Fall is well underway but now is the time to look back and review the sales data from July and August 2012.
Why do we want to look back? It is important to understand the trends in our local marketplace. The real estate sales trends for Mahwah is set into the context of the Bergen County real estate market.
What we see are the following trends in Bergen County:
New Listing Inventory is down - 5.5%.
With a reduced amount of listings becoming available in the marketplace, activity and pricing naturally begin to stabilize, improve and go up. This is simply supply and demand.
Absorption rates are down - 26.9%.
Absorption rates are important. Listings come and go but what does it really mean? Aborption rates are the pulse of the market. They tell us how we are doing. In August 2011, we saw 14.5 months of active inventory. As of August 2012, we see 10.6 months of inventory in Bergen County. This is a reduction of 26.9% in one year.
Average listing prices are up 7.9%.
Because less inventory is coming into the marketplace and homes are selling more quickly, pricing begins to stabilize or move up.
Monthly Residential Solds are up 23.3%
According to the actual data from the NJMLS, monthly residential sales are up 23.3% for 2012 over the same period in 2011. Homes are selling. (These numbers include both single family and condo/townhomes).
Lockbox showings are up 4%.
Usually the summer is a slower period for Real Estate showings. The home showings have steadily risen this year over the same time last year and did not decrease this summer.
These are all good signs that the real estate market for Bergen County has improved.
It’s important to note that real estate is not just about listing active, under contract or sold properties in a given marketplace. Real estate marketing is about understanding the trends; getting the sales data right in order to price your home in the context of the market; and, having a strategy in place based on the data which will allow you to effectively market your home to sell FAST.
Afterall, your home could very well be your largest financial asset.
If you would like a FREE copy of the 33 page Market Report from the NJMLS, contact me.
Pamela Stetson - Top Ten Agent, Multi-Million Dollar Sale Club.
For more information about buying or selling your largest financial asset, contact me at CupaT@aol.com.
Copyright - Pamela Stetson 2012
The data is based on information from the NJMLS. All information is deemed reliable but is not guaranteed.