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

March 2007 saw a 22% increase in the number of listings over March 2006. Plainfield had 363 single family homes listed for March  2007 with a average list price of $358,842. Of the 363 listings, 86 were new with a average price of $345,178. During the month there were 21 sales with an average sales price of $332,629.  There were 17 closings in March with a average closing price of $275,111. 

One could infer significant price reductions were taken, before these sales were consummated. Sales were down by 67% in comparison to March 2006. However, the average sales price to list price was a strong 98% for March 2007. Keep in mind this is adjusted list price to sales price. Reductions were taken before contracts were entered into.

Sellers are becoming more realistic about what the market will bare.