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Morristown NJ Home Sales October 2008
By admin | November 4, 2008
This is my first post on this new blog. Over time you will be able to find all kinds of information about our local towns and real estate markets here in Northern New Jersey. I also enjoy writing about events which are happening in local towns such as Morristown, Madison, Chatham, Summit, Harding, and Morris Twp.
For the Month of October home sales here in Morristown New Jersey seemed like they slowed considerably. In reality they amounted to 10 home sales same as in September. Since we currently have 136 homes on the market, if home sales remained at this level we currently have 13.6 months supply of homes for sale. Why did I just tell you that? The months supply of homes for sale is a very good indicator of what sort of market we are in. Typically if we have fewer than 4 months supply of homes for sale, that means we are in a home sellers market, 5 to 7 months supply is a fairly even market, and numbers over 8 months supply tend to indicate a buyers market, with higher numbers indicating how extreme the buyers market is.
What we have here currently is a fairly extreme buyers market here in Morristown NJ. Home sellers have very little to no pricing power currently.
Here are the homes which sold during the month of October here in Morristown New Jersey.
- 4 FAIRVIEW PL $275,000LP TwnEndUn 3br 1ba $264,000SP 263DOM
- 7 Prospect St. $360,000LP OneFloor 1br 1ba $340,000SP 5DOM
- 63 James Street $374,900LP SplitLev 4br 2.1ba $245,000SP 190DOM
- 69 VALLEY VIEW DR $419,000LP Colonial 3br 1.1ba $404,500SP 105DOM
- 78 W VALLEY VIEW DR $429,000LP SplitLev 4br 2.1ba $413,000SP 18DOM
- 9 JENNI LN $447,500LP TwnIntUn 3br 2.1ba $420,000SP 80DOM
- 32 LAKE RD $479,999LP CapeCod 4br 2ba $457,500SP 68DOM
- 22 James Street $489,900LP SplitLev 3br 1.1ba $460,000SP 29DOM
- 62 Georgian Road $495,000LP SplitLev 3br 2.1ba $490,000SP 33DOM
- 7 PROSPECT ST. $499,900LP OneFloor 2br 2ba $499,000sp 163DOM
Hopefully we will soon see Morristown NJ home buyers active more positively. I think I am beginning to see signs of that now. For this coming weekend I have 3 different home buyers who are going out to look at homes. Granted 2 of them I have been working with for a few weeks already but 1 new one, and several others who seem like they will be coming out to look soon.
James Boyer, Morristown NJ REALTOR 973-647-0253 Direct or 973-539-6300 Office. For the best MLS searches for almost all of Northern New Jersey visit Morristown NJ MLS Search.
Category: Morristown |
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