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Looking Ahead...
Yes, the average sale price in Long Hill Twp. did decline. However, on a positive note, the number of sales transacted was comparable to that of sales in 2006. There are mixed opinions as to when the market will recover. Housing forecasters are predicting a bottom sometime in the 2nd or 3rd quarter, where as more conservative economists believe the recovery won't be until 2009. In the meantime, Houses Will Continue To Sell In 2008. Statistics have shown us that. And while location, condition and amenities are important elements, Competitive Pricing has been and will remain to be, the major factor to a successful sale.
SINGLE FAMILY 2006 vs. 2007
HOUSES
Number of Sales 65 72
Avg. List Price $687,779 $613,417
Avg. Sale Price $659,560 $590,734
Avg. Days on Market 62 68
% of Change -10.5%
CONDO/TWNH
Number of Sales 22 13
Avg. List Price $418,945 $405,476
Avg. Sale Price $405,609 $385,769
Avg. Days on Market 56 56
% of Change -5%
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