The Rebound In New Jersey Real Estate Part 6

Part 6 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 it seems like the home buyers are returning to some extent, showings on listings have increased noticeably, phone and e-mail enquiries have increased quite a bit, the number of website visitors to my Real Estate Website has gone up.  So is the market improving, it feels a little better, but lets see what the numbers say.

                                         The Media is asking

               "When will the Rebound Come"

Recently Money Magazine asked the question when will the Real Estate markets get better.  Of course they were talking about the national Real Estate market.  The national numbers which everyone seems to see in the news are very heavily effected by Florida, California, Arizona, and a few other states which may or may not have much in common with your local market.  Here in New Jersey there is very little correlation with the housing markets in the above menchioned states. 

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.

Inventory Numbers:

Homes Currently for Sale:    Days on Market   Average Price

July 24th 2007

144 Morristown                      78.3                 $513,791

164 Morris Township              88.9                $833,108

79 Madison                           74.9                 $910,467

116 Chatham                         86.4                 $1,066,920

44 Florham Park                    94.0                  $730,357

271 Parsippany                      86.3                 $395,096

100 Short Hills / Millburn         98.9                $1,908,085

125 Maplewood                       66.6                 $522,726

120 South Orange                   72.1                 $700,425

145 Livingston                         84.2                 $942,858

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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