Chester Borough NJ Real Estate Market October 2011

Below you will find the latest information for the Chester Borough NJ Real Estate Market October 2011. There has been a dramatic and gradual increase in the amount of homes listed For Sale over the past four years in the month of October by as much as a 5 to 1 margin. There are currently (18) homes For Sale, as compared to (21) homes for this same period last year, (5) in October of 2009 and just (4) in the same month of 2008. Currently there are (0) Pending Sales as compared to (3) at this same time in 2010. There were (2) Closed Sales this month as compared to (2) from the same time last year with (2) in 2009 and (0) in 2008. The Average Sales Price as of the end of October is $600,000, which is up from $405,000 during this same period last year.

Chester Borough’s current supply of available inventory (Absorption Rate) has increased significantly by 48% from last year at this same time up from 9.2 to 13.7 months. This figure represents a large and excess inventory which creates a significant advantage to buyers by having a large pool of homes from which to choose. In addition, interest rates remain at or near all time lows with prices continuing to be under downward pressure from a variety of factors including an increased rate of distressed sales along with an overall weak economy.

Residential Single Family Properties

Number of ACTIVE listings (homes For Sale) on the market: 18
Number of PENDING transactions (homes Sold) in October: 0
Number of CLOSED sales (homes Under Contract) in October: 2
Average Sales Price (Sold): $600,000
Average List Price (For Sale): $510,104
Sales to List Price Ratio: 98%
Average Days on Market: 76
Absorption Rate* (Months of Supply): 13.7 months

*This figure represents the number months it will take to sell off all of the inventory at the present rate of sales:

4 months or less is considered to be a Seller’s market with limited inventory for buyers to choose from.
5 to 6 months is considered to be a “normal or balanced” market.
7 months or more is considered to be a Buyer’s market with excess inventory and plenty of homes for buyers to choose from.