The Rebound In New Jersey Real Estate Part 5 Morristown, Madison, Chatham, Parsippany, Florham Park, Short Hills, Maplewood, South Orange, and Livingston. Tracking the Real Estate Market

Part 5 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.  Recently Forbes Magazine said that New Jersey will likely recover much more quickly from the Real Estate slump than most other areas of the country.  Why, because there is a relative housing shortage in New Jersey which is not likely to improve anytime soon, in fact the shortage will only get worse over time, which means prices will only go higher.

                                         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. 

My own feeling is that the market is improving.  The number of calls from people I have not spoken to before had dramatically increased in the last few weeks, and the number of showing on the homes I currently have for sale have quadrupled.  Keep in mind that showings were very slow, but now I would say they have been more at normal levels for the past week or so.

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 17th 2007

141 Morristown                      78.6                 $504,912

159 Morris Township              88.2                 $832,101

78 Madison                           68.3                 $876,977

122 Chatham                         83.7                 $1,101,283

44 Florham Park                    86.8                  $690,961

273 Parsippany                      83.2                 $394,558

109 Short Hills / Millburn         91.7                 $1,809,811

120 Maplewood                       67.4                $513,316

126 South Orange                   72.8                 $702,145

156 Livingston                         88.8                 $931,359

To see other weeks stats take a look at the other articles in the series:

 The Rebound in New Jersey Real Estate

 The Rebound in New Jersey Real Estate Part 2

 The Rebound in New Jersey Real Estate Part 3

 The Rebound in New Jersey Real Estate Part 4

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

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