The Rebound In New Jersey Real Estate Part 2 Morristown, Madison, Chatham, Parsippany, Florham Park, Short Hills, Maplewood, South Orange, and Livingston. Tracking the Real Estate Market

Part 2 in the continuing series.

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.  They gave some interesting advice that may or may not be good for your situation. 

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 26th 2007

157 Morristown                      78.6                     $495,902   

184 Morris Township              82.5                     $834,119

72 Madison                           65.9                      $904,252

122 Chatham                         80.2                    $1,209,513

42 Florham Park                    82.9                      $695,077

297 Parsippany                      74.8                      $369,825

105 Short Hills / Millburn         97.2                    $1,931,135  

128 Maplewood                       58.9                      $546,756

122 South Orange                   67.5                      $726,280

168 Livingston                         80.6                      $969,551 

To see last weeks stats take a look at the origonal artical in the series The Rebound in New Jersey Real Estate

Statistical data from GSMLS, the MLS of Morris, Essex & Union Counties.