Chatham NJ Real Estate – Market Update for JUNE 2012 Chatham Borough
Closed Sales for Chatham Borough Year-to-Date through June are down by 27% as compared to the same period from last year. In addition, volume for the month of June was down by 28% as compared to last June. Read here to find out the very latest information on your local Chatham Borough NJ Real Estate market!
Closed Sales continue to lag in Chatham Borough with the Year-to-Date volume down by 27% (38 sales in 2012 vs. 52 sales in 2011) and the monthly total down by nearly the same percentage at 28% (10 sales in June 2012 vs 14 sales in June 2011). This is the second month in a row of negative news for the local market. In addition, this represents four consecutive years of declining sales for the month of June and three years of decline for the Year-to-Date totals. Another point of concern is the amount of Pending Sales as of the last day of June, which is 50% less of where the volume was last year at this point. This will most likely result in a very low number of closings over the next several months.
While all real estate is local, there are many positive signs being seen all across the Northeast and in other major regional markets across the country. The next several months will be critical in determining if the recent upswing has any sustained staying power.
In recent months, it is not uncommon to see properties attracting multiple bids, however the majority of these are not necessarily resulting in sales prices coming in over asking price, rather than buyers recognizing a good value when they see one and sellers having a better choice of qualified buyers from which to choose. The majority of these cases usually involve well priced homes that are in good condition. Buyers are responding well to these types of homes.
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.
Prices are expected to remain steady and interest rates continue to hover at record low rates. 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.
Look below to see the individual homes that sold in Chatham Borough NJ for the month of JUNE in 2012. Also shown below is a year to year comparison bar graph for homes SOLD in the month of JUNE over the past 5 years, followed by another graph illustrating the amount of homes that have SOLD Year-to-Date through JUNE 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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