Archive for the 'Days on Market' Category

Sales comparisons from 2011 to 2012

Here are full year sales figures for the year 2012.  The trend is looking positive as we head into the kickoff for the spring market.  The number of sales is up in both towns and the number of listings is down (Demand increasing and Supply decreasing).  Prices increased slightly in South Orange and are only slightly down in Maplewood.

Local figures are far below and see the link directly below for national projections.


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.

Area Real Estate Sales Figures (4q & full year 2011)

Here are the 4th quarter and full year end 2011 real estate figures for our area.

A dip in the number of 4th quarter sales is usually seasonal.  The major dip in sales price and list price in the 4th quarter is more than a seasonal dip.  Home prices have dropped yet again but we’re hoping to stabilize and begin the slow climb back in 2012.

Area Sales for the full year 2010

Here are the sales numbers for the year  2010 in Suburban Essex and Northern Union counties.   Buyers are returning as the number of sales (sold listings) increased over 2009 figures for the following towns: South Orange, Maplewood, Millburn, Montclair and Summit.  The towns closest to the train lines are feeling the recovery before the others (figures from Garden State MLS).

Please call me if you’ve got any questions about these figures or would like a complimentary CMA (comparative market analysis) done for your home.