My December Real Estate Market Snapshots are here for your viewing. Overall, market trends have been very positive when looking at average days on market (how quickly houses sell); average sales prices and average list price/sales price ratios (how much of their asking price was retained by sellers). Here are a few highlights…
Houses were selling faster almost across the board in the towns that I cover. In Summit, West Orange and South Orange average days on market were down by over 20% meaning that demand for homes was up in 2014 over 2013.
Average sales prices were up in many towns but not all of them. Millburn saw the biggest uptick with an increase of 15%. Maplewood prices were up over 6%. West Orange and South Orange price were up by almost 4.5% each. Montclair, Livingston and Summit saw slight increases in average sales prices.
Sellers were getting more of their list price in 2014 than in 2013 in almost every town in my market area. List price to sales price ratios were up by about 1.5% over last year in Maplewood, West Orange and S. Orange and up by slightly less in almost all of the other towns. Short Hills saw a .24% decline in list price to sales price ratio.
Keep in mind that mortgage rates have dipped again and this might be good time for you to consider a purchase or re-finance. If you’d like a referral to one of my trusted mortgage professionals please contact me so you can run the numbers with them.
You can feel confident sending your friends, neighbors and family who need real state advice to me. I pride myself on earning great testimonials from my clients and you can read my reviews at http://azhomesnj.com/testimonials/. I look forward to providing your referrals with excellent service and results in 2015.
Keller Williams Mid-Town Direct Realty, Maplewood, NJ www.azhomesnj.com