Here is blog #2 about the numbers in our area. I included most of the towns we service in Union, Essex, Somerset and Morris Counties, excluding the larger markets like Newark, Elizabeth and Plainfield.
What we found is no surprise, when comparing the Q4 - Q1 this year with those of one year ago.
Total Closed Sales (Q4 '07 and Q1 '08) - 1010
Total Closed Sales (Q4 '08 and Q1 '09) 774!!
This is a decline of 24% in total transactions.
Active Listings (last year) 11664
Active Listings (this year) 11051
**The good news is that we did not see an increase of a huge amount of new listings in the present period, which helped the market, but because there was such a substantial drop in sales activity. There was a strong downward pressure on pricing as shown below.
Avg Sales Price Last Years Period - $698,112
Avg Sales Price This Years Period - $624,293
This is a drop of 10.5%, which for those of you who have been actively working with me, is not a surprising number, as we've shared this with you almost as soon as we felt it in December.
More to come.... :)
www.teamcarrollnj.com
www.homeownerhelpsite.com
Sean Carroll
RE/MAX Classic Group
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