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October Real Estate Update for Morristown

The October numbers are in and a slow month impedes on the progress that was shown from September. How much longer will we have a buyers' market?

The real estate market in Morristown shifted back to being a buyers’ market after positive signs that hinted at a trend toward a seller’s market.  More homes came on the market in October with fewer sales occurring.  The 11.3 months supply was up dramatically from roughly 4 months the month prior but still slightly lower than the 12.7 months from a year ago. A total of 7 properties were sold in the month of October, down from 10 properties a year ago.

While the amount of homes sold may have decreased, the median price continues to increase, with the average property selling for $345,000, up from $303,000 a year ago. Similarly, the average price range fell between $300,000 and $400,000.

The sold price to original price ratio remains about the same, while the number of days homes remain on the market continues to drop. Currently, the average home remains for sale for 79 days down from 127 over a year ago. The market in Morristown looks stable at the moment, and caters to those looking to buy.

 

Year-on-year Statistics: Morristown

 

Oct-12

Oct-11

% Chg

# Sold

7

10

-30.0%

# For Sale (Last Day of Month)

79

127

-37.8%

Median Price (Sold)

$345,000

$303,000

13.9%

Median Price (For Sale)

$350,000

$335,000

4.5%

Price per Sq Ft

$352

$524

-32.8%

Sold Price to Original Price

87%

88%

-0.6%

Average DOM

104

109

-4.6%

Months Supply

11.3

12.7

-11.1%

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

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