Our local 2016 Real Estate Market did have a good year albeit some towns prospering more than others, but overall all towns fared well with both unit sales and pricing.  New Providence units sold decreased in part as 2015 included the ‘sold-out’ Foley Square development and lack of inventory.  Berkeley Heights saw an increase in units and average sales price…Summit saw an increase in unit sales but lower average price as higher end properties are not moving as quickly as more moderately price homes. Chatham Borough saw a significant increase in unit sales and a 9% increase in selling prices. Chatham Township indicated a decrease in units and avg. sales prices as 2015 was a tad skewed with fast selling new construction and Long Hill Township showed lower unit sales but a 4% increase in average sales prices.  

2016 Fast Facts on Actual Sales

       
                 

Town

# Sold

2016

%LP/SP

Avg DOM

Active

Month Inv.

2015

2015

   

Avg. Sales Price

Price

 

1/1/2017

1/1/2017

# Sold

Avg. Sales Price

Berkeley Heights

162

$610,237

97.8

57

33

2.44

149

$589,742

New Providence

159

$602,104

98.9

44

17

1.28

177

$626,622

Summit

311

$958,322

98.8

45

41

1.58

283

$1,019,659

Chatham Borough

132

$835,246

99.3

46

16

1.45

117

$766,463

Chatham Twp.

159

$602,104

98.9

44

61

4.62

210

$1,023,212

Long Hill Twp.

92

$540,180

97.1

56

36

4.7

107

$520,972

 

As one looks at listing and sales data through January 11th 2017 for all of our local communities we now have significantly less than 6 months’ inventory which is the generally accepted delineation between a sellers and buyers’ market.  Interest rates are creeping higher which should bring a lot of 1st time home buyers currently sitting on the fence out with their checkbooks and pre-approval letters.  If we have a mild winter like 2016 (hopefully!) we should see an early and strong Spring Market!

We have buyers looking to move to our towns through all seasons! Our local communities continue to be attractive to buyers not just for academic success' and reputation but also proximity to NYC, Newark Liberty Airport and desired local amenities like 'Holiday Walks”, street fairs and spirited sports programs.

Sign Up for E-News

 I am providing my stat report for a summary of inventory and average sales price for our defined local communities and it will hopefully give you a snapshot of our current real estate situation town by town.   Please be aware that I have included all properties...  single family residences and condo/townhouses in these averages and the Holidays always tend to have lower inventories. I am also attaching my year end actual sales reports for certain towns and If you would like this information for additional towns I would be pleased to provide for you.

Berkshire Hathaway is an advertiser with TAPinto.net. To learn more about marketing with TAPinto.net contact bpeer@tapinto.net.