The Madison NJ Real Estate Update Through June 1 2008

Well, five months have passed of 2008.  It is time to take a look at how the Madison NJ real estate market has been doing as compaired to this time in 2007.

The year seemed to start off with a bang, lots of home buyers out there looking at homes, but then things slowed right down.  The news media stepped in with their perpetual negativity and said to people, what are you crazy, you want to buy a house now??  Never mind that fact that the more the news media convinces people to hold off on buying a home, the more they tend to be making the news rather than just reporting it.

So far this year we have had 44 homes sold and closed in Madison NJ as compaired to 68 this time in 2007.  The average price of a home sold this year in Madison NJ is $713,614 as compaired to $789,523 this time in 2007.  The average number of days to sell a home here was 60.8 as compaired to 66.4 this time in 2007.  Keep in mind these numbers are just averages, they do not reflect on an overall price increase or decrease.

Despite what the news media has to say, if you are planing on being in your home for 5 or more years, this is a wonderful time to buy a home.  Many of today’s home buyers will look back at 2008 as the home buying opportunity of the century.  Madison NJ happens to be one of those towns which has the great school system, transportation options (including the Midtown Direct Train Line), charming 1950’s style downtown, and family friendly town atmosphere. 

If you would like to search online all the homes currently listed for sale here in Madison NJ within our local MLS, visit Madison NJ Real Estate for the best MLS home search tools availible to the public.