BETTER TRANSPORTATION MEAN HIGHER PROPERTY VALUE Part 1

Home Markets Near Rail Lines Faring Better-Real estate study says sales in Central Jersey uneven

Asbury Park Press PAMELA MACKENZIE GANNETT

NEW JERSEY Homes along many of Central Jersey's commuter rail lines have a better chance of being sold than residences in more rural or suburban areas, according to real estate experts and housing statistics.That's one of the conclusions drawn from a study of the sales numbers, which paint an uneven picture of the Central Jersey housing market.

In some towns, the market is actually improving over last year, while in other areas, homes are languishing on the market even longer than in 2006, when the real estate bubble burst in earnest. Prices began to get soft in August 2005.In a snapshot of statistical information comparing home sales in the second quarter of 2006 with the second quarter of 2007:The number of months it took to sell homes increased in 23 Central Jersey towns, remained the same in four towns, and decreased slightly in 18 towns.In 2006 in Hunterdon County, the average number of months a home was expected to be on the market was 10; this year, it's 11.In Somerset County, the number remained steady in 2006 and 2007: The average is eight months to sell a home.In parts of Union County, the number also remained steady — about six months — while in portions of Middlesex County, it increased from four months to five.

The number of homes going unsold is fluctuating. In Hunterdon County, experts say, there were 1,115 homes for sale at the end of June 2006; this June, there were 1,440. In Somerset County, there were about 2,640 homes for sale at the end of June 2006; at the end of this June, that number was 2,582."We've been saying for four or five months now that the commuter markets are healthier than other communities," said William O. Keleher Jr., chairman of Prudential New Jersey Properties."Our offices in Summit, Westfield, New Providence and Short Hills are very strong," he said. "The Summit office is setting records, and that's in the face of a flat or less than flat market in other parts of the state."In Middlesex County, our Metuchen office is also doing well because that's another commuter market," he said.Keleher added that the company is seeing some strength in Somerset County and Morris County communities that are on NJ Transit lines. His offices in Hunterdon County, where fewer people make the commute to New York City, are seeing more challenges.

Support the Monmouth-Ocean-Middlesex (MOM) Passenger Rail Line Now! Welcome to the "Say YES to MOM" Coalition’s website and thank you for visiting. Please take your time to review the site and learn more about the proposed Monmouth Ocean Middlesex passenger rail service and how you can help support the Monmouth Junction Alternative. This is a critical time in the life of the project and your opinion matters. If you support the Monmouth Junction alternative and want to get involved, join the coalition now by clicking the "SIGN UP" button now.http://www.sayyestomom.com/