Chatham, NJ

Chatham NJ Real Estate 2011 Annual Market Report Chatham Township

by Bob Zorechak - GRI, ABR, e-PRO

Find out the latest real estate market information for Chatham Township NJ through 2011 in addition to a look back at the years in between to 2005. See what the trends are indicating and what is next for the Chatham Township NJ real estate market. If you are considering buying and or selling a home in 2012 in Chatham Township NJ, this valuable annual market report is an absolute must read.

Attention... all residential real estate is local! Not everything you read about online, in the papers and hear through major media outlets about the housing market is correct or relevant, especially when information is presented on a "national" or "regional" basis. There are many factors that make up the differences in local real estate markets, even from town to town and especially in a state like New Jersey with its inordinate amount of municipalities making it a challenge for some to drill down and obtain the correct market value of any given home. This is why it is important for both buyers and sellers to start with the latest "local" market data before they make any real estate decisions.

As you can see from the chart above the volume of Listings in Chatham Township have been relatively steady over the past 4 years with a high of 285 and a low of 253 homes listed on a year to year basis. In addition, Closed Sales have risen for the past 3 consecutive years.

Inventory has decreased significantly by 38% from this same time last year down from 9 months to 5.6 months. This decrease represents a big shift from a strong "Buyer's" market to what is referred to as a "Balanced" or normal market, leaving both Buyers and Sellers on a more level playing field. This is a key indicator and a very positive sign for the Chatham Township real estate market, once again proving the point that all real estate is LOCAL.

Simply stated, "inventory" represents the number of homes currently available or For Sale in a given market, or in this case a specific town. This means that with all things remaining equal, at the current rate of sales, it will take a approximately 5 1/2 months to sell all of Chatham Township's current inventory.

By all accounts, this data indicates that the real estate market in Chatham Township is extremely robust and thriving, and should remain this way at least for the short term.

The chart above indicates a somewhat steady level in the Sale Price of homes in Chatham Township NJ over the past 3 years in particular from about the low to high $800's.

Based on the reasonable and consistent pace of Closed Sales, it is apparent that sellers are pricing their homes pretty close to true market value.

With the current trend of declining inventory, I would expect to see prices in Chatham Township begin to edge up in 2012.

What Does the Market Hold for 2012?

Follow the link below to find out in addition to reading the rest of this Chatham Township 2011 Annual Market Report:

Chatham Township 2011 Annual Market Report

For more information on Chatham Township including the school system, follow this link:

All you need to know about Chatham Township NJ

Chatham NJ Real Estate 2011 Annual Market Report Chatham Borough

by Bob Zorechak - GRI, ABR, e-PRO

Find out the latest real estate market information for Chatham Borough NJ through 2011 in addition to a look back at the years in between to 2005. See what the trends are indicating and what is next for the Chatham Borough NJ real estate market. If you are considering buying and or selling a home in 2012 in Chatham Borough NJ, this valuable annual market report is an absolute must read.

Attention... all residential real estate is local! Not everything you read about online, in the papers and hear through major media outlets about the housing market is correct or relevant, especially when information is presented on a "national" or "regional" basis. There are many factors that make up the differences in local real estate markets, even from town to town and especially in a state like New Jersey with its inordinate amount of municipalities making it a challenge for some to drill down and obtain the correct market value of any given home. This is why it is important for both buyers and sellers to start with the latest "local" market data before they make any real estate decisions.

As you can see from the chart above the volume of Listings in Chatham Borough have been on a downward decline over the past several years with Closed Sales maintaining a steady pace.

Inventory has decreased slightly by 6% from this same time last year down from an already low 4.5 to 4.2 months, which is considered to be a "Seller's" market. This type of market is quite unusual, given the regional and national state of the market where many areas remain in a strong "Buyer's" market environment, once again proving the point that all real estate is LOCAL.

Simply stated, "inventory" represents the number of homes currently available or For Sale in a given market, or in this case a specific town. This means that with all things remaining equal, at the current rate of sales, it will take a little more than 5 months to sell all of Chatham Borough's current inventory.

By all accounts, this data indicates that the real estate market in Chatham Borough is extremely robust and thriving, and should remain this way at least for the short term.

The chart above indicates a somewhat steady level in the Sale Price of homes in Chatham Borough NJ over the past 4 years in particular from about $800K to the the high $600's. Based on the reasonable and consistent pace of Closed Sales, it is apparent that sellers are pricing their homes pretty close to true market value.

Based on the current trend of declining inventory, I would expect to see prices in Chatham Borough begin to edge up in 2012.

What Does the Market Hold for 2012?

Follow the link below to find out in addition to reading the rest of this Chatham Borough 2011 Annual Market Report:

Chatham Borough 2011 Annual Market Report

For more information on Chatham Borough including the school system, follow this link:

All you need to know about Chatham Borough NJ

Schools Open this Week in Chatham, Madison, Millburn, New Providence, Summit NJ

Today is Labor Day - the last day of the last official weekend of Summer! Before I get on with some weekend things (not sure what since the bike ride I was planning with my brother today is going to be rained-out!), I thought I'd get out some information about our fantastic, top-rated public schools in Chatham, Madison, Millburn, New Providence and Summit NJ.

School District of the Chathams
Does everyone know that this prized school district services both Chatham Borough and Chatham Twp?

