What's been going on in the real estate market in Clark, NJ? Is it good news or bad news?
For starters, let's look at how long the average house is on the market before it's sold. The past 12 months have seen 3 hot markets, according to this data. In January 2012, May 2012, and August 2012, the inventory was flying off the shelves compared to the rest of the year. November 2011, March 2012, and July 2012 were slow months. Since closings are usually about 2 months after the home is seen, November doesn't surprise us - remember the weather in September last year? Hurricane Irene scared away some buyers. The slow sales in March can be explained by the holidays, but what explains the unusually slow market in July?
When we look at a comparison of new listings and sold listings in Clark, we find that it somewhat matches the average days on market. Bursts of new listings and sold listings in March and June are the most noticeable features of this data. It's also interesting to note the increase in new listings this summer. Could that be indicative of increasing seller confidence? Overall, sales have been higher from March to August than they were the previous year, and increased activity is always something to celebrate.
Finally, let's take a look at how much homes are selling for. Since there's such a wide variety in home styles and price ranges in Clark, it's helpful to look at the average ratio of sales price to list price. Strong sellers markets are reflected in high ratios, and strong buyers markets are reflected in low ratios. July 2012, February 2012, and October 2011 were slow - homes were selling for about 93% of the asking price. Most of the spring and summer of this year, though, has seen ratio of 96%. Buyers are becoming more savvy and realize that they have to make strong offers to get the house.