December 8, 2011

 Data from Garden State MLS, deemed accurate but not guaranteed.  Subject to errors and omissions.

Are there buyers?

When the hurricane followed our earthquake and then the snowstorm and days of power outages decimated our "Fall real estate market", many of us thought it was all over.  Thank goodness, that was not the case!  In the last couple of weeks, and yes, in the midst of Thanksgiving and other Holiday preparations, buyers who were not able to brave the elements to look for a home, have been doing so.  

We are seeing an uptick in higher end homes as well as relocation.  And, for those buyers who are ready, there is significantly less inventory, creating a favorable supply/demand situation for local sellers.

 

Are home prices going down or up?

It depends.  When there are many homes for sale in the same price band, buyers have choices and they will choose the home in the best condition, in the best location, with the best price.  When there are fewer homes (such as now, when many sellers typically take their homes off the market or wait till Spring), buyers don't have as many options.  Remember that  law of supply and demand?

 

When is a good time to sell?

When you are ready.  You see, at this time of year there are fewer buyers, but they are motivated and ready and willing to buy.  Come Spring, there are more buyers but they often include a fair number of tire-kickers.  When is the right time for you?  That is a good time to sell.

January 30, 2010

October 2010

The weather here in Summit NJ, with very few exceptions, has been nothing short of fantastic this Fall. As I write this the sunshine is pouring in the windows, the leaves are gold, red, orange and every shade in between! I love this time of year!

The Summit NJ real estate market has similarly been excellent. At a time when the economy is still struggling and many communities are losing homes to foreclosure, we have very little of that.

From all the signs we are currently on the BOTTOM of our market ... here's why I say that:

• Average days on the market down 10%
• Average price up .08%
• Number of sales up 13%
• Average sale price to list price went from 96% to 97%.

None of these are dramatic changes but the most important one, number of sales, is indicative of more buyers in the market which leads to stability in our real estate market.

There are some subtle differences from town to town but overall this is what's going on. If you would like to receive a detailed report for your town, just call or email me.  This summary includes homes in Chatham, Madison, Morristown, Millburn-Short Hills, Maplewood, Livingston, Summit, New Providence.

Also, if you would like a current assessment of the value of your home, call or email me. It is a free service to you.

September 2010

It's been a wild ride this year ... and we didn't know it before, we surely must know by now that real estate is local, local, local!  Fortunately, our locales are healthy and well!  The number of sales of homes this year over last increased 73% overall, in some cases doubled.

Home prices in Short Hills, Summit, and Chatham NJ increased a bit.  Overall, I would say that prices mostly held steady but average prices inched up a bit as the higher-end buyer re-entered the real estate market. 

Take a look at this graph, breathe a sigh of relief that buyers are coming back in solid numbers to our towns and contact me for help in buying or selling that special home.

Market Update for March 2010

Home buyers are coming out, making offers and buying homes in Chatham, Summit, Short Hills, Madison, Morristown, NJ!   After the last couple of years, this is really a happy thing - just like Spring! We just had two of our new listings go under contract within only one week! Multiple offers are back too! Here is why:

• Increased buyer confidence that our real estate market has bottomed out
• Increased understanding of market conditions by sellers and pricing for the market
• Still very low interest rates with concern that this is a temporary thing
• A generous home-buyers' tax credit for new home-buyers and also move-up buyers
• Reduced inventory - there are not as many properties for sale now as there were last year at this time
• Real estate analysts agree that real estate values are better than they have been in a long time; affordability indexes are now becoming reasonable for our area.

If you are thinking of selling your Summit or Chatham NJ home, this is the time to step up and put your home on the market, while your competition is smaller. We are prepared to help you stage and price your home for maximum results. We have honed our marketing and negotiating skills to help make your home sale a success! Call or email us for more information.
If you are a buyer, this is the time to contact us to find out what is for sale in your area and price range. A small rise in interest rates can make a huge difference in the cost of your new home and rates have been inching up. Don't delay and pay more for the same loan! Contact us for a Homebuyer Consultation to discuss your needs and home purchase today.
The Chathams
Last year at this time there were 261 listings, now only 246, with the bigger reduction in the Township. More than double the # of closings this year over the same period in 2009. Average days on the market are down from 74 to 66. Average sales price of sold listings for this year to date is $633,750.
Madison
Is definitely holding its own. There are about the same number of active listings but sales are up. 24 properties under contract so far in 2010 with an average price of $799,574. Closings are up also with 87 year to date and an average price of $625,353. Homes and condos are selling at an average of 93% of asking.
Summit
More closings this year too but average sales price has slid to $697,258. This, I believe, is a temporary phenomenon indicating the lower end of the market has been very active, more so than the higher end. Generally this converts into move up buyers and higher average sales prices in the following months. We'll follow this one and report next month. Also, this year we have double the number of properties under contract, with average prices 8% higher than this time in 2009, at $848,670.
Millburn/Short Hills
We’re seeing several upper tier properties come on the market driving average prices up. For example, in 2009 27 home sunder contract at average price of $1,363,326. This year 26 properties, average price $1,549,804 - 12% higher than last year! Closings to date are also outpacing last years by 45% and the average sales price is $1,213,000.

Happy New Year and welcome to a new decade! Good news! Locally our property prices have, for the most part, continued to hold their value. In fact, in many towns inventory is low and sellers who are willing to get ahead of the spring market are finding that they have very little competition. The real estate climate is definitely warming with active, serious buyers in most price ranges. Of course, real estate is all about location and the nuances change from place to place.

This month, this is a look at 2009 vs 2008. It’s really a mixed bag, and a good mixed bag overall. Future emails will focus on current activity and trends we see as we work with buyers and sellers on a daily basis.

We hope you find this information helpful and informative. Feel welcome to share with neighbors or friends and family. Call or email us with any questions or concerns you may have. We can shed light on your particular location and situation.

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