An Analysis of Residential Real Estate Trends. Somerset County, New Jersey 3rd Quarter 2006

Similar documents
An Analysis of Residential Real Estate Trends. Gloucester County, New Jersey 3rd Quarter 2006

WILLIAM C. HARVEY & ASSOCIATES, INC.

morrison head, lp Property Tax Valuation & Consulting Services

Helsom and Associates Wellington Clinton Township, Michigan Ofc: Fax:

SOMERSET COUNTY General Election November 7, 2017 CANDIDATES LIST

SOMERSET COUNTY BOARD OF CHOSEN FREEHOLDERS AGENDA REGULAR MEETING ON JANUARY 23, 2018 AT 6:30 P.M.

Professionals Providing Real Estate Solutions

RALEIGH-DURHAM MULTIFAMILY. Multifamily Remains a Smart Play; Triangle Demographics Sustain Demand. Research & Forecast Report.

Appraisal Review & Advisory Opinion 20 Controversy. Presenter: Lisa Kimbro, MAI, AI-GRS

PAST SOMERSET COUNTY HISTORIC PRESERVATION AND HISTORY AWARDS PROGRAM RECIPIENTS

About the Appraisal Institute

SECTION 1: SECTION 2:

Jeffrey S. Detwiler January 2017

Real Estate Services for Corporate Clients. Comcast Headquarters, Philadelphia, PA. Attorney Advertising

QUALIFICATIONS OF CHRIS L. CARNEGHI, MAI California Certified General Real Estate Appraiser No. AG001685

INDUSTRIAL MARKET REPORT. San Antonio. 4th Quarter Q4 Market Trends 2016 by Xceligent, Inc. All Rights Reserved

How to Read a Real Estate Appraisal Report

Montgomery County Maryland Luxury Housing Market Update

RALEIGH-DURHAM MULTIFAMILY MIDYEAR Demand at an All-Time High, Skyrocketing Same-Unit Rents. Research & Forecast Report.

RALEIGH-DURHAM MULTIFAMILY Year End 2017

WELCOME.

Philadelphia Metropolitan Area

Assessor s offices may observe rules or policy items that

Washington, D.C. Metropolitan Area

MARKET WATCH. Market Highlights Office Total Inventory 356,962,777 Total Vacancy Rate 14% Select Sitar Transactions 4Q Economic Indicators

YOUR LINK TO THE HOUSING MARKET

Overview of IRWA Courses

Overall Industrial Market Off to Solid First Quarter; Flex Market Rebounding

MARKET WATCH. Market Highlights

PROFESSIONAL APPRAISAL QUALIFICATIONS OF STEVEN J. DECKER, MAI, CGA

STRATEGIC PLAN

For Purchase Developments:

Long & Foster Real Estate Family of Companies Long & Foster Christie s Virginia Properties Fonville Morisey Urban Pace

Monmouth County New Jersey Luxury Housing Market Update

Managing Broker Phone: Fax:

ANNUAL REPORT SOMERSET COUNTY OPEN SPACE ADVISORY COMMITTEE

RALEIGH-DURHAM OFFICE Q1 2017

SELF-STORAGE REPORT VIEWPOINT 2017 / COMMERCIAL REAL ESTATE TRENDS. By: Steven J. Johnson, MAI, Senior Managing Director, IRR-Metro LA. irr.

Barry Ross, Esq., MBA Certified Mediator ROSS Mediation Services

Please note: Philip Ludeke was substantially responsible for the creation of this brochure in both layout and copy. He recently edited selected texts

South Jersey Shore New Jersey Luxury Housing Market Update

DOLLAR GENERAL 3311 E. PALMETTO STREET FLORENCE SC 29506

RAINS COUNTY APPRAISAL DISTRICT

Cape May County New Jersey Luxury Housing Market Update

M ETROPOLITAN V ALUATION S ERVICES

QUALIFICATIONS OF PAUL K. BIDWELL MAI, SRA, ASA, CCIM

COMMERCIAL APPRAISERS OF IOWA, INC.

