Morristown NJ Home Values
Since it is a rainy morning and I was not able to go for the morning bike ride along the Loantaka trail, running from Morris Township to Chatham Township, I thought I would make a comparison of Morristown NJ home sales statistics.
In looking at the numbers I have to admit that I was a little suprised at the numbers. While I am running about 25% ahead of last year for the number of homes I am listing and selling, the market as a whole is not reflecting that.
Morristown NJ Home Sales Numbers
May 2009 = 19 Morristown home sales
May 2008 = 15 Morristown home sales
April 2009 = 13 Morristown home sales
April 2008 = 15 Morristown home sales
2009 Jan 1 - June 18th = 60 Morristown home sales
2008 Jan 1 - June 18th = 84 Morristown home sales
Morristown NJ Average Home Sale Price and Days To Sell
May 2009 = $440,631 average sales price 75.5 Days To Sell
May 2008 = $391,400 average sales price 122.3 Days To Sell
April 2009 = $385,535 average sales price 73.0 Days To Sell
April 2008 = $394,893 average sales price 92.2 Days To Sell
2009 Jan 1 - June 18th = $440,907 average sales price 108.9 Days To Sell
2008 Jan 1 - June 18th = $413,121 average sales price 100.1 Days To Sell
Morristown NJ Home Values My Take
Like I was saying above, I am doing about 25% more home sales than last year, Morristown home sales volume is down about 28% and looking briefly at Morris County I noticed that to date home sales volume is down about 27% compaired to the same period of 2008.
What does this mean? In my mind and experence this means that the home buyers are still in charge. If someone wants to buy their first home, there are lots of great deals to choose from, interest rates are still low, and there is still that $8000 home buyer tax credit out there. Morristown, and Morris County move up buyers, this is a great time to be doing this as well. I am still noticing that the lowest price range homes have lost the least amount from the peak of the market, Mid-range homes have lost more, but not nearly as much as upper mid-range homes ($650,000 to $850,000) and upper range homes ($850,000 and up) have lost the most value and the demand for them remains the weakest.
People who are downsizing are in the worst possition right now. Trading a home that has lost significant value from the peak for a smaller home that has lost a considerably smaller amount of value.
Why am I doing more Morristown area real estate business?
Just my opinion of course, but I am still a full time Morristown area Realtor. I remain focused on getting the best results for my home buyers and sellers. Many other Morristown area Realtors I know have gone out and gotten full-time or part-time jobs and have had to take their focus off of the most important people, the home sellers and buyers. Of course it is helping me quite a lot that my website www.jboyerhomes.com is top ranked in the area not only for search engine searches such as Morristown NJ Real Estate, but for most other searches that home buyers for the area would do. This is helping to bring in the few home buyers that are out there and allows me better support my own home sellers in their effort to get their homes sold fast.
Another thing that has the Morristown area home buyers coming back to jboyerhomes.com time after time is that they can find every last home listed for sale in the Morris County MLS. You can see for yourself at Morris County MLS Search.
James Boyer
Morris County Realtor
Morris County Real Estate Expert
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct
Tags: loantaka trail, morris county mls search, Morristown NJ Home Sales, morristown nj home values
June 19th, 2009 at 4:07 pm
It’s a nice area. I’m originally from south New Jersey and I would miss being so close to the beach.
June 24th, 2009 at 5:14 am
Congratulations on your higher sales this year. The french property market is not doing as well at the moment.
June 27th, 2009 at 12:43 am
That careful thought is needed to select the area real estate business
June 28th, 2009 at 10:00 pm
Congrats on going against the norm for your area. It sounds like your dedication to the area is paying off!
July 30th, 2009 at 8:40 am
In this market, having a good sales year is great! Our business is up this year also (last year was bad!).
September 13th, 2009 at 2:03 pm
MSNBC recently reported that, “Most demographic and market indicators suggest that growth and development across the country are moving away from the suburban and exurban fringe and toward center-cities and close-in suburbs.”
The article goes on to report that the reason behind the shift is multi-fold including, “Empty-nesters don’t need the big house and don’t want to mow the big lawn. High gas prices are making long commutes less practical. The urban renaissance in big cities ranging from New York to Portland, Ore. — and the revival of charming, vibrant downtowns in small cities like Missoula, Mont. — is making the bedroom suburb and the strip mall seem positively dull.”
We at WeKnowUrban agree. I recently drove around downtown Phoenix on a Saturday night and was delighted with all the activities, energy, and people. ASU was showing a movie outside in a park, hundreds of kids were enjoying their prom, urban-ites were knoshing at the many new restaurants in the area (e.g. Sens, Hanny’s, The Pasta Bar, and more), and folks were just milling around. It was great! Such atmosphere is gaining traction in downtown Phoenix and we’ll will see a domino effect; more people will encourage more businesses, more business will draw more people, and the trend will continue.
Folks the pieces are falling into place. If you want to live “urban” give us a call and take advantage of the crazy low prices that are available today.
November 1st, 2009 at 8:59 am
It definitely looks like the slow signs of recovery are there. And reports this week that the US economy has grown in the last quarter is only a positive sign.
Even the Uk property market is showing signs of growth again. Although I believe it will be a long and rocky road to recovery, I think we have seen the worst of it.