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Island Heights N.J. real estate report

Real Estate Agent with Cara Realtors

ISLAND HEIGHTS - This is the real estate report for single-family homes in February 2010.

There are 23.25 months of inventory (months to sell present inventory at present sales rate), 26 active listings with an average list of $835,256 spending an average 171 days on the market.

Last month, there were four new listings carrying an average list price of $770,750. The number of new listings for February of last year was the same; however, the average list price was $891,000, indicating a sharp drop in the pricings of new listings over the course of the past year.

One home originally listed for $364,999 spent 168 days on the market (DOM) before selling for $360,000. This is an improvement over last February with zero sales during the same period.

Two homes listed expired after an average of 263 days on the market and holding an average list price of $559,450. This is in stark contrast to last February's average list price of $2,490,000 with an average of 352 days on the market, although the number of expired listings remained the same, at two.

With inventory at such high levels it is my opinion that the home market is still on a downward track in Island Heights. If you list your home in this market keep in mind to compensate for this downward track in your comparative properties that you use to arrive at your home's list price. In short, a home that sold for $200,000 would sell for less three months later.