RSS« Millburn NJ Luxury Real Estate | Main | Morristown NJ Home Sales November 2008 »
Madison NJ Home Sales Over Time
By admin | November 28, 2008
Since the talk on the news these days is that home prices around the country on average are back to 2004 prices, I thought I would take a look at the trends in Madison NJ home prices over time. The numbers have varied but I will spell them out here.
Madison NJ Home Sales Comparison 2003 -2008
Madison NJ Average & Median Home Sales Prices
| Median | Average | |
| 2003 | $469000 | $645464 |
| 2004 | $545000 | $691994 |
| 2005 | $620000 | $803626 |
| 2006 | $656000 | $835368 |
| 2007 | $600000 | $794717 |
| 2008 | $615000 | $757683 |
Number of Madison NJ Homes Sold
(Numbers are from 11/27 of a year to 11/27 of the next)
2008 — 137
2007 — 177
2006 — 178
2005 — 157
2004 — 195
2003 — 156
Madison NJ Homes Average Days to Sell
2008 – 55.3
2007 — 64.5
2006 — 59.1
2005 — 42.1
2004 — 44.0
2003 — 51.0
Madison NJ Homes Median Size Sold
2008 — 4 Bedroom 2.1 Bath 1 Car Garage
2007 — 4 Bedroom 2.1 Bath 1 Car Garage
2006 — 3 Bedroom 2.1 Bath 2 Car Garage
2005 — 4 Bedroom 2.1 Bath 1 Car Garage
2004 — 4 Bedroom 2.1 Bath 1 Car Garage
2003 — 3 Bedroom 2.1 Bath 1 Car Garage
Highest Priced Luxury Madison NJ Home Sold
2008 — $2,800,000
2007 — $5,100,000
2006 — $2,600,000
2005 — $2,890,000
2004 — $2,850,000
2003 — $3,000,000
Lowest Priced Madison NJ Home Sold
2008 — $260,000
2007 — $322,000
2006 — $300,000
2005 — $355,000
2004 — $269,000
2003 — $249,000
As you can see if you are looking at the average sold price for Madison NJ real estate we currently are at 2006 prices. If you look at the median sold price for Madison NJ real estate we are at 2007 or 2005 prices. I guess that means we are at 2007 prices though. The thing that concerns me is that the number of homes sold in the past 12 months is significantly lower than any other year for the last six years. The number of expired and re-listed homes is up significantly though. In order to get the number of home sales up to the average level we have seen in the past six years I believe that Madison NJ home prices would have to be down another 10% to attract the Morris County home buyers and convince them to purchase.
I hope all my fellow Morris County residents had a wonderful and safe Thanksgiving and if you are going shopping this black Friday or for that matter all through out this holiday season, be safe and courteous.
James Boyer
Madison NJ REALTOR
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct
Category: Madison |
Comments
You must be logged in to post a comment.