For the area surrounding Summit/Millburn/Chathams, mixed signals abound in the metrics that I follow (No. of Units on the Market, Avg. Days on the Market, Avg. Listing Price, Avg. Selling Price, Selling-to-Listing Price Ratio). View the most recent statistics for real estate in our area.
While the Average Listing Price declined by 13% in Summit, those in Berkeley Heights and the Chathams rose by 5% and 2%, respectively. Average Days on the Market dropped a noteworthy 20% in Berkeley Heights while rising significantly in the Chathams (61%), Summit (46%), Madison (33%) and Millburn (28%). The Number of Units on the Market in Madison and Summit rose by a robust 32% and 16%, respectively, while those in New Providence, Millburn and the Chathams dropped by at least 17%.
Certainly, many factors may have contributed to these mixed signals. For one, the economic trauma of Q3 2008 make it a less-than stable basis for comparison. Also, the market changes brought about by the first-time home buyer tax credit that I discussed in my recent Real Estate Today article (http://thealternativepress.com/column-re.asp?COL=guest&ID=716) have changed market dynamics, potentially explaining the increase in supply and decrease in listing price exhibited in the Summit market.
It is during these times when a trusted and experience real estate advisor truly gets to earn his/her keep, for uncertainty and opportunity go hand-in-hand. Please feel free to contact Debbie Chang directly at 908-644-9673 or email at firstname.lastname@example.org for additional information or any other real estate related questions.