Monday January 3, 2011

William McGowan's CRANFORD, NJ 07016

Executive Summary Single Family Homes

This Week
Real-Time Market Profile Trend
Median List Price $ 425,000 ≠≠
Asking Price Per Square Foot $ 95 ==
The median list price in CRANFORD, NJ 07016 this week is Average Days on Market (DOM) 112 ==
$425,000.
Percent of Properties with Price Decrease 42 %
Percent Relisted (reset DOM) 3%
Inventory has been lightening lately and the Market Action Index
has been trending up. Though days-on-market is increasing, these Percent Flip (price increased) 1%
are mildly positive indications for the market. Median House Size (sq ft) 4470
Median Lot Size 6,501 - 8,000 sqft
Median Number of Bedrooms 3.0
Median Number of Bathrooms 2.0

Supply and Demand Market Action Index Strong Buyer's 17.9 ==

Home sales have been exceeding new inventory for several weeks. ±+ No change == Strong upward trend ≠≠ Strong downward trend
However because of excess inventory, prices have not yet stopped
falling. Should the sales trend continue, expect prices to level off = Slight upward trend ≠ Slight downward trend
soon and potentially to resume their climb from there. Watch prices
as the market transitions from a Buyer's market to a Seller's market.

Price
Market Action Index This week prices in this zip code bumped up a bit but the trend
of recent weeks is generally downward. A pickup in demand will
be reflected in the Market Action Index, so watch that chart to
try to identify a trough in the market.

Price Trends

7-Day Rolling Average 90-Day Rolling Average Buyer/Seller Cutoff

The Market Action Index answers the question "How's the

Market?" by measuring the current rate of sale versus the
amount of the inventory. Index above 30 implies Seller's
Market conditions. Below 30, conditions favor the buyer.

Quartiles
7-Day Rolling Average 90-Day Rolling Average

Characteristics per Quartile Investigate the market in quartiles -

where each quartile is 25% of homes
ordered by price.
Quartile Median Price Sq. Ft. Lot Size Beds Baths Age Inventory New Absorbed DOM
0.25 - 0.50
Top/First $ 665,000 6867 acre 4.0 2.5 45 17 1 1 131 Most expensive 25% of properties

6,501 -
Upper/Second $ 459,900 4470 8,000 sqft 3.0 2.0 57 17 0 0 110 Upper-middle 25% of properties

6,501 -
Lower/Third $ 389,900 4290 8,000 sqft 3.0 1.5 66 17 0 2 106 Lower-middle 25% of properties

4,501 -
Bottom/Fourth $ 282,450 3294 6,500 sqft 3.0 1.2 64 18 0 0 103 Least expensive 25% of properties

William McGowan 908-337-3635

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