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Morristown NJ Home Sales Volume
By admin | November 10, 2008
Morristown NJ Home Sales Volume
A comparison of the first 10 month of 2007 to the first 10 months of 2008
In doing research on various towns in Morris County, one of the things I have been looking at is the actual volume of home sales in a given town as compaired to the same period of 2007.
For many of the towns I have been finding that the actual sales volume is down 10, 20, and in one case 55% but home prices have been holding up fairly well. I thought I would put the numbers together for you for Morristown New Jersey so that you would have a more complete picture of what is going on.
The numbers below reflect home sales in the Morristown NJ Real Estate market for January, 1 2007 - November, 1 2007 -vs- January, 1 2008 -November, 1 2008.
Morristown NJ Real Estate sales volume 2007 — 146 homes sold
Morristown NJ Real Estate sales volume 2008 — 149 homes sold
Net Increase of 2%
Morristown NJ Real Estate average sales price 2007 — $448,156
Morristown NJ Real Estate average sales price 2008 — $414,504
Net decrease of — 7.5%
Morristown NJ Real Estate median sales price 2007 — $428,750
Morristown NJ Real Estate median sales price 2008 — $379,000
Net decrease of — 11.6%
Morristown NJ Real Estate Median Home Sold 2007 — 3 Bedroom 2.1 Bath
Morristown NJ Real Estate Median Home Sold 2008 — 2 Bedroom 1 Bath
The Morristown NJ home sales numbers seem to indicate that although sales volume is holding up well in the city of Morristown New Jersey, it is doing so on reduced prices. This information is a good indication that very competitive home pricing is very important in ensuring that a home actually sells.
The price drop in Morristown NJ homes is partly explained by the financial crisis we have been going though in this country, but also is partly explained by the fact that in general there have been smaller and lower priced homes sold in Morristown New Jersey. On average the sold home in Morristown NJ seemed to have 1 fewer bedrooms and 1.1 fewer bathrooms in 2008 verses 2007.
I strongly believe that at current prices many of the Morristown NJ homes for sale are very good deals. I believe that so strongly that I have started doing the initial research in the process of purchasing a home which is a foreclosure with plans to fix it up and then sell it once the work upgrading it is completed.
If you are thinking about New Jersey real estate as an investment, you should know that with proper selection, and proper managment, real estate can be one of the best short and long term investments you can make. In my 5 years as a full time REALTOR I have personally purchased 6 homes as real estate investments, fixed them up, and then resold them in every case for a nice profit. You can do it too, for help and guidance call Jim at 973-647-0253.
James Boyer
Morristown NJ REALTOR
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct
I hope you have learned from and enjoyed this article about the current Morristown NJ Home Sales Volume, It is nice to have information looked at from a somewhat different angle.
Category: Morristown |
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