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Cell Phone
973-865-1863
Home Fax
973-226-2493
Coldwell Banker
973-226-2577
Office Fax
973-226-0463
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Essex Fells, New Jersey
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Take a hyperlocal look at the Essex Fells real estate market.
2011 First Quarter Market Report
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A top-line measure of buyer activity.
It's a good sign if year-over-year home sales are on the rise. It's also important to see if sales for the most recent quarter (second table) confirm the year-over-year trend, whether it's up or down.
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Are home prices rising or falling?
Typically, year-to-year changes in median home prices (the mid-priced home among all those sold) are used to gauge the rise and fall of a town's home prices. The following table, along with the accompanying chart, add four additional prices, two higher (the 60th and 80th percentiles), and two lower (the 40th and 20th percentiles) than the median price. The result is a more complete picture of how different price points are doing.
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Three things can happen to a listing:
(1) It can be sold; (2) it can expire; or, (3) it can remain on the market as an active listing. Hyperlocal Market Analysis considers all three outcomes in order to compute the following table. Then, two additional factors are added: the percentage of houses that sold quickly (in 60 or fewer days); and, the percentage that sold for Original List Price or more. The result is a list of the top 5 sellers' price point ranges. If you want to get even closer to your market by adding your asking price plus your bedrooms and baths complete the form below.
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Getting personal:
As a Realtor, I use hyperlocal market information to set buy and sell strategies for clients. I also use it to inform Realtors on the other side of transactions about the true conditions of markets in order to support my clients' asking and offer prices. That's the kind of service I offer to you. Read my buyer credentials and other good stuff on my West Essex blog.
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