The Improvement of the Industrial Market

Direct Examination Of The Valuation Witness (With Model Examination)

FORENSIC REPORT EXAMINER

Stronger Office Market Looking Into Future

Walt Huber Glendale College. Levin P. Messick, IFAC Mt. San Antonio College President, AC Appraisals, Inc. William Pivar Professor Emeritus

Bill J. Gagliano Partner

However, the results are less impressive for freehold housing 1. In this segment, a decrease of 51 per cent was observed, as construction got

Raleigh-Durham Demand Finally Catching Up With New Supply; More Deliveries to Come

Denver s Retail Sector Keeps Rolling 500, , , , , , , , ,000 50,000. Square Feet

Standard on Professional Development

Shrinking Supply Continues To Push Rates

Bank of america reo division

RALEIGH-DURHAM MULTIFAMILY Q Unprecedented Investment Sales Crush All-Time Records in Research & Forecast Report.

MARKET WATCH SOUTHERN CALIFORNIA & PHOENIX

Chicago s industrial market thrives during the second quarter.

Montgomery County Pennsylvania

Vacancy Edges Lower in Fourth Quarter

DISCLAIMER: Copyright 2010

MARKET WATCH. Market Highlights

TERENCE WALSH - APPRAISER'S QUALIFICATIONS NYS LICENSE #

HOUSING MARKET OUTLOOK Calgary CMA

Year End Deliveries Drive Leasing Activity In the Raleigh-Durham Market

Real Estate Appraisal Professional Standards

National Legislative Program Evaluation Society September 19, Pennsylvania Legislative Budget and Finance Committee

Americas Office Trends Report

PAUL KASTES, CPM, LCAM /DBA PAULKASTES CPM LLC

Arlington County Virginia Luxury Housing Market Update

PROSPECTUS Real Estate Fundamentals

UNIFORM RESIDENTIAL APPRAISAL REPORT (URAR) SE ISSAQUAH-FALL CITY ROAD ISSAQUAH, WA OF THE SINGLE-FAMILY RESIDENCE LOCATED AT

EvaluePro Real Estate Restricted Appraisal Report

Table of Contents SECTION 1. Overview... ix. Schedule...xiii. Part 1. Origins of Eminent Domain

The Erosion of Communities and Home Values by Leaking Underground Storage Tanks

REED APPRAISAL COMPANY REAL PROPERTY APPRAISERS AND CONSULTANTS

2.8% 2.0% $811M. 2017: A Solid Year for the Metro Denver Office Sector HIGHLIGHTED METRO DENVER OFFICE. Market Report Q ECONOMIC TRENDS

' f7 - p, RE: URBAN LEAGUE OF GREATER NEW BRUNSWICK VS. MAYOR S COUNCIL OF THE BORO OF CARTERET. ET ALS DEAR MR. SEARING:

PROPERTY ASSESSMENT KNOWLEDGE

PROFESSIONAL QUALIFICATIONS

JOSEPH A. CHICO, III EMPLO YMENT PRO FILE

APPRAISER APPROVAL. Qualifications Of: Eugene J. Koszarek. New York State Certified Residential Appraiser #

MJPROPERTIES.COM (919) PAGE ONE OF SIX

Table of Contents SECTION 1. Overview... ix. Schedule...xiii. Part 1. Origins of Eminent Domain

Nashville the #5 Market to Watch in 2019

Americas Office Trends Report

Improved Sites for 40 Duplexes

Houston Summer Retail. Office. July 2016 Commercial Markets. Independent Valuations for a Variable World Page 1. Summary Q1 Statistics

Exposure Draft of Proposed Changes to ADVISORY OPINION 21 (AO-21), USPAP Compliance

WALLER COUNTY APPRAISAL DISTRICT MASS APPRAISAL REPORT APPRAISAL YEAR 2018


Equalization Department

CITY OF OWATONNA ASSESSMENT REPORT. Steele County Assessor s Department. William G. Effertz, SAMA Steele County Assessor

58 Single Family Lots FOR SALE

SOMERSET COUNTY BOARD OF CHOSEN FREEHOLDERS AGENDA REGULAR MEETING ON DECEMBER 5, 2006

Formal Education Real Estate and Appraisal Education

Transcription:

The Otteau Report An Analysis of Residential Real Estate Trends Somerset County, New Jersey 3rd Quarter Prepared By: THE OTTEAU APPRAISAL GROUP, INC. Administrative Offices Brunswick Woods Office Park 15 Brunswick Woods Drive East Brunswick, New Jersey 8816 8-458-7161

