The Rebound In New Jersey Real Estate Part 3 Morristown, Madison, Chatham, Parsippany, Florham Park, Short Hills, Maplewood, South Orange, and Livingston. Tracking the Real Estate Market
Posted Jul 3, 2007 @ 6:07 pm, Viewed by 893 Visitors, Read 918 Times.Part 3 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. This week the news media was harping that the national existing home sales were down 6.1% over this time last year. OK, Great but what does that mean here in New Jersey???
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
July 3rd 2007
147 Morristown 75.1 $499,733
164 Morris Township 81.5 $825,133
77 Madison 64.0 $886,249
125 Chatham 75.4 $1,097,225
43 Florham Park 85.2 $687,187
284 Parsippany 78.5 $376,552
100 Short Hills / Millburn 90.8 $1,868,380
126 Maplewood 60.8 $518,431
123 South Orange 70.1 $712,691
161 Livingston 80.4 $932,798
To see last two weeks stats take a look at the other articals in the series:
The Rebound in New Jersey Real Estate
The Rebound in New Jersey Real Estate Part 2
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.
This is the third in the series of reports on the local markets. Watch for more information on this as time goes by.
We are on the lookout for the improving housing market. We do believe it is just around the corner, but we 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 Morris County 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 Morristown 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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