Clark Real Estate Market Report - March 2020

By
Real Estate Agent with Samsel & Associates 0790808

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

Inventory:

In February, 11 single family homes were sold and 71 homes were offered for sale in Clark. 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 visit Team Zuhl's Search for Clark homes page here.

More homes are offered for sale in the spring and summer than in the winter which explains the peaks and valleys in the black line above, the active listings over the last 7 years. The blue line represents sold listings in Clark over the last 7 years and the straight blue line represents the trend in sales, eliminating the monthly variation and showing a long term trend of upwards sales. Buyers find Clark attractive, and homeowners benefit in the form of increasing sales prices and decreasing days on market.

The data shows that Clark is currently experiencing a normal  market with low (and decreasing) inventory. There are currently 6.45 months of inventory available in Clark. If no other homes came on the market, the inventory would be 0 in 6.45 months.

Prices:

The average list price in Clark in February was $524,900 (compared to $505,227 in February of 2019) and the average sale price was $490,591 (compared to $453,056 in February of 2019).

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.

Days on Market:

One of the questions we're asked most often is how long it takes to sell a home in Clark. The average sold home in Clark in February was sold after 47 days on the market, noticably faster  than the 73 days it took to sell a house in February of 2019. Is the spring market starting early?

 

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, but the overall trend line above eliminates that seasonal variability.

Homes sell faster when they are:

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

 

Please visit Team Zuhl's Clark Real Estate page by clicking here to learn what this means for buyers and sellers!

To read more about the real estate market in Clark, please read our earlier market reports here.  For more information on how Team Zuhl can help you, please click here 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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Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Wayne and Jean now that would be a great post card to mail to your farm.

 

Mar 07, 2020 01:04 PM #1
Rainmaker
1,708,851
Jeremy K. Frost
Keller Williams Realty - Dripping Springs, TX
Associate Broker, CNE, CRS, ePro, PSA

Thank you for keeping us posted and up to date. Best of luck!

Mar 07, 2020 01:22 PM #2
Rainer
343,551
Nicholas Crane
Woodland Companies - Cadott, WI
Managing & Appraising Forest Land

Thanks for sharing the information on this community, I hope you sell many of these properties. 

Nick

Mar 07, 2020 10:38 PM #3
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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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