SCOPE OF THE STUDY The Otteau Report has been prepared by our Research Department as part of a continuing effort to bring a focus to the complex and highly diversified real estate markets of New Jersey. The information and analyses contained herein are based in whole, or in part, on data supplied by various sources including Boards of Realtors and Multiple Listing Systems, and may therefore not reflect all real estate activity in the market. While believed to be reliable, we cannot guarantee, nor assume responsibility for the accuracy of information which has been supplied to us by others. This study may not be reproduced or used in whole or in part, except with proper credit as to its authorship. ABOUT US Our firm is comprised of a group of skilled professions specializing in the complex and highly diversified real estate markets of New Jersey. With a broad based exposure in real estate appraisal and consultation, our firm engages in a diversified practice encompassing the valuation of residential, commercial and industrial properties, as well as vacant land and residential subdivisions. Additional expertise is offered to both the public and private sector for litigation matters involving the valuation and corresponding expert testimony for properties involved in eminent domain proceedings, contractual disputes, bankruptcy, tax appeals, equitable distribution and estate valuations. Our experience with special purpose properties includes golf courses, nursing homes, marinas and hotels. Appraisal and consulting services are provided by the firm to attorneys, financial institutions, governmental agencies, developers, investors, relocation management service companies, corporations and the public. Jeffrey G. Otteau, President As the President of the firm, Mr. Otteau manages all facets of the firm s business and has been actively engaged in real estate appraisal since 1974. He holds the State Certified General Real Estate Appraiser, which is the highest level of certification offered by the State of New Jersey. Frequently quoted in the New York Times and Wall Street Journal, and having appeared on CNBC, Mr. Otteau is widely respected for his knowledge and insight into real estate trends. He has provided testimony as an expert witness at the municipal, county and state levels, authored several texts on property valuation techniques and has lectured throughout the United States and in Canada. Jeffrey is a past member of the Appraisal Standards Advisory Council which consulted with the Appraisal Foundation in Washington, D.C. on its agenda of projects and major technical issues. Mr. Otteau served as a past Chairman of the Employee Relocation Council's Appraisal Standards Council. He is a co-author of the Relocation Appraisal Guide (1991,1994 & 2 editions) and was inducted into the Employee Relocation Council's distinguished Hall of Leaders in 1995. Niels V. Guldbjerg, Vice President As Vice President, Niels has the responsibility for managing the firm's commercial division. He has been actively engaged in the valuation of real property since 1981 and holds the prestigious State Certified General Real Estate Appraiser license in addition to the IFAS designation. Niels has extensive experience with the valuation of income-producing real estate, subdivision development properties and ad valorem taxation. He is an accomplished seminar speaker and has appeared as a guest on television and radio shows. Mr. Guldbjerg has also provided testimony as an expert witness for litigation matters. Copyright All rights reserved. Without limiting the foregoing, no part of this publication may be reproduced, copied, stored in a retrieval system, or transmitted in any form or by any means, without the prior written permission of the Otteau Appraisal Group, Inc.

Appraisal and Consulting Services Performed for the Following Clients: THE FORTUNE 5 Abbott Laboratories Alcoa American Home Products Amoco Oil Co. Anheuser Busch Companies Armstrong World Industries Bristol-Myers Squibb Brown-Forman Carter-Wallace Circuit City Group Digital Equipment Corporation E. I. dupont de Nemours Eastman Kodak Company Eli Lilly Company ExxonMobil F.M.C. Corporation Foster Wheeler General Motors Corporation Hercules Incorporated Marriott Corporation McGraw Hill Merck Nabisco Pharmacia & Upjohn Procter and Gamble Prudential Insurance Co. Raychem Corp. Rhone-Poulenc Rorer Sara Lee Bakery Schering-Plough State Farm Insurance Time Warner W.R. Grace Westinghouse Electric Corporation FINANCIAL INSTITUTIONS Amboy National Bank Bank of New York Bank of Oklahoma Bank of St. Louis Barclay's Bank PLC Broadway National Bank Chase Home Mortgage Corporation JP Morgan Chase Connecticut National Bank Countrywide Financial Citigroup The Dun and Bradstreet Corporation Federal Home Loan Mortgage Corp. Federal National Mortgage Assoc. Fleet First Savings Bank First Washington State Bank General Electric Credit Corporation General Motors Acceptance Corp. Goldman, Sachs Magyar Bank Morgan Guaranty Trust Company New Millenium Bank North Fork Bank PNC Bank Philadelphia National Bank Pittsburgh National Bank Resolution Trust Corp. (RTC) Sovereign Bank Texas Commerce Bank Unity Bank Yardville National Bank OceanFirst Bank Washington Mutual Wachovia Wells Fargo Bank DEVELOPERS & BUILDERS M. Alfieri Co., Inc. American Properties Kushner Companies US Home / Lennar Kara Homes Matzel Development Pulte Homes Toll Brothers, Inc. MISCELLANEOUS ADP Bausch & Lomb CSX Transportation Ciba-Geigy Corporation Cigna Corporation Frito-Lay Gulf Oil Honeywell Janssen Pharmaceuticals Kemper Insurance Group Kraft-General Foods Marion Merrel Dow McDonald's Corporation Nationwide Insurance Co. Nestle USA Princeton University Public Service Electric & Gas Salvation Army Siemens Corporation Sony Corporation of America GOVERNMENTAL Branchburg Township East Brunswick Township Marlboro Township Middlesex County Improvement Authority Monroe Township New Jersey Green Acres Washington Township

