Here are the raw numbers for Scotch Plains and Fanwood NJ for the 2 month period from December 1 through January 31. Later this week, I will be posting the 4th quarter numbers and comparing that quarter to the 3rd quarter and the 4th quarter from a year ago, so you can see where are market is, and maybe even where it is going.
Here is the data for those 2 months:
Closed Sales: 30
Avg. Sales Price: $498,959
Avg. Final List Price: $535,560
List to Sale Price Ratio: 93.1% (this is as low as I've seen this number in a while, indicating a very sharp decline in home prices in the 4th quarter, like I shared in prior blogs)
Avg. Days on Market: 105
Check back for more numbers soon for other towns, and for the quarterly reports and comparisons! Thanks for reading.
Here are the raw numbers for Westfield NJ for the 2 month period from December 1 through January 31. Later this week, I will be posting the 4th quarter numbers and comparing that quarter to the 3rd quarter and the 4th quarter from a year ago, so you can see where are market is, and maybe even where it is going.
Here is the data for those 2 months:
Closed Sales: 19 (this is very low compared to past months)
Avg. Sales Price: $785,842
Avg. Final List Price: $828,421
List to Sale Price Ratio: 94.8% (this is as low as I've seen this number in a while, indicating a very sharp decline in home prices in the 4th quarter, like I shared in prior blogs)
Avg. Days on Market: 66 (you can still sell fast with proper pricing and marketing)
Check back for more numbers soon for other towns, and for the quarterly reports and comparisons! Thanks for reading.
Here are the raw numbers for Cranford NJ for the 2 month period from December 1 through January 31. Later this week, I will be posting the 4th quarter numbers and comparing that quarter to the 3rd quarter and the 4th quarter from a year ago, so you can see where are market is, and maybe even where it is going.
Here is the data for those 2 months:
Closed Sales: 18
Avg. Sales Price: $429,205
Avg. Final List Price: $459,227
List to Sale Price Ratio: 93.4% (this is as low as I've seen this number in a while, indicating a very sharp decline in home prices in the 4th quarter, like I shared in prior blogs)
Avg. Days on Market: 74
Check back for more numbers soon for other towns, and for the quarterly reports and comparisons! Thanks for reading.
You need to read the "fine print" and learn how this affects your own market area. The same report that indicated that nationally, the pending home sales in December (which represents contracts signed in December) was up just over 6%. However, in the Northeast, which is my neck of the woods, there was a decline of just over 1%. This is likely tied to the increased unemployment in New York City, which is a huge indicator of how our prices here in NJ will fare.
What does this mean to you??? It means you really need to consult with your local, trusted, real estate professional for market statistics and knowledge, so you can make an offer that is in line with what your market will bear, and if you are selling, you can price your home ahead of the curve, and get it sold, while your neighbors are sitting on the market. Check back soon for more market updates!
Thanks for Reading!
Melanie from Roots Home Inspection helps her clients understand the importance of getting a short sale home inspected, even if it's an "AS-IS" sale. I highly recommend Roots Home Inspection for all your inspection needs, but especially if you are buying a distressed property or short sale. Here is what Roots says about short sales:
Reserve the Right to Conduct an Inspection!
So the bank agreed to accept less than the current mortgage balance. The price
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· Critical Repairs - Is this house sound?
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Decisions to go to contract in a short sale happen quickly. You need the right people to provide
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Call Roots Home Inspection. We answer our phones, schedule you in quickly and
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Telephone office: (908) 769-0028 cell: (908) 917-0028
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