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Hard Harding NJ Real Estate Statistics
By admin | January 16, 2009
I was having a conversation with a reporter for one of the news papers earlier today about what is going on in the Harding New Jersey Real Estate market. There were all sorts of questions about statistics and how was the market doing in 2007 and how was it doing in 2008, and why was it doing this or that. So I thought to myself, people can use statistics to say almost anything they want, but the statistics are still the statistics, so I am going to give you some raw statistics and then comment on them.
Hard Harding NJ Real Estate Statistics
2008 Harding NJ Real Estate Activity 29 Homes Sold
128 The average number of days to sell a Harding NJ Home
$2,068,399 Average List Price of Harding NJ Sold Homes
$1,903,392 Average Sold Price for a Harding NJ Home
$1,760,931 Median List Price of Harding NJ Sold Homes
$1,446,551 Median Sold Price for a Harding NJ Home
115 Total MLS Home Listings
87 Individual Listings
23 Individual Expired Listings - Average List $2,689,695 Median List -$1,795,000
11 Individual Withdrawn Listings - Average List $2,431,181 Median List - $1,675,000
2 Under Contracts that have not closed $2,500,000 and $1,075,000
2007 Harding NJ Real Estate Activity 59 Homes Sold
97 The average number of days to sell a Harding NJ home
$1,809,689 Average List price of Harding NJ Sold Homes
$1,874,491 Average sold price for a Harding NJ Home
$1,450,000 Median List price of Harding NJ Sold Homes
$1,350,000 Median sold price for a Harding NJ Home
132 Total MLS Home Listings
114 Individual Listings
41 Expired Listings - Average List $3,659,058 Median List - $2,495,000
23 Withdrawn Listings - Average List $2,240,891 Median List - $2,025,000
What I got out of all these Harding NJ real estate statistics is that things have slowed significantly for the number of homes that are actually selling in Harding. Harding is basically a Luxury real estate oriented town off of the train line. Home sizes and priced tend to be much considerably higher than in some of the other local towns of Morris County.
The deeper lesson here is, that there are way more Harding NJ homes listed for sale which have carried over into 2009 from 2008, many of these homes likely need a large price reduction in order for them to sell. Basically a large number of Harding NJ homes are likely over priced for the current market.
I still subscribe to the real estate rule which states that at any given time in any given real estate market type only about 20 percent of the homes which are listed in the MLS are really for sale. The other 80% are just listed, but not really in the condition or priced so that they would actually sell.
I believe that the statistics shown above, even though they show a small price gain in 2008 over 2007 are hiding a actual large price decline for Harding NJ real estate. There are just to many home owners in Harding who would like to sell, probably need to sell, but they are not even trying because they think the market will be better next year. I am sorry to break it to you, but we continue to see actual value lost month after month. At a minimum I believe that your average Harding NJ home is losing 1/2 percent per month. Once the decline is over, I believe that will come later in 2009, most homes will likely see their values go sideways for quite a while.
Waiting for a better market to sell your Harding NJ Home
I believe that anyone who wishes to sell their Harding NJ home needs to get it on the market right now. Waiting for a better market is costing you money. Every month that goes by your home should probably be priced at least 1% lower than a likely buyer would pay for it today. If you think you can wait out the market and get 2007 or 2006 prices, you may be able to do that, but consider it may take until 2015 or longer to actually get to those levels again.
The comentary after the statistics is my informed opinion only.
James Boyer
Harding NJ Realtor
Harding NJ Real Estate Specialist
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct
Category: Harding |
One Response to “Hard Harding NJ Real Estate Statistics”
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February 1st, 2009 at 2:28 am
It will be interesting to see how long it takes for prices to go back up to where they were. You should tag this post just for fun to see if your prediction is correct!