Fanwood New Jersey's Monthly Residential Property Market Analysis

Nestled in the borders of Scotch Plains, is the sleepy little borough of Fanwood. As you can imagine there isn't much turnover here.

However, there were 67 residential properties for sale in February 2007 with an average price of $481,354, most of which had lingered on the market for a little over two months.

During the month 38 new listings were introduced to the market with an average list price of $465,916. This same period 16 residential properties went under contract. The average list price of the properties with offers was was 6.25% less than those that just came on the market, at $439,550.

The residential properties which actually sold and closed title in February, sold for an average sales price of $408,813 and there were 8 of them, with an average of 69 days on the market.

What does all of this mean? Well, sellers can expect to have their properties on the market for an average of two months before they are sold. However, properties appropriately prepared for marketing (necessary repairs completed and the home properly staged) and properly priced, continue to get offers!