Garwood is a borough in southern Union County and is home to roughly 7000 residents.
An analysis of the real estate market in Garwood reveals a dramatic change this year. In winter of 2012, there were 18 homes for sale in Fanwood – the highest of the year. Once spring hit, the homes were sold quickly and now only 7 homes remain on the market.
This very low inventory normally presents an opportunity for homeowners who are thinking of selling. When the inventory is low, prices tend to rise, especially when the demand for homes has remained steady. In the case of Garwood, the peak of home sales occurred in the late summer and has dropped since.
The list prices in Garwood have risen over the last few months, corresponding to an expected decrease in inventory. Sales prices, however, have not remained as steady.
When we look at the average sale price (in red below) and the average list price (in blue below), we see a different story. Sales prices have ranged from $290,000 in Mark to $457,000 in May. Of course, when comparing prices in a town as small as Garwood, one very low or very high selling house can affect the data pretty dramatically, as we see below.
A similar market analysis was conducted in February and can be seen here. For more information, please call us at 908-917-4189.