Buying and Selling a Home In Clark - January 2020

By
Real Estate Agent with Samsel & Associates 0790808

Let's take a look at how the real estate market in Clark performed in December of 2019.

Inventory continues to drop!

In December, 17 single family homes were sold and 75 homes were offered for sale. This is the lowest active inventory seen in Clark since February of 2018. Low inventory often occurs as the days get shorter and this drop can be explained, at least in part, to seasonal variability. To search for listings, please click here.

  • Why does this happen? More homes are offered for sale in the spring and summer than in the winter which explains the peaks and valleys in the white line above, the active listings over the last 7 years. The green line represents sold listings in Clark over the last 7 years and the straight light green line represents the trend in sales, eliminating the monthly variation and showing a long term trend of upwards sales.
  • What does this mean for buyers? Fewer homes on the market usually results in higher  prices. If you find a home you like, be prepared to make a strong offer quickly.
  • What does this mean for sellers? This is a stronger market for sellers. If you're on the fence about selling your home, this may be the perfect opportunity to get the most money in the shortest amount of time.

 

Prices:

The average list price in Clark in December was $550,629 (compared to $536,939 in December of 2018) and the average sale price was $528,176 (compared to $444,125 in December of 2018).

 

 When you look at the graph of home prices in Clark, it's obvious that there are tremendous variations from month to month. As a rule, prices are higher in the summer and lower in the winter due to supply and demand, but of course there are exceptions to this rule. One exception is extreme homes - those that sell for far below or far above the typical home sale in Clark. Short sales, foreclosures and homes in disrepair often sell for less than market average. The important thing to note in the graph are the straight lines which represents the long term trend, eliminating the seasonal variability and the variability brought on from extreme cases. The trend line continues to show a healthy improvement in prices in Clark over the past 7 years and the forecast is for prices to continue to increase. Homeowners are likely to see an increased return on investment as time goes on.

  • What does this mean for buyers? Increasing prices creates a need for buyers to be prepared to make a strong offer on the right home. Sellers don't feel any need to negotiate in such a strong market. Consult your realtor to look at homes that fit your needs and budget.
  • What does this mean for sellers? If you price your home correctly, it will sell. Homes in poor condition will need to be priced lower than an updated home, but there are enough buyers to go around this winter.

Days on Market:

The average sold home in Clark in December  was sold after 53 days on the market, noticably slower  than the 12 month average of 43 days. Sellers who want to sell their homes quickly may have to adjust expectations or lower their asking price. 

Of course, there are exceptions to this rule and the graph's dramatic variations are indicators of this. Seasonal variability often results in longer DOM in winter and shorter in summer.

Homes sell faster when they are:

  1. In pristine updated condition,
  2. Are marketed aggressively, and
  3. Are priced correctly.

 

To learn what this means for buyers and sellers, please view our complete Clark real estate market update for January 2020 here.

To read more about the real estate market in Clark, please read our earlier market reports in our Clark real estate archives.  For more information on how Team Zuhl can help you, please click email Wayne or call us at 908-917-4189.

 

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~ Wayne & Jean 

Union County, NJ - a great place to live and work!

If you're looking to buy or sell a property in Union County, call us at 908-917-4189 or email TeamZuhl@gmail.com.

 

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All opinions, information and data provided is deemed reliable but is subject to errors and omissions. Not intended to solicit other Brokers' clients. We cooperate with them fully. 

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Rainmaker
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Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good afternoon Wayne and Jean Marie Zuhl - will be interested to see the trend as we get into Spring.

Jan 14, 2020 11:19 AM #1
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Rainmaker
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Wayne and Jean Marie Zuhl

The Last Names You'll Ever Need in Real Estate
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