Mountainside NJ Real Estate Market Report August 20139/25/2013
See what has gone on in the Mountainside Real Estate market for the month of August along with year over year comparisons. Learn why buying real estate in Mountainside NJ is a popular choice including information on town history, schools, demographics and more.
Mountainside NJ Real Estate Activity For August 2013 vs August 2012
In August of 2013 there were 14 homes that closed within the month for Mountainside NJ Real Estate. This was an increase of 8 units, as there were 6 homes that closed in August of 2012.
The average list price for the homes that closed for August of 2012 was $716,894
The average list price for the homes that closed for August of 2013 was $737,018
The average sale price for the homes that closed for August of 2012 was $803,600
The average sale price for the homes that closed for August of 2013 was $547,143
The average market time for the homes that closed for August of 2012 was 35 days.
The average market time for the homes that closed for August of 2013 was 50 days.
Homes Under Contract For August 2013
7 homes went under agreement in the month of August. The average list price of the homes that went under agreement was $520,029. The average time on the market for these homes were 109 days. August was a decent month for homes going under contract, especially given the fact that inventory is so low. As fast as homes are listed right now they are going under contract if priced correctly.
January 2010 – 2012 Final Year Real Estate Market Statistics For Mountainside New Jersey
For the period of January to December of 2012 there were 75 properties sold.
For the period of January to December of 2011 there were 59 properties sold.
For the period of January to December 2010 there were 109 properties sold.
For the period of January to December in 2012 the average list price was $718,801 the average sale price was $567,877, the average market time was 104 days.
For the period of January to December in 2011 the average list price was $680,868 the average sale price was $554,311 and the average market time was 62 days.
For the period of January to December in 2010 the average list price was $769,609, the average sale price was $608,197 and the average time on the market was 71 days.
Current Home For Sale August Inventory Levels
The are currently 39 homes on the market. The average list price of these homes for sale is $737,018. The average days on the market is 39. The amount of homes for sale dropped slightly from last month and remains incredibly low. Over the last few months, inventory had started to increase although not by a substantial amount.
Mountainside NJ Real Estate Market Analysis
In 2012 the Mountainside Real Estate market had a brisk increase in the number of sales compared to 2011. Homes priced properly generally went under contract in a 60-90 day window.
Home inventory levels have been low throughout most of this year and have remained that way through the Summer months. Low home inventory levels are always a good sign for those considering to sell their property as they typically will bring up housing prices. Inventory has slowly started to increase but not to the point where it is that noticable. It will be interesting to see if the trend continues and how it will effect the market. Over the last few months homes that are priced properly have sold very quickly. In some cases there are home that are receiving multiple offers with sale prices being bid up over asking. The real estate market right now is completely different than what we have experienced over the last few years. There has not been a better time to sell a home in Mountainside in a very long time.
Mountainside had an excellent month for closed sales in August with twenty two which was two more than last year in August. The amount of homes sold probably would have been higher if not for the fact there are so few homes for sale. Sales volume has been held back by the the fact we do not have enough inventory for sale. This has continued to help real estate values.
There were 75 closings for 2012. In 2011 there were 59 home sales. As you can see from the data there were significantly more sales than a year ago. All indications are we may be near a market bottom.
Year to date there have been 64 sales. At the same time last year there were 51 home sales.
The above Mountainside Real Estate statistics are for single family homes ONLY.