Local Real Estate Market Update Year-over-Year Home Sale Comparison for 3rd Quarter 2009

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 dchang@loisschnerrealtor.com for additional information or any other real estate related questions.

The opinions expressed herein are the writer's alone, and do not reflect the opinions of TAPinto.net or anyone who works for TAPinto.net. TAPinto.net is not responsible for the accuracy of any of the information supplied by the writer.

TAP Into Your Local News:

Sign Up for E-News