Archive for October, 2012

Real Estate conditions improving in South Orange & Maplewood

Below is a snapshot of how the market has performed so far this year compared to last year.
Average Number of  listings is down, which is good for sellers and will begin to affect price.
Average Number of homes under contract is up, showing more buyers are willing to commit.
Average Number of homes closing is up significantly in South Orange.   In Maplewood it’s up only slightly.  In my opinion this indicates that some deals didn’t close because of mortgage or inspection issues, but at least the buyers are now making moves.
Average Numbers of Days on the Market is down in both towns which means homes are selling faster.
One area lagging is Average Sales Price, as you can see.
These are signs of an improving market, so let’s hope it accelerates since mortgage rates and home prices are insanely low.