Recovery In the New Jersey Real Estate Markets
Posted Aug 6, 2007 @ 9:37 pm, Viewed by 878 Visitors, Read 906 Times.Part 8 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. The Real Estate Markets in our local towns reflect that statment to a tee.
Though it has been a buyers market in all of the towns we are covering in this report, what that means for home sellers has been quite different depending on the town you were in. In Short Hills / Millburn, Summit, & Chatham it has ment that homes have continued to sell, they just had to lower the price to about spring of 2005 levels. In Real Estate Markets such as Parsippany, Morristown, and Morris Township, in the spring it really did not seem to matter what the price was the home just was not going to sell. Now we are into August and the Real Estate markets in all of our towns are seeing some activity, though it most deffinatly is still a buyers market.
So, lets get to the Real Estate numbers for this week!
The Media is asking
"When will the Rebound Come"
Inventory Numbers:
| Active Listings | Town | A-DOM | A-Price |
| 143 | Morristown | 85.7 | $ 516,676.00 |
| 152 | Morris Township | 90.3 | $ 862,736.00 |
| 65 | Madison | 76 | $ 924,940.00 |
| 111 | Chatham | 90.7 | $ 1,086,029.00 |
| 43 | Florham Park | 95.7 | $ 740,501.00 |
| 262 | Parsippany | 81.1 | $ 409,115.00 |
| 93 | Short Hills / Millburn | 98.8 | $ 1,809,447.00 |
| 119 | Maplewood | 73.9 | $ 516,686.00 |
| 107 | South Orange | 73.7 | $ 714,682.00 |
| 136 | Livingston | 86.6 | $ 956,007.00 |
To see other weeks stats take a look at the other articles in the series:
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.
- Morristown Real Estate
- Madison NJ Real Estate
- Chatham NJ Real Estate
- Parsippany Real Estate
In today's world, 82% (according to the National Association of Realtors) 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.
About the Author
James Boyer, Realtor is a real estate consultant specializing in local Morristown NJ Real Estate Market, 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 NJ Real Estate . http://www.jboyerhomes.com
Remember, Not all Realtors are created equal, when you are thinking about buying or selling a home, it is not usually a good idea to just call up any old Real Estate agent. In todays Real Estate Market Place knolledge and hard work are especially important.
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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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