March 2012 totals are in and show some trends that you will want to consider if you have a home for sale or will be buying a home soon. According to Realtor.com, housing market indicators are looking up. The national median list price has increased between February and March, displaying a steady, slow rise. The median list price averaged $189,900 in March of 2012, versus $179,900 in March of 2011. Market recovery seemed to be more dependent on local economy than on housing developments at large. In Maplewood, Millburn, Short Hills, South Orange and surrounding towns we have seen very brisk market activity this spring– a definite upswing from last year.
The average days on the market for a home decreased from 111 days to 89 days in that same month span-another positive indicator. While median list prices vary across national markets, the data collected by Realtor.com indicated a slight upward swing, causing many a home owner to take note.
If you are considering buying a home or selling your current home, these statistics can provide insight into the current real estate market. Combining these statistics with historically low interest rates (3.88% for a conventional 30 year mortgage last week), could help you in determining your decision. To get more details on the study and comparisons to previous months and years and see the actual graphing trends, please click here.