About Chatham's Chatham Township

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

Homes of the Highlands Neighborhood in Chatham Township, NJ

The Highlands of Chatham Township sits high on a knoll over Chatham and the Great Swamp with lots of open space and privacy.
Chatham Township is one of the best places to live in New Jersey, according to its residents and NJ Monthly Magazine. Chatham Township was rated #2 place to live by NJ Monthly in 2010 and #9 in the country by Money Magazine in 2005!

The homes in the Highlands of Chatham Township are some of the loveliest in the area. There are many gracious colonials on large lots of about ½ acre. Most of these homes were built in the 1970’s with welcoming foyers, spacious kitchens, living, dining and family rooms on the main level and usually 4-5 bedrooms on the second floor. An ideal, sensible floor plan.

The streets that comprise The Highlands Neighborhood are: Birch Hill Drive, Huron Drive, MacEvoy Avenue, Mohawk Trail, Nicholson Drive, Ostrander Place, Ramapo Trail, Rockledge Trail, Seminole Way, Sunset Drive and Van Houton Avenue.

This sensational community does not get much turnover and homes here are highly prized. There are currently only two homes for sale, one on Nicholson Drive and the other on Sunset Drive. One home on Van Houton Ave is currently under contract to sell.

Four fine Highlands homes have sold in the last year. They are:
123 Van Houton $800,000
22 Sunset Drive $875,000
19 Ramapo Trail $974,500
5 Mohawk Trail $980,000

See our Featured Chatham NJ Area Homes for Sale | Search Chatham NJ Homes For Sale |

Chatham NJ Home Valuation | Visit our Website

OTHER CHATHAM & MADISON NJ NEIGHBORHOODS

Wickham Woods Neighborhood, Chatham NJ
Washington Section, Chatham Borough, NJ
The Hill Section of Madison, NJ

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Thank you for reading Homes of the Highlands Neighborhood in Chatham Township, NJ.

Chatham NJ Real Estate Forum

Every year New Jersey Monthly Magazine devotes an issue to the top towns to live in NJ. Every year Chatham Township comes in at the top or close to the top of the list, this year coming in at number 2. Whether you agree with the list or not, for people buying or selling this list is an important tool. It's all about perception and people perceive the towns that make this list to be the most desirable towns to live in. Thus the list can only help property values! This is a great honor for Chatham Township and all the other towns that made the list.

See the entire list at http://njmonthly.com/articles/towns_and_schools/best-places-to-live-2010.html

How does your town rank?

Robert Snyder

Mortgage Advisor

Jacob Dean Mortgage
Cell: 973.495.8925

Fax: 973.966.1063

Bob@bobthebroker.net

www.bobthebroker.net

At the beginning of every year I go into our Garden State MLS system to run some analysis of what has actually and really happened in our markets in the past year. I always find it illuminating to see the final figures, since I also hear the news and certainly know that the real estate market is not what is once was. However, there is one truth to real estate that continues to hold true. Actually, three ... location, location, location. Sutton Woods in Chatham Township, NJ is a beautiful condo community that is ideally located at the edge of Chatham Twp, NJ and very close to downtown Summit, NJ. A vital town center with interesting and yummy eateries, a first class hospital center, and a Midtown Direct NJ Transit train to New York City, among many other fantastic features. Visit www.SuttonWoodsChatham for more information about Sutton Woods. So, at Sutton Woods we have actually seen days on market decline and both average and median prices increase! Go figure! :) This is a community I have sold many homes in and know quite intimately.

If you are considering buying or selling in Sutton Woods, call me to get you top dollar. If you are interested in real estate and homes in Summit, Short Hills, Chatham, Madison and the surrounding areas, we can help you maximize your situation.

Come back to this blog for updates on more communities in Chatham, Madison, Morristown, Short Hils, Millburn and Summit. 201-960-2090. Trish@BestNJhomes.com

According to an article in the Daily Record Newspaper today, there was a fire on Monday 3/31 which destroyed 10 Chatham Township NJ condominiums in the Briarwood Complex located on Sentinel Court. There are several town home complexes along this strip in Chatham Township. They don't as of yet know what caused the fire, and there were no injuries reported. The Red Cross was there to help out any Chatham residents in need, but everyone seemed to be ok.

Susan Zanzonico - Weichert, Realtors - Chatham NJ Real Estate