Clark Real Estate Market Update - June 2016

By Wayne Zuhl

Real Estate Agent with Remax First Realty II 0790808

June 08, 2016 06:52 AM

Clark, NJ, is located in southern Union County and is home to almost 15,000 people. Here's a snapshot of the current real estate market conditions in Clark:

Inventory: There are currently 95 single family homes offered for sale in Clark. Six homes were sold in May of 2016. The low sales and increase in new homes on the market is creating an unusally high inventory - the highest since October 2012 when prices were about 30% lower than they are now. High inventories tend to drive prices down. Strong summer sales can help to correct this, but, right now, buyers have their pick of homes to choose from.

In the graph, pay close attention to the ligh red and light blue lines which are the trend lines for the inventory in red and the sales in blue. The sales line has hardly changed over the past 4 years and the inventory is trending downward so there is every reason to expect that this month's high inventory is an anomaly due to extenuating circumstances and likely will correct itself next month.

Prices: The average Clark home that sold in May was sold for $549,150 which is 22% higher than the 12 month average of $425,775. This gives us another reason to predict that next month's sales will be high enough to counteract that high inventory - if there weren't any buyers in Clark, the average sale price would be lower due to supply and demand.

In this graph, look closely at the faint grey line which is the trend line for prices. Although there is seasonal variability, the trend line looks at long term price changes and prices have continued to rise for the last 4 years.

Days on Market: Sellers who are offering their home for sale often want to close on the sale as quickly as possible. Not only is it difficult to maintain a show-ready home, but it's also emotionally stressful to have your future unsteady. The good news is that May's average Days on Market in Clark was only 36 days which is 28 days faster than the 12 month average of 50 days. The light green trend line shows a healthy improvement in the Days on Market over the last several years.

If you are a buyer or a seller interested in a home in Clark, New Jersey, please call Team Zuhl! We're happy to help you in all of your real estate needs!

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