Clark, New Jersey, sits in southern Union County to the west of Rahway and the east of Fanwood.
The inventory in Clark increased by nearly 25% this summer and remains high with 98 active listings in Clark as of the end of September, 2012. The number of sold listings in Clark continues to rise after a early summer dip in June.
These two statistics together lead us to the absorption rate. The absorption rate of a town is the number of months it would take for the current inventory to be sold off at the current rate of sales. In Clark, the absorption rate decreased in September as a result of robust September sales but remains above 7. In other words, it would take more than 7 months of sales at the current rate of sales to sell off the current inventory of homes for sale. There are more sellers than buyers in Clark at this point.
Homes in Clark are selling after an average of 3-4 months on the market. Sales were especially robust in August with the average Days On Market being only 40 days.
The average sale price of homes in Clark took a sharp drop in September, down nearly $60,000 from the previous month.
More Information on the Clark Real Estate Market: