Real Estate Markets, The Rebound In New Jersey Real Estate Part 7
Posted Jul 31, 2007 @ 3:07 pm, Viewed by 838 Visitors, Read 853 Times.Part 7 in the continuing series.
All Real Estate is local. That is what we in the Real Estate profession know all to well. What is happening on one town can be quite different than what is happening in the surrounding towns. That is the way our Real Estate markets are here in Morris, Essex, & Union Counties of New Jersey.
The towns that have been stronger over the past year have been Short Hills / Millburn, Summit, & Chatham. The towns where things have been the weakest have been Morris Township, Morristown, & Parsippany. You hear that the Real Estate market has been the weakest somewhat to the west. That also happens to be where the larger and more affordable homes also tend to be. If you are looking for a good deal on a affordable home Morristown, Morris Township, & Parsippany would be likely good places to consider. That does not mean that Chatham Florham Park and places like that are not great places to shop for homes, because they are very good as well.
So, lets get to the Real Estate numbers for this week!
The Media is asking
"When will the Rebound Come"
Inventory Numbers:
Homes Currently for Sale: Days on Market Average Price
July 31st 2007
143 Morristown 82.7 $516,529
156 Morris Township 87.9 $848,301
72 Madison 75.6 $898,295
115 Chatham 87.1 $1,079,303
44 Florham Park 93.3 $759,901
256 Parsippany 89.3 $409,048
98 Short Hills / Millburn 93.8 $1,804,473
121 Maplewood 70.03 $511,850
117 South Orange 74.4 $698,441
147 Livingston 84.0 $944,059
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
The Rebound in New Jersey Real Estate Part 5
The Rebound in New Jersey Real Estate Part 6
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.
Good Advice For Any Home Seller
- Morristown Real Estate
- Madison NJ Real Estate
- Chatham NJ Real Estate
- Florham Park Real Estate
- Parsippany Real Estate
- Morris Plains Real Estate
- Short Hills Real Estate
In today's world, 80% of the home buyers are researching the Real Estate market online for six months or longer before actually going out and looking at homes in person. The statistics show that these home buyers only look at between 5 and 10 homes before deciding on the home they wish to purchase. Non internet home buyers tend to look at 20 to 30 homes before they decide on one they would like to buy.
This is the Seventh in the series of reports on the local markets. Watch for more information on this each week.
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 tale.
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
The old Real Estate saying, Location, Location, Location, never was true, The new Real Estate saying, Price, Price, Price has always been true. Everything will sell if it is priced right, Nothing will sell if it is too over priced..
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Social Bookmarking4 Responses to “Real Estate Markets, The Rebound In New Jersey Real Estate Part 7”
Great article with some very useful information. I'm certain it will be of great benefit to the persons in your market.
Beth
Can't prove it by what I see going on in Livingston, or my home, which has had 30 people through in 2 weeks, not one offer and an experienced realtor who doesn't want us to lower the price. Homes for sale seem to be sitting forever.
James Boyer
Thanks for the comment Beth, sometimes it comes down to they type of marketing that is being done. One thing that I can say is that generally if a home is on the market for several months without getting a offer that can be take as a clear indication that the home is over priced for the market it is in. The other possibility is that the home is just not being marketed properly. Hard to say from a distance with out knowing the house and what marketing is actually being done. Best of luck on your home sale, and if you have any friends or relatives who will be moving I am never to busy to provide excellent service to your referals.
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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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