Madison New Jersey Real Estate Statistics December 08 vs 07
I just wrote a report about the Madison NJ real estate market earlier today where I discussed the 11 homes which sold in Madison New Jersey during the month of December. So I thought I would write this article and give you all the comparable statistics for the month. You can read the sales report article titled Madison NJ home sales December 08
The Madison NJ real estate market
The Madison NJ real estate market has been holding up fairly well compaired to other local real estate markets. After all homes are still selling, prices seem to be declining but at a moderate pace, and buyer are still willing to go out and look at the Madison NJ homes for sale.
Madison NJ real estate market statistics
$581,818 Average List Price Madison NJ 08
$556,454 Average Sold Price Madison NJ 08
$681,764 Average List Price Madison NJ 07
$666,642 Average Sold Price Madison NJ 07
Averages can be deceiving but there they are. To be fair the average size of a home selling in Madison New Jersey is smaller than in 2007. That is not a big surprise since the lower end of the market is what has been doing best.
$495,000 Median List Price Madison NJ 08
$500,000 Median Sold Price Madison NJ 08
$570,000 Median List Price Madison NJ 07
$570,000 Median Sold Price Madison NJ 07
Once again reflective of smaller homes selling, and somewhat price declines. For example the median home sold in Madison NJ in December of 07 was 4 bedrooms 2.5 baths. In December of 08 the median home sold was 3 bedrooms 2.5 baths.
52.7 Average days to sell December 08
30.5 Average days to sell December 07
44.0 Median days to sell December 08
22.0 Median days to sell December 07
It is taking longer to sell a home in Madison New Jersey than in 2007.
95.6 Average percentage of list price homes sold for 08
97.8 Average percentage of list price homes sold for 07
Many home sellers in Madison New Jersey have still been over pricing their homes, but as you will see in the above article there are more then a few who are pricing their homes very competitively as well.
James Boyer
Madison NJ REALTOR
Madison NJ real estate specialist
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct
Madison New Jersey Real Estate | Madison NJ REALTOR | Madison NJ home sales
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