Clifton Real Estate Market Report for July 2018
Summer is Finally Settled In!
Home sales still hot! but, may actually drop in year-over-year comparisons over the next few months, which has more to do with low inventory than a lack of buyer interest. As lower days on market and higher prices persist year after year, one might rationally expect a change in the outlook for residential real estate, yet the current situation has proven to be remarkably sustainable likely due to stronger fundamentals in home loan approvals than were in place a decade ago.
The Numbers Month to Month and Year to Year
If you’re thinking to SELL! NOW IS THE TIME TO LIST & SELL for MAXIMUM GAINS.
Take a Look at Your Clifton Real Estate Market Report for July 2018
Local Housing STATS for JUNE, 2018
Single Homes SOLD (Incl, Condo/Townhomes,Active Comm Homes) : 68
Media SOLD Price Sale to List Ratio DOM
$ 333,000 99.7 36
STATS for MAY, 2018
Single Homes SOLD (Incl, Condo/Townhomes,Active Comm Homes) : 65
Media SOLD Price Sale to List Ratio DOM
$ 350,000 98.2 28
Mid Year to Year Increase: First 6 Months of 2017 Vs 2018 Same Period.
-
The median sale price for First 6 Months of 2018: $340,000
-
The median sale price for First 6 Months of 2017: $310,000
Increased by 9% or $30,000 ↑
The Three Most Prominent Local/National Market Trends for Residential Real Estate are:
-
* The ongoing lack of abundant inventory
-
* The steadily upward movement of home prices and
-
* Year-over-year declines in home sales.
Sales declines are a natural result of there being fewer homes for sale, but higher prices often indicate higher demand leading to competitive bidding and/or multiple offer situations for the available competitively priced homes.
Markets are expected to increase supply, so there is hope that sellers will get motivated to sale to take advantage of what appears to be a ready and willing buyer base.
These are representative of many markets through-out New Jersey.
Its a Great Time to be a SELLER!
See Recently SOLD Homes in your Neighborhood
FREE LISTINGS BY EMAIL
Be First At The Opportunity
Free New Listings Alerts
WHAT’S YOUR HOME WORTH?