MARKET STUDY KEY The following key will be helpful in understanding the market research data contained on the following pages: New Offerings Sales Supply & Demand Ratio Unsold Inventory Projected Absorption County Composite Number of home offerings which first became available for-sale within the specified market area in each of the time periods indicated. This statistic includes expired listings which have been re-listed for sale. Number of homes which were contracted for-sale within the market area in each of the time periods indicated. Contract-Sales provide a more timely indication of market activity than Closed-Sales due to the time lag between "contract" and "closing", and therefore provide the most reliable and timely indicator as to the number of buyers who are active in a given market area at a particular point in time. The relationship between "New Offerings" and "Sales" activity expressed as a percentage ratio. Changes in this ratio can often be an early indicator of a shift in market conditions. A rising ratio is indicative of improving market conditions, while a declining ratio suggests weakening market conditions. Total number of homes being offered for sale within the market area at the end of the indicated period. A projection of how long it will take for the market to absorb the inventory of unsold homes (Unsold Inventory) within each market area. An aggregate compilation of all market activity within the county, which includes all of its municipalities.

BEDMINSTER TOWNSHIP 6 5 4 3 2 1 BEDMINSTER TOWNSHIP 3rd Quarter At-A-Glance Average # Of Offerings/Monthly 31.7 3. 29.7 39.3 37. Average # Of Sales/Monthly 23.7 28. 26.7 25.3 2.7 Supply & Demand Ratio 75% 93% 9% 64% 56% Unsold Inventory 64 37 37 77 18 Projected Absorption (Months) 3 1 1 3 5

BERNARDS TOWNSHIP 14 12 1 8 6 4 2 BERNARDS TOWNSHIP 3rd Quarter At-A-Glance Average # Of Offerings/Monthly 56.3 59.7 63. 62.7 75.7 Average # Of Sales/Monthly 31.7 48.3 37. 43.3 39. Supply & Demand Ratio 56% 81% 59% 69% 52% Unsold Inventory 142 127 14 16 248 Projected Absorption (Months) 4 3 4 4 6

BERNARDSVILLE BOROUGH 4 35 3 25 2 15 1 5 BERNARDSVILLE BOROUGH 3rd Quarter At-A-Glance Average # Of Offerings/Monthly 16.3 18.7 14.7 21.3 23.3 Average # Of Sales/Monthly 8.3 1.7 12. 9.7 5.7 Supply & Demand Ratio 51% 57% 82% 45% 24% Unsold Inventory 6 74 67 82 16 Projected Absorption (Months) 7 7 6 8 19

BOUND BROOK BOROUGH 3 25 2 15 1 5 BOUND BROOK BOROUGH 3rd Quarter At-A-Glance Average # Of Offerings/Monthly 13.7 12.3 14.7 16.7 14.7 Average # Of Sales/Monthly 7.3 8. 1.3 1.3 8. Supply & Demand Ratio 54% 65% 7% 62% 55% Unsold Inventory 22 26 37 32 46 Projected Absorption (Months) 3 3 4 3 6

