Tewksbury NJ Real Estate Market October 2011

Below you will find the latest information for the Tewksbury NJ Real Estate Market October 2011. There has been a dramatic increase in the amount of homes listed For Sale over the past two years as compared to the previous two years (2008 & 2009) during the month of October by as much as a 5 to 1 margin. There are currently (102) homes For Sale, as compared to (98) homes for this same period last year, (33) in October of 2009 and just (18) in the same month of 2008. Currently there are (2) Pending Sales as compared to the same amount at this time in 2010. There were (2) Closed Sales this month as compared to (2) from the same time last year with (5) in 2009 and (4) in 2008. The Average Sales Price is $612,500, which has been steadily declining over the past 3 years for the month of October.

Tewksbury’s current supply of available inventory (Absorption Rate) has decreased by 29% from last year at this same time down from 19.7 to 14 months. Although this is a step in the right direction, 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:                         102
  • Number of PENDING transactions (homes Sold) in October:                             2
  • Number of  CLOSED sales (homes Under Contract) in October:                        2
  • Average Sales Price (Sold):                                                             $612,500
  • Average List Price (For Sale):                                                        $1.009,867
  • Sales to List Price Ratio:                                                                        91%
  • Average Days on Market:                                                                         80
  • Absorption Rate* (Months of Supply):                                             14 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.

Tewksbury NJ - Rolling 13 Month Listing & Sales Activity - October 2011

Tewksbury NJ - Homes Listed For Sale - October

Tewksbury NJ - Pending Sales (Under Contract) - October

Tewksbury NJ - Closed Sales (Sold) - October

Tewksbury NJ - Average Sales Price - October

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