Commentary by Albert Baron III, Managing Partner, Baron Real Estate Group®
Sellers are in control of the Chatham Boro real estate market as of now according to the data. There was a 2.11 months supply of homes to sell in Chatham Boro in March of 2017 versus a 6.17 months supply in 2016 the same month. The Theory of Supply and Demand work similarly to the supply and demand of oil. As you know, when the oil supply is reduced, the prices rise. Data shows that the supply of homes is historically low. Prices are up 7.5% year over year and on the rise. Demand is remains strong this spring in anticipation of a better economy. Buyers with families are actively looking.
Although rates increased a little in March, they dropped back very quickly. The economy is showing signs of resuming growth and U.S. Corporations are starting to spend the huge amount of cash that they have on the books to increase hiring and operations. The economic forecast is positive.
Active Listings New Listings Under Contract Solds
44 (-27%) 25 15 5 March 2017
60 26 14 5 March 2016 *Source: Garden State Multiple Listing Service
The data shows us that the inventory is down 27% year over year. Realtors like myself need homes to sell…..Previous construction homes are in demand. We at BRG have developed a “Push Marketing” campaign to sell homes faster. We use the data to determine the correct market price through our thorough research. We would be happy to sit down with you and go through the sales process from start to finish. The School District of the Chatham’s has increased demand for homes in especially in Chatham which in turn has increased prices. We cannot be certain how long the trend is expected to last. That is why now is the time to list your home For Sale. Let our Team of Professionals give you an expert price opinion of your home. A majority of our Team members have lived in the Chatham Area our entire lives. Who knows the market better than us? A local Realtor. Nobody. Our local knowledge will assist in selling your home faster, and for a higher percentage of the list price than our competitors.
Please give us a call to schedule a no obligation and confidential Current Market Analysis
of your home. 973-610-2621 cell