Chatham NJ Real Estate 2011 Annual Market Report Chatham Borough
by Bob Zorechak - GRI, ABR, e-PRO
Find out the latest real estate market information for Chatham Borough NJ 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 Chatham Borough NJ real estate market. If you are considering buying and or selling a home in 2012 in Chatham Borough 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 Listings in Chatham Borough have been on a downward decline over the past several years with Closed Sales maintaining a steady pace.
Inventory has decreased slightly by 6% from this same time last year down from an already low 4.5 to 4.2 months, which is considered to be a "Seller's" market. This type of market is quite unusual, given the regional and national state of the market where many areas remain in a strong "Buyer's" market environment, once again proving the point that all real estate is LOCAL.
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 5 months to sell all of Chatham Borough's current inventory.
By all accounts, this data indicates that the real estate market in Chatham Borough is extremely robust and thriving, and should remain this way at least for the short term.
The chart above indicates a somewhat steady level in the Sale Price of homes in Chatham Borough NJ over the past 4 years in particular from about $800K to the the high $600's. Based on the reasonable and consistent pace of Closed Sales, it is apparent that sellers are pricing their homes pretty close to true market value.
Based on the current trend of declining inventory, I would expect to see prices in Chatham Borough begin to edge up in 2012.
What Does the Market Hold for 2012?
Follow the link below to find out in addition to reading the rest of this Chatham Borough 2011 Annual Market Report:
For more information on Chatham Borough including the school system, follow this link: