Chatham NJ Real Estate – Closed Sales for MAY 2012 Chatham Borough
Closed Sales for MAY are down by 11% as compared to last May. Year-to-Date sales were also down 26% through this same period. Read here to find out the very latest information on your local Chatham NJ Real Estate market!
June 19, 2012 – Closed Sales in Chatham Borough NJ decreased by 11% for the month of May as compared to this same period last year (8 sales in May 2012 as compared to 9 in May 2011). It is worth noting that May’s volume has steadily declined for the past four consecutive years. Year-to-Date sales were also down through May (26%) as compared to the same period last year (28 sales in 2012 vs 38 sales in 2011). These numbers have also been in decline for the past three years.
The short term outlook appears to be more of the same with a similar number of homes expected to close in June, however pending sales for July look a bit more encouraging.
There has rarely been a time where both prices and interest rates were so low. Combine these two factors with a relatively high inventory of homes to choose from and you have the perfect conditions for a robust and steady housing recovery. The general state of the economy along with a high rate of foreclosures and distressed properties are expected to keep prices low for several more years as this inventory eventually gets cleared out.
There is a certain amount of “pent-up demand” on both the buying and selling side of this market as many buyers and sellers have been sitting on the fence for several years now and see that the pendulum is beginning to swing in the other direction and as a result, they are taking action.
Look below to see the individual homes that sold in Chatham Borough NJ for the month of MAY in 2012. Also shown below is a year to year comparison bar graph for homes SOLD in the month of MAY over the past 5 years, followed by another graph illustrating the amount of homes that have SOLD Year-to-Date through May through the same period.
(Double click on spreadsheet for an enlarged view)
For similar information on the prior period, please go to:
There are many factors that make up the differences in local real estate markets, even from town to town and especially in a small state such as New Jersey. This is why it is important for both buyers and sellers to obtain the latest “local” market data before they make any real estate decisions.
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