Madison NJ Real Estate – Market Update for JUNE 2012
Closed Sales for Madison are up 5% year-to-date through June and 4% for the month of June as compared to last year during this same period. This marks the second month in a row of gains in closed sales and underscores the market has definitely made a turn for the better. Read below to find out the very latest information on your local Madison NJ Real Estate market!
Closed Sales in Madison increased moderately for the second month in a row by 4% for the month of June as compared to this same period last year (22 sales in June 2012 as compared to 21 in June 2011). Year-to-Date sales are up as well by 5% through June as compared to the same period last year (61 sales in 2012 vs. 58 sales in 2011). The volume of Pending Sales as of the last day of June are running about the same as they were last year at this time. Despite the economy and the general state of the real estate market in the northeast, the local Madison market has performed extremely consistent over the past five years.
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.
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 Madison 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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For listings or information on Madison, NJ or any of the surrounding towns in Morris County including Morris Township, Morristown, the Chathams, the Chesters, the Mendhams and Long Valley, the Somerset County towns of Basking Ridge, Bedminster, Bernardsville, Peapack Gladstone and Far Hills, along with the Hunterdon County towns of Lebanon and Tewksbury Townships, simply use the search tool located on the right side of this page.
All listings are updated throughout the day so be sure to come back often for the most current information. If you are unable to find what you are looking for using the search function on this website, or you are looking for a home that is unique with specific features, feel free to contact me direct and let me know exactly what they are. My colleagues and I preview all kinds of properties each week and will be sure to identify just what you are looking for. In addition, my office often features “exclusive” listings that are not released to the public that might be of interest to you as well. I will be glad to answer all of your questions and arrange to show you the homes of your choice at a time convenient to your schedule.