I can’t believe summer is gone and the crisp fall weather is here. School is back in swing and the Jewish holidays are upon us. Happy New Year to those of you who will be celebrating next week.
With 2012 more than half over let’s take a look at some trends in the towns that I cover in my marketplace. For example, “Days on Market” (a.k.a. DOM) or how long it takes to sell a home. Year to date from 2011 to 2012 DOM has fallen in 5 of the 8 towns in my regular marketplace. That means in Maplewood, Millburn, South Orange, Summit and West Orange it took less time to sell a house this year than last year. That’s good news for sellers!
Average YTD Sales Price, on the other hand, has gone down (not significantly but slightly) in every town but Livingston. Congrats to Livingston. This shows that prices have come down from 2011 to 2012 in my marketplace. I am not sure this trend will continue because we continue to see healthy activity in the real estate market. It’s definitely a busier year that it was in 2010.
Here are my August 2012 Market Snapshots. If you have any questions on what’s happening in your neighborhood real estate market please give me a call at 917-751-0448.
By the way, I am never too busy for you referrals and would appreciate the chance to work with your friends, neighbors and co-workers.
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