The usold inventory in New Jersey is the lowest it’s been in four years, according to the Otteau Valuation Group. This is something that most realtors in the area already knew instinctively.
Are fewer homes on the market, or is level of sales activity higher so that the homes that did come on the market get sold quicker?
|
Town |
2008 Q4 Sales / Month |
2009 Q4 Sales / Month |
|
Millburn |
8.3 |
16 |
|
Maplewood |
16 |
22 |
|
South Orange |
15 |
18.3 |
|
Summit |
10.7 |
15 |
|
Westfield |
12.3 |
21.3 |
|
Livingston |
13.7 |
19.3 |
|
Chatham Borough |
3 |
8 |
|
Chatham Township |
4.7 |
9.7 |
|
Madison |
8.3 |
13.7 |
|
Berkeley Heights |
8.3 |
10 |
|
New Providence |
6.7 |
8.3 |
Clearly the level of activity in the 4th Quarter has been much higher than the previous year. In addition, Otteau is reporting that the core markets (such as the towns above) have stabilized and the outer ring markets are declining at a modest pace.
The Spring Market should be very active as new and trade up buyers try to take advantage of the tax credit before it expires.
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