Chatham schools comprise of 3 elementary schools: Washington Avenue School (K-3) with enrollment of 451 students; Milton Avenue School (K-3) with enrollment this year of 372 students; and Southern Boulevard School (also K-3) with 487 students this year.

The Lafayette School (grades 4-5) has an enrollment of 630 students this year; the Chatham Middle School (grades 6-8) schools 950 students; and Chatham High School (9-12) a whopping 1,150 students.

The first day of school for the School District of the Chathams is Tuesday September 6, 2011. Total enrollment 4,040 students.

For more information about the School District of the Chathams, including calendar, visit the School District of the Chatham's website at http://www.chatham-nj.org/site/default.aspx?PageID=1

Summit NJ schools open on Wednesday, September 7th, 2011.

Summit is a bigger town and so Summit Schools comprise of 5 elementary schools: Brayton Elementary School; Franklin Elementary School; Jefferson Elementary School; Lincoln-Hubbard Elementary School; and Washington Elementary School. Summit School District is now considering a full-day tuition kindergarten program.

Here is the link to the official Summit School District Website for more information.

Thinking of moving to the Summit NJ or Chatham NJ area for great schools for your children? Contact me for local experience and knowledge of the schools, neighborhoods and homes for sale in Chatham NJ. Call Trish at 201-960-2090.

Search MLS for Chatham Homes For Sale | School and Community Reports for Chatham NJ

Schools Open this Week in Chatham, Madison, Millburn, New Providence, Summit NJ

Things to do in and around Chatham NJ

One of my favorite things about Chatham NJ is how much there is to do and how close it is to so many wonderful events and venues! Many events and venues take place right here in Chatham NJ or in neighboring towns like Summit NJ, Millburn NJ, Madison NJ and Morristown NJ. Others take place still near enough for day trips!

Last week my husband and I took two trains right to Forest Hills NY to attend the US Open Tennis. We took NJ Transit from Summit in to Penn Station where we then got on the LIRR for 2 stops. Less than an hour from home, we were walking into the US Open grounds to enjoy a wonderful day of world-class tennis!

It was a beautiful, sunny, dry day and the ride was easy and uneventful.

What a beautiful thing ... an hour from our sleepy little town in to our top tennis tournament! We watched mostly the matches in the open courts, I love how close you are to the players, you can see their facial expressions, hear their grunts as they put out their best effort! We sat front row for the match between French Gilles Simon and Brazilian Ricardo Mello. This heated match went long and hard and was thoroughly enjoyable to watch.

Now, if only I had a little bit of talent on the court! Oh, well. For now I have to settle for watching tennis and enjoying all the other wonderful, fun and interesting things to do in and around Chatham NJ.

Chatham NJ is one of the top towns to live in (Money Magazine, Forbes Magazine, NJ Monthly Magazine) and offers a charming town with a downtown center where unique shopping and dining abounds, top-rated public schools, NJ Transit trains to NYC in less than an hour, beautiful neighborhoods with homes ranging from $400,000 to $3 million.

For more information about living and homes for sale in Chatham NJ visit my website www.WhereToLiveInNJ.com

Search MLS for Chatham Homes for Sale | Chatham NJ School and Community Reports

Or contact Trish Giassa today for in-depth, insighful knowledge of the communities and homes for sale in Chatham NJ and also Summit, Short Hills, Millburn, Madison real estate. Call 201-960-2090.

Things to do in and around Chatham NJ.

Chatham NJ Real Estate Market Update

This charming little town of Chatham is really two towns - Chatham Borough and Chatham Township. Although the towns each have their own municipal offices, police dept, etc., they share the top notch School District of the Chathams! This prized school system attracts families from all over to take advantage of a great education. Of course, the charming village center, tree-lined streets and friendly neighborhoods all play their part as well.

As a long-time resident and homeowner in Chatham NJ, first in Chatham Borough, now in Chatham Twp, I am keenly aware and interested in our real estate market.

Find Homes for Sale in Chatham NJ

Chatham Boro Mid Year Real Estate Update and Comparison

In the first half of 2010, 57 homes were sold in Chatham Boro at an average sales price of $743,710. Average days on market 46 and sale to list price ratio was 98%.

In the first half of 2011, 51 homes were sold in Chatham Boro with an average sales price of $713,216. Average days on market 50 and sale to list price ratio was 99%.

Chatham Township Mid Year Real Estate Update and Comparison

In the first half of 2010, 69 homes were sold in Chatham Twp at an average sales price of $779,897. Average days on market 81 and sale to list price ratio was 97%.

In the first half of 2011, 72 homes were sold in Chatham Twp with an average sales price of $874,773. Average days on market 77 and sale to list price ratio was 96%.

Trends for real estate in the Chathams NJ

Our towns, neighborhoods and homes are still very desirable. However, worldwide and national economic conditions continue to put downward pressure on home values. Thankfully, the pressure is relatively minimal and it is still painful for homeowners.
Chatham Twp average price is higher not because home values are up but because there were several more high end homes selling in 2011 than in 2010. In fact, more than double the number!

Now, more than ever, correct pricing is critical to obtaining the highest net value for your Chatham NJ home. In fact, we are still seeing multiple offers and selling prices that are higher than asking prices.

Wondering what your home would sell for in today's market?

Contact me at 201.960.2090 or visit my website for more information my automated Home Value Estimator.

Chatham NJ Real Estate Market Update