Chester NJ Real Estate Chester Borough 2011 Annual Market Report

Chester NJ Real Estate Chester Borough 2011 Annual Market Report

                                     by Bob Zorechak - GRI, ABR, e-PRO

Find out the latest real estate market information for Chester NJ (Chester Borough & Township) through 2011 in addition to a look back at the years in between to 2005. See what the trends are indicating and what is next for the Chester NJ real estate market. If you are considering buying and or selling a home in 2012 in Chester NJ, this valuable annual market report is an absolute must read.

Attention... All residential real estate is local!Not everything you read about online, in the papers and hear through major media outlets about the housing market is correct or relevant, especially when information is presented on a "national" or "regional" basis. There are many factors that make up the differences in local real estate markets, even from town to town and especially in a state like New Jersey with its inordinate amount of municipalities making it a challenge for some to drill down and obtain the correct market value of any given home. This is why it is important for both buyers and sellers to start with the latest "local" market data before they make any real estate decisions.

As you can see from the chart above the volume of  Closed Sales in Chester Borough has remained somewhat steady of the past 7 years with the number of Listings varying significantly from year to year. Inventory has increased dramatically by 39% as compared to last year at this time to 13.7 months. Simply stated, "inventory" represents the number of homes currently available or For Sale in a given market, or in this case a specific town. This means that with all things remaining equal, at the current rate of sales, it will take a little more than 13 and a half months to sell all of Chester Borough's current inventory. This figure indicates that Chester Borough is still in a "Buyer's Market" and will remain so for at least the short term. A normal or "Balanced Market" would have 5 to 6 months worth of inventory.

The chart above indicates fluctuations in both the Average and Median Sale Prices in Chester Borough NJ over the past 7 years. This is primarily due to the overall low volume of activity in the Borough combined with some sales of trailer homes in Windy Acres which are priced significantly lower than the average single family home in Chester Borough. As a result, prices have been somewhat volatile over the past 7 years with average and median highs in the low to mid $600's down to the high $300's for 2009 and 2011.

What Does the Market Hold for 2012?

 Follow the link below to find out in addition to reading the rest of this Chester Borough 2011 Annual Market Report:

Chester Borough 2011 Annual Market Report

For more information on Chester (Chester Borough& Chester Township) including the schools,  follow this link:

All you need to know about Chester NJ