6 Important Real Estate Market Statistics- in Summit, the Chathams, Madison, Millburn, Morristown & Randolph- April 2010
Tags: absorption rate, Chatham, Home Buying, Madison, market trend, Median Sales Price, Millburn, Morristown, Randolph, real estate, residential, Short Hills, Summit, Summit NJ
* In all six towns below, the number of homes sold in April 2010 was higher than in April 2009, except for Millburn, where the number of sales year over year was unchanged. The Chathams showed the highest year over year increase in sales. The “# Sales YTD” refers to the percent increase or decrease in the number of sales for April 2010 as compared to April 2009. April 2010 home sales were higher than that in both ’08 and ’09 in Summit, The Chathams, Morristown and Randolph.
* Median Sales Prices were up in April ’10 over April ’09 in all six towns, with Summit showing the highest year over year increase.
* The Absorption Rate is the theoretical number of months needed to sell off the inventory. The lower the absorption rate, the stronger the market. The absorption rates in both Madison and Summit indicate a seller’s market in both towns; both with absorption rates lower than 6 months.
* The Sales Price to Original Price Ratio (SP-OLP) increased year over year in Summit, the Chathams, Millburn and Morristown, showing a strengthening market in those towns.
Statistics in April 2010 as compared to April 2009
| SUMMIT | CHATHAMS | MADISON | |
| # SALES | + 91.7%
YTD +48.6% |
+ 144.4%
YTD +118.5% |
+ 66.7%
YTD +53.3% |
| Median Sales Price | + 68.9% | + 23.6% | + 1.7% |
| ’10 Absorption Rate
(’09 vs ’10) |
7.7 vs 5.8 | 6.3 (April 2010) | 5.7 vs 4.4 |
| Days on Market | - 39.6% | + 17.1% | + 7.8% |
| SP/OLP (’09 vs ’10) | 95.2% vs 96.7% | 94.5% vs 97.9% | 96.2% vs 95% |
| Inventory | + 14.8% | + 44.2% | - 22.9% |
| MILLBURN | MORRISTOWN | RANDOLPH | |
| # SALES | Unchanged
YTD + 38.5% |
+ 27.3%
YTD +8.6% |
+ 57.1%
YTD + 56.3% |
| Median Sales Price | + 35.5% | + 5.5% | + 20.4% |
| ’10 Absorption Rate
(’09 vs ’10) |
6.0 vs 7.3 | 7.2 vs 7.6 | 8.3 vs 13.5 |
| Days on Market | - 51.8% | + 65.4% | - 17% |
| SP-OLP (’09 vs ’10) | 94.8% vs 98.9% | 95.8% vs 97.7% | 96% vs 96% |
| Inventory | + 18.4% | + 19.2% | - 5.6% |
For more specifics on the local data statistics go to www.NJMarketTrends.com. If you are looking to buy or sell a home in Union, Morris, Essex or northern Somerset Counties of New Jersey- and, if you appreciate honest, savvy service contact Judi for a free, no obligation consultation.
Judith “Judi” Paris, Broker/Sales Associate
Coldwell Banker Realtors- Summit, NJ
(O) 908-522-3631 (C) 973-902-HOME
Visit me at: www.BestHomeResults.com
Follow me on Twitter: @JudiParis
Statistics from Coldwell Banker Market Action Reports for April 2010
