Fanwood New Jersey's Monthly Residential Property Market Analysis - March 2007

The Boro of Fanwood is quite a stable town. There is very little turnover in compariosn to the neighboring communities.

However, there were 59 residential properties for sale in March 2007 with an average price of $494,264.

During the month 16 new listings were introduced to the market with an average list price of $506,093. This same period 13 residential properties went under contract. The average list price of the properties with offers was nearly 7.73% less than those that just came on the market, at $467,008.

The residential properties which actually sold and closed title in March, sold for an average sales price of $416,100 and there were 10 of them, with an average of 62 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!