The real estate market in Garwood, NJ has adjusted in a similar fashion to surrounding towns, with prices easing off historic highs at a rate of about 6-9% from one year ago. Recently though, homes have sold at a faster rate - especially in December. This decline in inventory has made sales more brisk, and the next few months will be critical for the price trend. If inventory remains constant, the prices should remain stable. If inventory rises to mid- 2006 levels again, we can expect the gradual pricing declines to occur. Since Garwood NJ is a smaller town, the numbers are smaller compared to other towns, but the percentages from month to month show a similar pattern to surrounding towns.
There are currently 18 single family homes on the market for sale in Garwood. These numbers have stayed relatively stable over the past month, with an equal number of sales and new listings.
There was only 1 property that closed in January in Garwood, which sold for $299,000 and was on the market for 22 days.
Prepared By:
Sean Carroll - Realtor
RE/MAX Classic Group
Your local Realtor serving Cranford, Westfield, Berkeley Heights, Garwood and Surrounding Areas
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