To my Readers I am sorry for the delay in a new post on the blog.  But  a spill on the ice trying to do a Triple Toe Loop (mind was willing but the body was not) and a bout with the flu have kept me out of the writtin biz.  I hope to make up for lost time. 

According to the Case Shiller Home Price Index home prices edged higher by .3 percent.  This is the seventh straight monthly increase and it is up nearly 3 percent since the lows of May 2009.  This is more evidence that the housing market is on the road to a recovery, a bumpy one but one none the less. 

This trend is important to the nation’s economic recovery as well.  To most Americans their home represents their biggest asset so as values climb homeowners tend to feel wealthier and are more comfortable spending .  The increase in values also helps home owners to rebuild equity.  As home values  rise it is further proof that conditions in the housing market continue to stabilize.  What would be really nice would to see the unemployment numbers start to come down.

There are still forces that could slow the recovery but for the most part buyers are beginning to realize that bottom is creeping away.  Homes that are priced right are selling a little bit faster.  More listings are receiving multiple offers at or above the asking price.  Some sellers are seeing all cash offers. 

On the economic side the stock market continues to settle above the 10,000 mark.  One should also take note on interest rates. Rising interest rates are not necessarily a bad thing.  Although it could signal the end of sub 5 percent rates for 30 year homes mortgages it also means the economy is on the road to recovery.  Rates for home mortgages could begin to move higher by the end of this year and certainly by early next.

For the Market in Morris Plain NJ February 2010 matched January 2010 in monthly home sales for Morris Plains.  Only one house closed for the month.  The good news is despite the horrible winter weather we have had in February people have been out looking at homes and 10 properties have gone under contract. 

Currently Morris Plains NJ has 27 homes on the market of that 6 are condos in Foxwoods.  Four Properties are under Attorney Review, leaving a grand total of 17 single family homes in town for sale. 

Of that, 7 are priced under 300,000, 3 are priced at 3 to 400,000.  Four homes are priced less  than 500.  There is a terrible shortage of homes in Morris Plains priced in the Mid 4’s.  It seems as soon as a house is listed it is snapped up.   Eight houses are priced fewer than six hundred and 3 priced over 600,000 dollars.

The Absorption rate in town is not too shabby either.  Right now on average the rate for homes in Morris Plains is around Five and ½ months.  What is a very interesting statistic is that the absorption rate for homes priced fewer than 500,000 dollars is 4 months and homes over 500,000 are 7 months.  Both numbers are still impressive.   An absorption rate of 5 and under is considered a sellers market and 6 to 7 months is considered about average.   Another item to note is that this statistic is telling us that the town is seeing an influx of first time home buyers that are looking to settle down and start their families in our lovely Community of Caring.

Thanks for reading Morris Plains Homes here is the Quote;” Success is not final, failure is not fatal: it is the courage to continue that counts”.  Winston Churchill