It's very important to understand the Real Estate Market before you start you home search or before you look to list your home. If you start working with an Agent and they either don't provide you with this information or don't have the most up-to date numbers, you should question if you want to put one of the biggest investments you will make in the hands of a 'professional' who isn't educated.
I usually run a full report every quarter but in 2012 I will also provide a monthly snapshot of the market. Here are the highlights for theÂ Jersey CItyÂ Condo market:
--Overall, there wereÂ 12 sold properties in January 2012 vsÂ 17 in 2011.
--The Median price in 2012 was $414k vs $465k in 2011.
--The Average price also was higher, $471k in 2012 & $512k in 2011.
--$ per sq ft decreased in 2012 vs 2011, $418 vs $449.
--Days on market decreased to onlyÂ 86 days in 2012! Big change vs 100 days on market in 2011...Inventory is lower but homes are selling faster...
--For Sellers, the % discounted price was 3.5% in Jan 2012. This is less than YAG at 5.2% off asking...Another sign this is getting back to more of a Sellers Market.
For Sellers, feel free to call me if you want to get a true value of your home. This is ALWAYS free and sometimes you will be surprised at how much you can sell for.
For Buyers, I am working with new Buyers all the time. If you are starting the process, send me an email. We can review the timelines, expectations and you can see the latest homes in your market.