Chester NJ Real Estate - Closed Sales MAY 2012 Chester Borough
by Bob Zorechak - GRI, ABR, e-PRO
Closed Sales for the month of MAY were up in Chester Borough with Year-to-Date sales rising sharply by 267% through this same period. Read here to find out the very latest information on your local Chester NJ Real Estate market!
Closed Sales in Chester Borough NJ increased for the month of May as compared to this same period last year (2 sales in May 2012 as compared to zero sales in May 2011). In fact this was the first time in the past 5 years that any sales were reported in the month of May. Even better news is that Year-to-Date sales were up through May dramatically (267%) as compared to the same period last year with 8 sales in 2012 vs 3 sales in 2011. This is the most sales recorded year-to-date through May in at least the last five years.
The short term outlook appears to be encouraging as well with 4 homes expected to close in June.
Prices are expected to remain at 2002 / 2003 levels and interest rates continue to hover at record low rates. There has rarely been a time where both prices and interest rates were so low. Combine these two factors with a relatively high inventory of homes to choose from and you have the perfect conditions for a robust and steady housing recovery. The general state of the economy along with a high rate of foreclosures and distressed properties are expected to keep prices low for several more years as this inventory eventually gets cleared out.
There is a certain amount of "pent-up demand" on both the buying and selling side of this market as many buyers and sellers have been sitting on the fence for several years now and see that the pendulum is beginning to swing in the other direction and as a result, they are taking action.
Look below to see the individual homes that sold in Chester Borough NJ for the month of MAY in 2012. Also shown below is a year to year comparison bar graph for homes SOLD in the month of MAY over the past 5 years, followed by another graph illustrating the amount of homes that have SOLD Year-to-Date through May through the same period.
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