With the Holidays behind us and the snow accumulating faster than the national debt and keeping me house bound, I've finally found the time to research the housing sales numbers for last year. In addition I looked at years 2009 & 2006 to compare numbers to see where we stand historically.
Last year started off strong, with most of us Agents helping first time home buyers take advantage of the goverment tax credit. But quickly after that ended, say mid May, the market died. Buyers were suddenly scarce and the houses that didn't get picked for the tax credit dance, sat somber and quiet, yet hopeful things would bounce back. And at the oddest time they did. August and September are usually quiet housing months, what with people busy with vacations and the beginning of the school year. Most folks want to be settled in their nests, not off buying new ones. But indeed the market picked back up in those months and while not as busy as the first five months of the year, there was a fairly steady business until the holidays. Most of the houses sold during the year were middle to lower budgeted homes. Lets look at 2010*.
In Maplewood 543 houses came on the market during the year. 247 of them sold and in an average Days On the Market of 61 days. The sales price to list price percentage was 100%.
The Average Sales Price: $496,891.00
The Median Sales Price: $505,000.00
In South Orange 408 houses came on the market during the year. 160 of them sold and in an average Days On the Market of 74 days. The sale price to list price percentage was 96%.
The Average Sales Price: $519,998.00
The Median Sales Price: $492,000.00
So let's compare those numbers with the ones for 2009:
Maplewood saw:
460 Listings - 234 Sold - 68 DOM - 97% sp/lp
Average Sales Price: $476,220.00
Median Sales Price: $475,000.00
South Orange saw:
374 Listings - 151 Sold - 76 DOM - 95% sp/lp
Average Sales Price: $530,707.00
Median Sales Price: $500,000.00
And to put it in perspective, lets look at the numbers at the height of the market in 2006:
Maplewood:
541 Listings - 344 Sold - 56 DOM - 99% sp/lp
Average Sales Price: $545,590.00
Median Sales Price: $495,000.00
South Orange:
452 Listings - 252 Sold - 56 DOM - 98% sp/lp
Average Sales Price: $666,512.00
Median Sales Price: $620,000.00
The numbers here for South Orange in 2006 seem high and looking at the break down it seems a quarter of homes sold during that year went for $750K or higher, a segment of the market that has been suffering the last year or more. An easier quick look:
Maplewood Average Sales price:
2010 $496,891.00
2009 $476,220.00
2006 $544,590.00
South Orange Average Sales price:
2010 $519,998.00
2009 $530,707.00
2006 $666,512.00
In the in the first 25 days of this new year, 55 new hopeful houses have hit the market looking for that right buyer. Now this is where numbers can be deceiving, see a few of these 55 homes are houses that were taken off the market before the holidays and have just been re-listed. Or they're houses that were withdrawn for a day to have their "Days On the Market" odometer reset to 0 to make them look like new listings. Now if only the Realtor would replace the picture of the front of the house taken last summer to one of the home covered in snow, they might get away with it. :) Still, many of these great houses are new to the market and it seems to me that even with all the snow, there are buyers out there right now looking. But those sales will be in next years numbers.
*The figures are from the Garden State Multiple Listing Service.
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