The latest report of housing information for September 2012 is in, and the housing market here in Morristown continues to improve. While news reports have been doom and gloom in the recent months, things in Morristown are starting to look up.
The number of properties sold has increased a by 50%, compared to September 2011. The majority of sales are occurring in the price point between $300,000 and $500,000. What is most promising for sellers is the amount of time homes are remaining on the market, shrinking from an average of 139 days to 74 days. Even better is the fact that homes were sold for 95% of their original asking price, up nearly 8.5% from a year prior.
What all of this information demonstrates is that properties are moving swiftly in today’s marketplace. In a balanced market, homes take between five and seven months to sell. A sellers’ market is less than five months, while a buyers’ market occurs when it takes more than seven months to sell. At this time, the rate of absorption is well balanced, though leaning to a seller's market.
Figures continue to look promising, typically in the winter months we see less inventory and fewer sales; however only time will tell. During winter, buyers who are looking are serious and need to buy due to relocation, job change, change in family situation, etc. With low inventory, many sellers may find the winter months to be a successful time to get their homes sold especially as interest rates maintain their record lows.
Year-on-year Statistics: Morristown
# For Sale (Last Day of Month)
Median Price (Sold)
Median Price (For Sale)
Price per Sq Ft
Sold Price to Original Price