Changing Mortgage Market- How to find out what your market is doing?
This is what is going on in the market where I own and operate my business out of:
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December 4, 2007
The following statistics are from the Garden State MLS and reflect all homes currently listed, pending or sold in November of 2007.
There are currently 88 properties (98 last month) on the market in Montclair with an average Asking Price of $924,860 ($851,060 last month).They have been on the market for an average of 89 days (80 last month).
There are 41 properties (48 last month) Pending Sale, (signed contracts but not yet closed) with an average Asking Price of $815,743 ($857,897 last month). We won’t know what the actual Sales Price is until these properties close. These Pending properties have been on the market for an average of 52 days (48 last month).
There have been 26 homes Sold (21 last month) with an average Asking Price of $838,826 ($730,899 last month) and an Average Sales Price of $856,088 ($766,976 last month). These homes sold in an average of 51 days (60 days last month).
Montclair continues to confound. Though inventory remains high, a few more homes sold this month! Add to that that the Average home sold $15,000 Over Asking Price makes defining this market difficult. Buyers still set value but when a home priced with a High Perception Of Value comes onto the market, multiple offers still arise and lead to Over Asking Results.
A great resource for investors and homeowners alike in my opininon is the market conditions page on www.realtor.com. Go look up your area/town and you will have a better prespective on what is going on with the market.
Your friend
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