What's going on in the Chatham Borough Market? A comparison of March 2008 vs March 2009

Here are the numbers showing activity, for listings and sales of real estate in Chatham Borough comparing the months of March 2008 vs 2009.

This is showing what we all know has been true ... home prices in New Jersey had become too high for first time buyers to make their move toward home-ownership - in fact between 2000 and 2005 incomes in NJ rose 16% while home prices rose 86%. Although home prices in Chatham have held much better than most of NJ and the nation, there has been an adjustment that probably will continue through 2009. This can be seen in the number of sales - only 2 in 2009 vs 5 in 2008. And, we currently have 68 active listings vs 61 last year. The good news is that we are matched up with last year with under contracts. Now, if they all close, we'll be in good shape!

1. For more information about Chatham real estate and to search Chatham area homes for sale, as well as Madison homes, Summit real estate, Chatham condos, and Convent Station townhouses, please contact Trish Giassa at 201-960-2090 or email Trish@BestNJhomes.com