Welcome to my North Jersey Home Price and Home Search website.
With the release of the 2011 results, the number of towns reported on increases from 10 to 16, and the analysis periods, which used to be year-over-year in prior releases, have now been modified to reflect 6 months of sales. The reason is that home prices, when compared over 6 month periods, reflect more accurately the ebb and flow of buyers and the consequent flow of money into a town.
In looking at 2011 home prices across all 16 towns, prices continue to show weakness. Among 80 measured price points (5 price points in 16 towns), 69 declined since the first half of 2010, while only 11 were either up or even..
So, what does it mean and how should the information be used?
Well, an important take away is that towns differ greatly from one another, as do price points within towns. That said, if prices are declining, qualified, pre-approved buyers should be able to land a pretty good deal. Conversely, if prices are rising, sellers should be able to do the same. But nothing is guaranteed and price trends should not be considered predictors of what any individual home will sell for. For that you should seek out the services of a qualified realtor who can sort out the many factors that go into selling or buying a home at a fair and reasonable price.
