Lebanon Township NJ Real Estate – Closed Sales for MAY 2012
Closed Sales for MAY are down by 50% as compared to last May with only 1 closing being recorded for the month. Year-to-Date sales are also down by 21% through MAY from this same period last year. Read here to find out the very latest information on your local Lebanon Township NJ Real Estate market!
June 18, 2012 – Closed Sales in Lebanon Township NJ decreased by 50% for the month of May as compared to this same period last year (1 sale in May 2012 as compared to 2 in May 2011). In fact, May’s numbers have been in steady decline for the past five consecutive years. Year-to-Date sales were also down through May (21%) as compared to the same period last year (11 sales in 2012 vs.14 sales in 2011).
It is too soon to tell if this trend will continue, however on a positive note there are 5 homes scheduled to close in the month of JUNE, which should help improve the numbers in both of these categories.
Prices are expected to remain at 2002 / 2003 levels 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.
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 Lebanon Township 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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