In my first examination of the 1st Quarter 2009 and March 2009 sales numbers, I noticed a startling fact. The amount of closed transactions was nearly HALF of what it was for March 2008. I knew things slowed down dramatcially in the 4th quarter of 08 and the 1st quarter of 09, just based on 'feel' but these numbers confirm the feeling.
Cranford, Westfield, Scotch Plains, Fanwood Closed Sales
Month of March 2008 - 55 Closed Sales
Month of March 2009 - 28 Closed Sales!!
This has left a lot of inventory in these towns, which will need to be absorbed before the downward pressure on home prices stops. While our area is still in high demand, and properly priced homes will still bring lots of activity, I simply can't overlook the sharp decline in closings. This means that the pending sales were down in December, January and February. The good news is that the pendings are UP for February and March, which means that we should see a lot more closings in April.
Sellers - Price Your Homes Properly!!!!
Buyers - Make a fair offer, and you will get a great deal
RE/MAX Classic Group
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