James Thomas Boyer

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

2008 is happily over and the 2009 spring Morristown NJ real estate market has already begun.  This article will cover the condo sales in Morris Place during 2008.  You will see the actual Morris Place addresses as well as list prices sold prices as well as comentary on each Morris Place condo.

The Morris Place Condominiums Sold 2008

Morristown 39 Taft Lane  $435,000LP  TwnEndUn 2br 2.1ba $411,000SP  146DOM
Morristown 85 Taft Lane  $454,900LP  TwnIntUn 2br 2.1ba $435,000SP  30DOM
Morristown 27  Taft Lane  $455,000LP TwnEndUn 2br 2.1ba $435,000SP  37DOM
Morristown 46  Taft Lane  $459,900LP  TwnEndUn 2br 2.1ba $450,000SP  84DOM
Morristown 31  Taft Lane  $465,000LP  TwnIntUn 2br 2.1ba $435,000SP  87DOM
Morristown 64  Taft Lane  $469,000LP  TwnEndUn 2br 2.1ba $439,725SP  100DOM
Morristown 48  Taft Lane  $489,000LP  TwnEndUn 2br 2.1ba $470,000SP  119DOM

There were a total of 7 condos sold in Morris Place during all of 2008.  This compairs to 6 Morris Place condos sold in 2007.  So sales are not down in Morris Place, not a huge surprise to me since the sub $500,000 segment of the market has been the strongest by far all year in Morristown New Jersey.

Morris Place Condominium Price Statistics

The average sold price in the Morris Place condo community fell from $478,000 in 2007 to $439,389 in 2008.  The median sold price fell from $480,000 in 2007 to $435,000 in 2008.  The average time to sell a Morris Place condo went from 58 days in 2007 to 86 days in 2008.

Morris Place Condominium Sales Commentary

• 39 Taft Lane  A fairly plain (for Morris Place) condo, which was very over priced from the start.  The starting list price was $484,500 which was a good $50,000 high to start things off, and kept the home buyers away in droves.

• 85 Taft Lane  A nice Morris Place condo with a fairly upgraded kitchen and was priced near right from the start.  This condo sold in a reasonable amount of time for about the maximum the sellers were going to get.

• 27  Taft Lane  A nice Morris Place condo, more upgraded kitchen.  This condo was priced about right from the start.

• 46  Taft Lane  A nice Morris Place condo, upgraded kitchen, new Brazilian cheery floors, condo showed very nice, hit the market at the end of the spring, and got hit by the credit crunch of the fall.  Pricing was close to perfect, but if it had been a little lower likely would have sold faster.

• 31  Taft Lane  Nice condo without wood floors, priced to high to start with at $485,000 sat on the market for a while, had a price reduction then sold for $435,000.  Should have been priced about $450,000 to start with, likely would have sold faster and closer to $450,000

• 64  Taft Lane  End unit Morris Place condo, Nice wood floors, moderately upgraded kitchen, priced to high for what it was.  Then again it was listed for sale on 9/17/2007 which was a different real estate market in Morristown New Jersey.

• 48  Taft Lane  End unit Morris Place condo listed 10/24/2007 Nice upgraded kitchen, had nice upgrades and a loft.  Sold in the spring market of 2008 and not affected by the credit crunch.

The views expressed in the Morris Place Condominium Sales Commentary are my own, based on my market experence working with many buyers and sellers in and around Morristown New Jersey.

2009 Morristown NJ Home Sales

2009 is likely to be a better year for home sellers.  The Federal Government has vowed to do what ever it takes to end the housing downturn, they are even currently buying up mortgage backed securities (bundled mortgages).  There are literally hundreds of would be Morristown NJ home buyers sitting on the sidelines timing the market, waiting for the giant news paper headlines saying it is ok to buy a home, and prices as well as interest rates are still down.  Though I do not think that prices will start to move dramatically higher in Morristown New Jersey during 2009, I do think that the 20% of homes that are priced right show really well, will start to move even faster then they had been.

If you are a would be Morristown NJ home buyer waiting for those giant news paper headlines saying it is ok to buy a home please understand, those headlines will only come well after the optimum time to buy.  The news media is always late to the table with news you can actually use.

Cheers,

James Boyer
Morristown NJ REALTOR
Morristown NJ Real Estate Specialist
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct

October was a interesting month for home sales in Morristown New Jersey.  With the credit crunch there were certainly some home purchase deals which fell apart because of mortgage companies not wanting to fund the home purchase loan, and there were some home buyers who were scared away by all the bad news. 

We have seen yet another slowdown in home sales here in Morristown.  Not a big surprise considering all the bad things happening in the financial markets, and the failure of several large banks.  People just get a little worried.  For home buyers looking for a good deal these are not times to go and hide though.  These are the times that you go out there and find the home of your dreams.  Why, because you are more apt to get a great deal since you are likely one of the only home buyers who is looking at it.

If your in the market for a Morristown New Jersey home, be sure to stop by the best MLS home search in the area.  Morristown NJ Real Estate

Here are the 9 homes which sold in Morristown New Jersey during September.

1. 20  Vail Place  $219,000 LP  Colonial 3 1.1 $280,000 SP  89 DOM
2. 6  Altamont Court  $262,800  OneFloor 1 1 $256,600  70
3. 12  THOMPSON ST  $289,900  Colonial 3 1.1 $296,800  152
4. 74  HILLAIRY AVE  $299,000  CapeCod 3 2 $285,000  31
5. 7  PROSPECT ST.  $359,900  OneFloor 1 1 $350,000  173
6. 6-8  AMES ROAD  $399,900  Bi-Level 4 2 $380,000  239
7. 9  KENMUIR AVE  $449,900  Colonial 3 2 $438,000  74
8. 34  Harding Terrace  $479,900  SplitLev 3 2.1 $460,000  128
9. 6  COLLES AVE  $565,000  Colonial,Victrian 4 1.1 $557,500  147

If your a first time home buyer in Morristown NJ or a move up home buyer, with a home to sell, give James Boyer a call 973-647-0253 you will get service above and beyond the ordinary.

 James Boyer
Morristown NJ REALTOR
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct

14 Home Sales In Morristown NJ 07960 for the month of June 2008

Here are the addresses as well as the sold prices so that you can compaire.  If you would like more detailed reports, please visit my contact form at Morristown NJ Real Estate and let me know what information you are looking for specifically. (more…)