The Rebound in New Jersey Real Estate
Posted Jun 19, 2007 @ 3:08 pm, Viewed by 1037 Visitors, Read 1044 Times.All Real Estate is local. That is what we in the Real Estate profession know all to well. Why is that important? Almost every day the news media is talking about the Real Estate market, as if there were just one large national real estate market. The reality is that there are thousands of Real Estate markets around the country.
The Media is asking
"When will the Rebound Come"
In a recent artical in Money Magazine they asked the question again. Read the editoral to see what they had to say.
My review of what they had to say is that all things Real Estate are local. What is going on in one market is not indicative of what is going on in another market.
I decided to start posting the number of active homes on the market for the local towns that I service. If you don't see a town that you are interested in and would like me to add it, please let me know and I will be happy to start following that town as well.
Inventory Numbers:
Homes Currently for Sale: Days on Market Average Price
June 19th 2007
159 Morristown 77.1 $490,979
177 Morris Township 75.9 $829,969
75 Madison 70.0 $898,040
129 Chatham 74.2 $1,109,738
43 Florham Park 83.3 $690,219
303 Parsippany 70.3 $370,885
107 Short Hills / Millburn 100.7 $1,926,926
128 Maplewood 55.9 $555,107
125 South Orange 70.1 $735,333
156 Livingston 78.5 $999,241
Statistical data from GSMLS, the MLS of Morris, Essex & Union Counties.
A good sign that the market is starting to turn will be when the average number of days on market starts to fall. So if the average days on the market starts to fall in a given area it is a very good sign that the local Real Estate market for that town is improving.
Watch for more information on this as time goes by.
I am on the lookout for the improving housing market. I do believe it is just around the corner, but I will let the statistics tell the tail.
Contact me for full details on my reports.
About the Author
James Boyer, Realtor is a real estate consultant specializing in Morristown Real Estate, Madison NJ Real Estate and Chatham NJ Real Estate. He is the team leader of the Jboyerhomes team at Keller Williams Realty, who aim to provide exceptional service and provide expert guidance in each of their client's real estate transactions. You can visit their web presence at Morris County Real Estate . http://www.jboyerhomes.com
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James Boyer, is a resident of Morris Township in Morris County New Jersey and Specializes in listing and selling homes in Morristown, Morris Township, Madison, Florham Park, Chatham, Summit, Short Hills, Millburn, Maplewood, & South Orange New Jersey and Morris Essex & Union County Real Estate. Read More
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