SPARTA, NJ REAL ESTATE HOMES FOR SALE MARKET UPDATE
Donna Staccioli of RE/MAX Platinum Group, Sparta, NJ presents a layman's view of the market statistics. Examine the market statistics for the Sparta, NJ real estate market. (This is just an example of the information I provide my clients with before listing OR buying, on a regular basis.)
The roller coaster ride that is the real estate market, keeps going into the early summer. Yes, spring market is over folks...if you were waiting til spring to list your home, the lakes and pools are open and that ship has sailed. (Keep in mind, spring market actually begins on Super Bowl Sunday, really.)
With some serious help from the government in the form of the revived, extended and expanded Homebuyer Tax Credit Program we've made it through (almost) the first half of 2010. We will still be seeing the closings register through the June 30th deadline, but the Under Contract numbers have dropped significantly, almost a third, in Sparta, NJ from April to May (completely coinciding with the 4/30 cut off for purchases to qualify for the tax credit).
Notice the 'weather element' of the Under Contract numbers as it started to snow in earnest in January and February of this year. Weather can be friend or foe in real estate. Severe winters almost always result in down numbers. And the first few beautiful weekends usually translate to slow open house turnouts and home showings as most folks are enjoying the weather or doing their own home projects.
If you were waiting to buy a home, there are currently 330 active listings in Sparta, NJ as of 5/31/10. 42 listings are presently under contract. And only 56 homes have closed/sold in Sparta since January 1, 2010.
So, what does it all mean to you?
Well, if you are buying a home in Sparta, NJthe world is your oyster or in real estate lingo...it's still a buyer's market! No surpise there eh? What you should know is that if you have a job, good credit and the slightest desire to own a home, affordability in this beautiful area is more attractive than ever!
If you are a selling a home in Sparta, NJ. Don't despair, homes that are HGTV 'showcase' condition, are priced SHARPLY and are easy for agents to show...are getting traffic and there is movement. Sellers in the $300-500k price range, take note of the above chart....you have ALOT of competition out there (almost 130 listing in this price range alone!).
Meanwhile, we'll be racing quickly to the next real estate milestone, the 4th of July. Traditionally most of the market takes a summer break as school is out and vacations abound. There are market segments that still pull strong for obvious reasons during this season such as lakefronts and homes with pools, but barring some water element or vacation property, most of the buyers are on to the business of tanning and planning til September!
If you are in the market to buy or sell in the coming year, call me now and let's get started on your strategy!