I had an interesting conversation at one of my OPEN HOUSES this weekend about the current real estate market. It was a neighbor coming to chat and to see the BEAUTIFUL listing on their street in Oakland. ( See www.StoneFenceRd.com ). I emphasized that the real estate market is LOCAL and that sales data ranges from town to town.
Case in point below.... pricing has a direct impact on sales and homes in Oakland have sold within 3.71 % of their asking price where as homes that have sold in Franklin Lakes ( which shares a border with Oakland and can share the same High School - Indian Hills ) sales are 11.31 % of their final asking price. BIG DIFFERENCE. Now there are a lot of variables here --- and it is exactly why you cannot make a blanket statement about real estate unless you look at the local numbers on a town-by-town basis.
Listed below is the data gleened from the NJMLS for the last two months. ( May 21 - July 21, 2008). The number of homes that have gone under contract or that have sold has gone up compared with two months prior. Of interest to note --- there is an 11.31% difference between actual asking price and the closed sale price of homes.
| Status | # | Average | Minimum | Maximum | Avg DOM |
| Active | : | 117 | $1,728,008 | $499,900 | $5,999,000 | 120 |
| Under Contract | : | 6 | $942,833 | $399,000 | $1,450,000 | 76 |
| Sold | : | 27 | $1,847,315 | $370,000 | $8,000,000 | 124 |
| Total Listings | : | 150 | Sold properties closed averaging (88.69%) of their final list price (FLP). This reflects a (11.31%) difference between property sale prices and their *FLP's. |
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Copyright - Pamela Stetson 2008, http://www.pamelastetson.com/
All information is deemed reliable but not guaranteed.
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