BRANCHBURG TOWNSHIP 6 5 4 3 2 1 BRANCHBURG TOWNSHIP 3rd Quarter At-A-Glance Average # Of Offerings/Monthly 26.3 21.7 23.7 36.3 38.7 Average # Of Sales/Monthly 12.3 24. 19.7 22. 1. Supply & Demand Ratio 47% 111% 83% 61% 26% Unsold Inventory 65 49 53 76 128 Projected Absorption (Months) 5 2 3 3 13

BRIDGEWATER TOWNSHIP 16 14 12 1 8 6 4 2 BRIDGEWATER TOWNSHIP 3rd Quarter At-A-Glance Average # Of Offerings/Monthly 67.3 83.7 58. 11. 17.3 Average # Of Sales/Monthly 44. 57.7 49.7 57.7 46. Supply & Demand Ratio 65% 69% 86% 57% 43% Unsold Inventory 145 168 143 242 36 Projected Absorption (Months) 3 3 3 4 8

FAR HILLS BOROUGH 7 6 5 4 3 2 1 FAR HILLS BOROUGH 3rd Quarter At-A-Glance Average # Of Offerings/Monthly 1. 1. 2.7 4.7 2.3 Average # Of Sales/Monthly. 1.7.3 2.7 1. Supply & Demand Ratio % 167% 13% 57% 43% Unsold Inventory 1 5 13 18 7 Projected Absorption (Months) 3 43 7 7

FRANKLIN TOWNSHIP 25 2 15 1 5 FRANKLIN TOWNSHIP 3rd Quarter At-A-Glance Average # Of Offerings/Monthly 79. 9. 112. 159.3 146.3 Average # Of Sales/Monthly 49. 67.3 67.7 95.3 63.3 Supply & Demand Ratio 62% 75% 6% 6% 43% Unsold Inventory 165 181 27 341 51 Projected Absorption (Months) 3 3 3 4 8

GREEN BROOK TOWNSHIP 35 3 25 2 15 1 5 GREEN BROOK TOWNSHIP 3rd Quarter At-A-Glance Average # Of Offerings/Monthly 16. 13.7 11.3 18.7 15.7 Average # Of Sales/Monthly 6.7 1.3 1. 13. 8. Supply & Demand Ratio 42% 76% 88% 7% 51% Unsold Inventory 5 3 3 53 69 Projected Absorption (Months) 8 3 3 4 9

HILLSBOROUGH TOWNSHIP 14 12 1 8 6 4 2 HILLSBOROUGH TOWNSHIP 3rd Quarter At-A-Glance Average # Of Offerings/Monthly 66.7 66. 65.3 8.3 86. Average # Of Sales/Monthly 43.3 54.7 53. 5. 43.3 Supply & Demand Ratio 65% 83% 81% 62% 5% Unsold Inventory 136 99 126 181 26 Projected Absorption (Months) 3 2 2 4 6

MANVILLE BOROUGH 35 3 25 2 15 1 5 MANVILLE BOROUGH 3rd Quarter At-A-Glance Average # Of Offerings/Monthly 12.3 8.3 18.3 2.3 22.3 Average # Of Sales/Monthly 8.7 6. 1. 11. 12.7 Supply & Demand Ratio 7% 72% 55% 54% 57% Unsold Inventory 2 15 35 42 67 Projected Absorption (Months) 2 3 4 4 5

MILLSTONE BOROUGH 3.5 3 2.5 2 1.5 1.5 MILLSTONE BOROUGH 3rd Quarter At-A-Glance Average # Of Offerings/Monthly.7 1.7.3 1.3 1. Average # Of Sales/Monthly...7 1.. Supply & Demand Ratio % % 2% 75% % Unsold Inventory 1 6 1 2 6 Projected Absorption (Months) 2 2

MONTGOMERY TOWNSHIP 8 7 6 5 4 3 2 1 MONTGOMERY TOWNSHIP 3rd Quarter At-A-Glance Average # Of Offerings/Monthly 37.3 34. 4.3 44.3 4.7 Average # Of Sales/Monthly 25. 35.7 25.7 23. 19.3 Supply & Demand Ratio 67% 15% 64% 52% 48% Unsold Inventory 135 14 86 117 152 Projected Absorption (Months) 5 3 3 5 8

