How long does it take to sell my house? Is the real estate market going to get much worth in the new 2008? Home buyers and sellers in Pennington New Jersey continue to ask these questions heading into the spring market.I don’t believe that national “Prophets” know exactly what will happen in each local real estate market. General economic indicators are that the markets will not get much better in terms of home sales prices.
Instead of predicting the future we can look at the historic data. One indicator of the real estate market is how long does it take to sell a house, or what is called in the real estate speak “Days on the market” or DOM. The chart examines the DOM for five towns Montgomery Township, Hopewell, Pennington, West Windsor, and Princeton from 2004 to 2007. The main points it illustrates is that:
- As the market declined, it took longer to sell the house.
- The DOM is different for different towns that are next to each other.
- Real estate markets are extremely local, where even one street can be different from another in terms of DOM.
- Pennington - experienced 122% increase in the DOM (compared to 2004) –the largest of the five towns examined.
- Princeton – experienced the smallest increase – 19% (compared to 2004).
You can read more about the Princeton NJ area real estate statistics in the following articles:
Princeton real estate -how long does it take to sell
Princeton Real Estate Market Trends
What is Going On In The Princeton Real Estate Market?
Princeton Real Estate -Are the House Prices Up or Down?
Princeton Real Estate - What is the outlook?
Princeton Real Estate -Are the House Prices Up or Down?
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Please contact Faina Sechzer at 609-553-4175 when looking for real estate, homes for sale and/or listing your house to sell, and relocation assistance in Princeton, Montgomery Township, West Windsor, Hopewell, and Lawrenceville New Jersey. Referrals are accepted.
If you are moving out of the greater Princeton area, please inquire about the countrywide relocation program.
Copyright 2007 Faina Sechzer All rights reserved. This information cannot be copied, reproduced, transmitted, distributed, displayed or published.
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I like the way you separated each town in your data. The way you have displayed the data in your graph really makes it clear and relevant to each consumer. Keeping information local is vital when considering pricing a home for sale. Thanks, Faina, for a fine example of a way to keep your local market informed.