Thursday, March 25, 2010

Weather Impacts New Jersey New Home Sales in February

We knew the weather was pretty bad in Mercer County in February, and elsewhere in the Northeast and many other parts of the country.  If we wanted proof, the Dept. of Commerce today announced that February New-Home sales are the lowest since the department started keeping records in 1963.

As explained by Al Tompkins in Poynter Online, "Even though new homes are only part of the real estate story, the new-home sales figures are important for a variety of reasons. New-home sales can include homes that are still in construction, or maybe not even built yet, and they're counted when people sign contracts, not when sales close. (Existing home sales, on the other hand, are generally reported when sales contracts are closed.) New-home sales, then, are a good indicator of how many people shopped for new homes in a given month.

"New-home sales affect more than just bankers and real estate agents. Home builders, appliance companies, landscapers, contractors, plumbing supply companies, electrical workers, cable and phone companies and insurance agents all count on new home sales for new business."

Fortunately, no New Jersey counties are in the list of the 20 most economically stressed with populations 25,000 or more, according to the Associated Press.  These include, from worst to "least":
Imperial County, CA
Merced County, CA
Lyon County, NV
San Benito County, CA
Yuba County, CA
Stanislaus County, CA
Sutter County, CA
San Joaquin County, CA
Boone County, IL
Marion County, SC
Lapeer County, MI
Iosco County, MI
Nye County, NV
Cheboygan County, MI
Lake County, CA
Taney County, MO
Clark County, NV
Marshall County, TN
Chester County, SC
Union County, SC

Look for Mercer County's new home sales to become more active as Spring brings warmer weather.  Dogwood Meadows is a quality example of a new home development in Hamilton, NJ and I can tell you about many more.  Remember, your 1st Time Buyer tax credit can be used for new construction, but expires April 30. 

Joe Giancarli, Sales Associate

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