NORTH PLAINFIELD BOROUGH 8 7 6 5 4 3 2 1 NORTH PLAINFIELD BOROUGH 3rd Quarter At-A-Glance Average # Of Offerings/Monthly 29. 34.3 38.7 43.3 47. Average # Of Sales/Monthly 24.7 27.3 27.7 29. 24.7 Supply & Demand Ratio 85% 8% 72% 67% 52% Unsold Inventory 55 58 71 88 144 Projected Absorption (Months) 2 2 3 3 6

PEAPACK & GLADSTONE BOROUGH 12 1 8 6 4 2 PEAPACK AND GLADSTONE 3rd Quarter At-A-Glance Average # Of Offerings/Monthly 5.3 4. 4. 5. 6. Average # Of Sales/Monthly 1.3 2.7 1.7 4.3 3.3 Supply & Demand Ratio 25% 67% 42% 87% 56% Unsold Inventory 23 22 16 21 25 Projected Absorption (Months) 17 8 1 5 8

RARITAN BOROUGH 16 14 12 1 8 6 4 2 RARITAN BOROUGH 3rd Quarter At-A-Glance Average # Of Offerings/Monthly 5.7 4.3 7.7 4.3 8. Average # Of Sales/Monthly 5. 3.3 4.3 3.7 4.3 Supply & Demand Ratio 88% 77% 57% 85% 54% Unsold Inventory 15 17 11 11 18 Projected Absorption (Months) 3 5 3 3 4

ROCKY HILL BOROUGH 3.5 3 2.5 2 1.5 1.5 ROCKY HILL BOROUGH 3rd Quarter At-A-Glance Average # Of Offerings/Monthly 1..3.7 1. 1. Average # Of Sales/Monthly 1.3.3.3 1..7 Supply & Demand Ratio 133% 1% 5% 1% 67% Unsold Inventory 6 2 1 2 4 Projected Absorption (Months) 5 6 3 2 6

SOMERVILLE BOROUGH 25 2 15 1 5 SOMERVILLE BOROUGH 3rd Quarter At-A-Glance Average # Of Offerings/Monthly 11. 11. 1. 15.3 15.7 Average # Of Sales/Monthly 5.7 7. 8. 9. 7.7 Supply & Demand Ratio 52% 64% 8% 59% 49% Unsold Inventory 2 24 21 33 49 Projected Absorption (Months) 4 3 3 4 6

SOUTH BOUND BROOK 14 12 1 8 6 4 2 SOUTH BOUND BROOK 3rd Quarter At-A-Glance Average # Of Offerings/Monthly 4. 4.3 4.7 1.3 6.3 Average # Of Sales/Monthly 2. 3. 3. 7.7 3.7 Supply & Demand Ratio 5% 69% 64% 75% 58% Unsold Inventory 1 1 1 16 17 Projected Absorption (Months) 5 3 3 2 5

WARREN TOWNSHIP 6 5 4 3 2 1 WARREN TOWNSHIP 3rd Quarter At-A-Glance Average # Of Offerings/Monthly 23.7 29. 24.3 31.7 28.3 Average # Of Sales/Monthly 11.7 14. 14.3 18. 1.7 Supply & Demand Ratio 49% 48% 59% 57% 38% Unsold Inventory 92 96 76 94 129 Projected Absorption (Months) 8 7 5 5 12

WATCHUNG BOROUGH 5 4 3 2 1 WATCHUNG BOROUGH 3rd Quarter At-A-Glance Average # Of Offerings/Monthly 13.7 11.7 12. 14.7 22.7 Average # Of Sales/Monthly 4.7 6.7 4.3 5.3 2.7 Supply & Demand Ratio 34% 57% 36% 36% 12% Unsold Inventory 57 44 39 43 85 Projected Absorption (Months) 12 7 9 8 32

SOMERSET COUNTY COMPOSITE 12 1 8 6 4 2 SOMERSET COUNTY COMPOSITE 3rd Quarter At-A-Glance Average # Of Offerings/Monthly 518.3 539.7 556. 732. 746. Average # Of Sales/Monthly 317.3 423.3 386.3 442.3 333.3 Supply & Demand Ratio 61% 78% 69% 6% 45% Unsold Inventory 1293 1195 122 1731 264 Total Market 4 3 3 4 8 Less than $6k 7 $6k - $1 million 1 Projected Absorption (months) $1,,1 - $2.5 mil. 15 Greater than $2.5 mil. 31