In Linden, 211 homes sold in 2012 with sales in August and September representing 22% of the total sales. There is 11 months worth of inventory remaining in Linden which is much higher than most of Union County. At the current rate of sales, it will take nearly a year for the existing listings to sell.
House prices in Linden have fluctuated a bit during 2012 and ended 2012 in December 16% lower than in January. In part, this is due to the nearly 37% of active listings in Linden that are short sales with lender approval required.
The sale price/list price ratio can be one measure of buyer and seller confidence. A high ratio indicates that homes are selling near their list price and a low ratio indicates that homes are selling below their list price. In Linden, the sale price/list price ratio started 2012 at 96% but dipped to 92% in March and even lower to 91% in October. The sale price/list price ratio in Linden ended 2012 at 93%, much lower than most of Union County is seeing.
The average Days on Market (DOM) is an indication of how quickly, or slowly, homes are selling. High demand usually lowers the DOM and high inventory normally increases the DOM.
In Linden, April saw a peak in DOM when homes were taking, on average, 218 days to sell. Then, in May, the quickest sales were seen in Linden, with the average DOM at 44 days. Autumn saw homes taking approximately 3 months to sell, but things slowed down a bit in December with a rise to 142 days.
If you’re thinking of buying a home in Linden or if you’re thinking of selling your home in Linden, you deserve a Realtor who understands the market and can get you the best deal. Please call us at 908-917-4189 for your personal consultation.
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