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Chatham NJ Condo Sales 07 vs 08
By admin | November 21, 2008
Lets take a look at the Chatham NJ Condo market.
In most peoples minds 2008 has been a really bad year in real estate. Truth be told though prices are down accross the board, the numbers of homes selling is not really that different than in 2007. I have been showing and selling lots of Condos in , Morris Twp, Madison, and Chatham over the past many months so I thought it would be interesting to see just what the condo market in Chatham is really doing.
So here are the comparative statistics for the first 10 months of 2007 vs the first 10 months of 2008
Chatham NJ Condo Sales 2007–24
Chatham NJ Condo Sales 2008–22
Chahtam NJ Condo Average List Price 07–$375,266
Chatham NJ Condo Average List Price 08–$329,000
Chatham NJ Condo Median List Price 07–$339,000
Chatham NJ Condo Median List Price 08–$315,000
Chatham NJ Condo Average Sold Price 07–$361,637
Chatham NJ Condo Average Sold Price 08–$319,109
Chatham NJ Condo Median Sold Price 07–$330,000
Chatham NJ Condo Median Sold Price 08–$308,000
Chatham NJ Condo Average Days to Sell 07–81.8
Chatham NJ Condo Average Days to Sell 08–53.9
Chatham NJ Condo Average Size 07–1.5br 1.3ba
Chatham NJ Condo Average Size 08–1.3br 1.1ba
As you can see, Condo prices in Chatham have fallen someplace between 8% and 15% but then again the average size of the condos that have been for sale and selling is smaller in 2008. All of this is consistent with what I have been seeing in all segments of the markets. Lower priced homes, condos, … are selling much better then the higher priced homes. That sounds very simplistic, but what I am trying to say is that a non luxury 2 bedroom condo is likely to sell more easily than a higher priced luxury Chatham Condo.
Condo buyers, this is a great time to be in the market to buy a new home. Keep in mind that the lower the price of the condo you are looking at, the more the demand. I showed a condo in to a buyer today. Their price range is under 300K but they need 2 bedrooms. There is exactly 1 Condo in that matches that requirement.
Thinking about buying a condo in the area, visit the Morris County MLS home search.
Category: Chatham |
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