The month of September 2007 as compared to September in 2008, as taken from the statistics from the Garden State Multiple Listing.
The amount of active listings in Rockaway Twp has decreased by 12% / Sept 2008 = 257
The average list price of these listings have decreased by 8% / Sept 2008 = 421,705
There are 23% less homes under contract / Sept 2008 = 17
The under contract list prices decreased by 22% / Sept 2008 = 351,865
The amount of homes closing decreased by 37% / Sept 2008 = 17
The average sold price has decreased by 16% / Sept 2008 = 349,412
The average days on market rose by 20% / Sept 2008 = 96
The average sold price versus list price decreased by 3% / Sept 2008 = 94%
These numbers show that in a comparison of Sept 2007 versus Sept 2008, we still have a growing oversupply of houses for sale in Rockaway Twp. The lower average of under contract prices reflects the first time buyer activity in the market is probably greater than those looking to move up to a larger home. The 96 days on the market is similar to what our market was like in the 1980's, where you could expect your home to sell just into the 4th month of marketing. Today there are properties that still sell within the first couple of weeks, but these are the homes which are in the best condition, best appealing locations, and competitively priced.
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