The dog days of summer are upon us but home sales are not in the dog house.
According to the NJMLS statistics for Single Family Homes in all areas in July 2012 vs. July 2011 shows an increase in sold listings with a slight decrease in median price; even more notable is the significant increase in Under Contracts and decrease in Active inventory:
- Number of Sold Listings up +7.3%
- Median Sold Price down -1.6%
- Under Contracts up +25.1%
- Active Listings down -22.8%
And, according to Inman News, home prices post strongest growth since 2006. See the article at: http://www.inman.com/news/2012/08/22/home-prices-post-strongest-growth-2006
And a recent article in Bloomberg News states that the second quarter of 2012 is the best since 2005. http://www.bloomberg.com/news/2012-08-23/house-prices-rose-most-since-2005-in-second-quarter-fhfa.html
Now, that said, pricing your listing is key to sales in this market. Comps should be current ( the last 3 to 6 months) and you always should price your home to "challenge" the market. Afterall, time is money. And pricing your home too high will cost you precious time. And statistics tell us the longer on the market, the lower the final sale price.
Check out the photos of several of my recent sales in the area. And, if you would like a FREE Competitive Market Analysis ( CMA) send me an email --- I am happy to help!
Check out the photos of my recent transactions in Bergen County.
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