Laurel vs MiPro case. For further information take a look at Petition Denied. Thank you Matthew for providing the link and let Matthew and I know what you think. Should this decision stand?

Use of Eminent Domain - Mt. Laurel vs MiPro

As a resident of Moorestown this article regarding the use of Eminent Domain by Mt. Laurel Township caught my eye. To read about it visit the article in the Burlington County Times

At first I was shocked and concerned how in the United States that the right of an individual (or in this case a business) to own property could be stripped away. Yes, open space is very important and useful to every community, but something about this ruling concerns me. What is next? Will the economics of purchasing a property really slow townships from acquiring land? Will land owners truly get fair market value or the potential value the land would be worth fully developed?

This ruling's impact is still unknown, but in my mind it just became a little tougher for land owners. What do you think?

For more intellectual analysis and some historical perspective regarding Mount Laurel Township v. Mipro Homes, LLC visit the following sources and then let me know what you think about this ruling.

(1) A Taste of Things to Come?: Eminent Domain in the Name of Population Control by Matthew Stoloff

(2) Fresh Twist on Eminent Domain as seen in The New York Times

(3) Use of Eminent Domain to Halt Development by Vincent J. Mangini

(4) N.J. Supreme Court Affirms Eminent Domain Decision in Mt. Laurel v MiPro Homes by Bill Ward

(5) N.J. Justices say towns can seize developers' land - Ruling expands eminent domain by Kate Coscarelli from The Star Ledger as seen on New Jersey Conservation Foundation News Coverage

Just the Facts for Moorestown Real Estate - Moorestown Real Estate Data

In "Just the Facts" you will have access to monthly data from TREND MLS and learn:
(1) How many homes are listed for sale in Moorestown
(2) How many homes sold in Moorestown
(3) On average how long a home takes to sell a home in Moorestown
(4) Average sale price of Moorestown homes
(5) Average list price for a home in Moorestown

All this data at your finger tips 24/7. Or if you need a customized analysis for a specific town in the Moorestown area or certain statistics in Moorestown analyzed please contact me with your request by e-mailing:
NMoriuchi@EdgarRealEstate.com.

Moorestown Real Estate Data - July 2006 vs July 2007

Homes listed for sale:      64 vs 28
Homes sold:                   22 vs 30
Days on market:             66 vs 104
Average sale price:        $577,836 vs $551,136
Average list price:         $629,975 vs $650,875

Message from the EVP of NJAR - Megan's Law

Recently Joyce Andreoli was asked by members of the New Jersey Association of Realtors about our ability to notify buyers when we are notified of a convicted sex offender in the neighborhood.

Here is the printed answer in the New Jersey Realtor August 2007 edition.

"No, you may not inform a potential buyer that there is a convicted sex offender in the neighborhood. In accordance with N.J.S.A. 2C:7-6 through 11 (Megan's Law) and the guidelines promulgated, licensees shall make no inquiry about and provide no information on notification from a county prosecutor issued pursuant to that law.
In response to requests for such information, licensees shall inform the person making the inquiry that information about registered sex offenders is maintained by the county prosecutor. The NJAR contract of sale contains a section that notifies the buyer that New Jersey law establishes an Internet registry of sex offenders that may be accessed at www.njsp.org."

STOP a potential new TAX on your home equity

As I was reading my August 2007 edition of New Jersey Realtor magazine I was informed about four legislative bills (A3190, A3341, A3387 and S2080) that would allow municipalities to impose their own local realty transfer fees.

In my opinion this is horrible. Why should homeowners have to pay another realty transfer fee? If passed this legislation will erode more of your home equity and provide you less money for your next home or retirement fund or _________. You fill in the blank.

To learn more about these bills you can contact Jarrod C. Grasso, NJAR's VP of Government Affairs, at (732) 494-5616 or contact your local representatives in the New Jersey Assembly or Senate.