Midtown Direct Real Estate News

This post will give you some valuable information about what is going on the the Convent Station section of the Morris Twp NJ Real Estate market.  2008 has been a ruff time in the minds of many home owners in the Convent Station Real Estate marketplace.  The reality and the perception don’t match though. 

I have had quite a number of home owners express that nothing is selling.  The reality is that homes are selling, it is just taking more time, and of course pricing of the homes is very important.  Every month I look at the home sales for several of the local towns.  Every month I see the same thing, 60 to 70% of the homes which sold, did so in 30 days or less.  What does that mean?  it means that these homes were priced right to begin with.  These home owners likely got the highest price possible for their homes.  All those other homes on the market for 80 or more days, well they waisted a bunch of time with a price that was too high, and now the bloom is off the rose so to speak, and likely if they ever sell, the home owner will be getting some percentage less than what they would have gotten had they priced their home right to start with.

To be fair, there are a number of area REALTORS who are adhering to their company training.  They are going into listing appointments and playing on the home owners greed and telling the home owner likely selling prices which are 10% and sometimes 15% higher than reality.  When presented with this, most home owners tend to think that the REALTOR who says the highest listing price also is the most skilled at getting their home sold.  Nothing could be further from the truth though, and a quick look at some of the REALTORS withdrawn and expired listings stats shows just how dangerous listing your home by such a strategy is.

Enough with my talk about over pricing a home in Convent Station New Jersey. 

Here are the 2007 -vs 2008 first 11 months of home sales stats:

Convent Station New Jersey 2007 Home Sales — 48
Convent Station New Jersey 2008 Home Sales — 49

Convent Station 2007 Average List Price — $668,801
Convent Station 2008 Average List Price — $701,882

Convent Station 2007 Average Sale Price — $650,230
Convent Station 2008 Average Sale Price — $670,113

Convent Station 2007 Median List Price — $619,000
Convent Station 2008 Median List Price — $650,000

Convent Station 2007 Median Sale Price — $630,000
Convent Station 2008 Median Sale Price — $648,000

Convent Station 2007 Average Days To Sell –58.3
Convent Station 2008 Average Days To Sell — 64.5

Basically the stats paint a picture of a flat real estate market in Convent Station.  The reality is that we are still in a declining market.  There have been more homes sold here in Convent Station which were in fully updated condition than in 2007 and that is tending to make the numbers look better than the reality.  The reality still is that homes are selling here in Convent Station, you just have to be smart about how you go about listing your home for sale.

James Boyer
Convent Station REALTOR
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct

To read about my attempt to purchase a Morristown foreclosure visit my other blog.