The real estate market typically slows down a bit over the winter, but a comparison of January 2013 with previous January statistics can give us an over all picture of how the market in Rahway has changed.
For starters, we hardly ever examine the percent of the active inventory that sells but in Rahway this statistic provides a clear picture of the market over the past 9 years. It's clear that things are not worse than they were last year but there's been little improvement since the 2005-2006 real estate boom.
A factor that we do often examine is the Days on Market. In Rahway, the homes that sold in January 2013 took longer to sell than homes over any previous January of the past 9 years. This bodes well for buyers but not so well for sellers - an increase in DOM often leads to lower prices and higher inventory - a classic buyers market.
The inventory in Rahway is another factor that is important to examine. As of the end of January, there were 165 active listings, significantly lower than earlier January inventories. This may indicate the possibility of a recovery since there was a statistically insignificant decrease in sold listings.
Perhaps of most interest to home buyers and sellers is how the prices in Rahway have changed over the past 9 years. Certainly a far way from the 2005-2006 real estate boom, prices have apparently leveled off from 2011-2013 and might even be slightly higher this year over last.
While there may be indicators that real estate in Rahway is beginning a recovery, there's every reason to believe that this recovery will be slow going. For more information on the Rahway real estate market, check out our earlier analyses of the market here:
Buying or Selling a Home in Rahway, NJ - 01/12/13
Free Market Report of Rahway Homes! - 08/13/12
168 Homes Sold in Rahway So Far This Year! - 07/09/12
Rahway Market Trends - 03/25/12
If you're considering selling your Rahway home, Team Zuhl certainly has the experience to get it done the right way! We hope you'll consider allowing us to market your home and help you get it sold!