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Sue feels that if you are in the market to buy or sell real estate in Short Hills, Millburn, Summit, Maplewood, South Orange, Chatham, Madison or Livingston, it is important to understand the trends in Active Listings, Days on the Market, Under Contract Sales & Closed Sales so that you can make an educated decision.
CLICK BELOW TO VIEW THE SALES AND STATS BY MONTH
Chatham Homesale Trends March 2007 – March 2008
MadisonHome sale TrendsJuly 2007 – July 2008
July 2007
Aug.
Sept
Oct.
Nov.
Dec.
Average Listing Price
$888,984
$875,928
$809,280
$777,945
$855,182
$859,990
Average Sale
Price
$877,547
$846,308
$846,075
$701,114
$817,491
$666,643
%Sale
Price to List Price Ratio
98%
97%
100%
95%
97%
98%
Days on Market
56
42
68
68
107
31
# of Active Listings
100
94
98
97
83
71
# of Closed Listings
20
13
12
9
11
31
Jan.
Feb.
Mar.
April
May
June
July 2008
Average Listing Price
$853,579
$833,462
$842,302
$909,983
$862,782
$909,446
$920,165
Average Sale Price
$1,106,980
$547,500
$641,414
$659,962
$685,950
$846,324
$814,818
%Sale
Price to ListPrice Ratio
93%
94%
94%
96%
96%
96%
95%
Days On Market
72
100
65
44
71
49
62
# of Active Listings
76
87
83
91
91
93
91
# of Closed Listings
5
3
7
15
10
24
11
July 08
Active Listings
New Listings
Under Contract
Sold Listings
Average
DOM
SP/LP
# Beds
Avg LP
Avg LP
Avg LP
Avg LP
1
$352,500
$0
$0
$0
0
0%
2
$466,817
$509,000
$425,000
$0
0
0%
3
$559,574
$586,725
$642,000
$499,857
63
96%
4
$767,189
$825,613
$580,300
$764,500
86
96%
5
$1,875,090
$1,608,580
$1,274,500
$1,967,500
38
94%
TOWN
$920,165
$902,300
$703,618
$814,818
62
95%
Data compiled from the GSMLS. Deemed reliable, but not guaranteed.
Insurance >Do You Need Mortgage Protection
If you have a mortgage on your home, you may have received several offers from insurance companies that sell coverage to pay off your mortgage in the event you die unexpectedly. Although insurance in general is a good idea, mortgage insurance is usually a poor value in most cases.
If you read the large print, it appears that the policy will protect your family if you die before your mortgage is paid off. All you have to do is fill out the paperwork, have a physical exam, and pay a little more each month. The fine print, however, may limit the coverage relating to accidental death. If there are two people on the deed of trust, the policy may pay only half if one of them dies.
When considering mortgage insurance, call a good insurance agent before you send in your forms. Insurance experts usually advise against separate policies to cover various contingencies. A regular term life insurance policy equal to the amount of your mortgage will probably offer you a lot more coverage for your money.
- NUMBER1EXPERT™ 
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