Market Update: Tewksbury, NJ
January 13th, 2009
Here in Tewksbury the real estate market has not escaped the downturn that the rest of the country has suffered, but there are still some bright spots. In the past 45 days, 12 homes have been listed in Tewksbury while four have gone under contract. This is good news when you consider that in all of 2008 Tewksbury averaged 4.66 sales per month.
Of the 12 new listings, the average list price is $1,557,463 and the median list price is $849,000. Of the 4 that have sold the average list price is $756,700. While higher priced homes continue to be listed, it is clearly the homes under $1,000,000 that are selling.
In the 4th quarter of 2008 ten homes sold, and at this moment four of those homes have closed. Of these four closed sales the average sale price was 98.8% of final list price. Two of these sales were listed below $400,000 and sold at or close to their list price. The other two were higher priced and over the course of several listing terms took and average reduction of 28.5%. This is a clear indication that even though many buyers are making very low bids, homes that are selling are those where the seller has reached a realistic listing price and the buyer recognizes the value.
The lesson for sellers is clear: Price your home correctly and you will be one of the relatively few homes to sell in this market. If you choose to “test the market” with a higher price, you are likely to spend a long time on the market and take several reductions along the way. With the market declining at a significant rate, it is plain to see that the longer your home takes to sell the lower the price you will obtain.
Of the 12 new listings, the average list price is $1,557,463 and the median list price is $849,000. Of the 4 that have sold the average list price is $756,700. While higher priced homes continue to be listed, it is clearly the homes under $1,000,000 that are selling.
In the 4th quarter of 2008 ten homes sold, and at this moment four of those homes have closed. Of these four closed sales the average sale price was 98.8% of final list price. Two of these sales were listed below $400,000 and sold at or close to their list price. The other two were higher priced and over the course of several listing terms took and average reduction of 28.5%. This is a clear indication that even though many buyers are making very low bids, homes that are selling are those where the seller has reached a realistic listing price and the buyer recognizes the value.
The lesson for sellers is clear: Price your home correctly and you will be one of the relatively few homes to sell in this market. If you choose to “test the market” with a higher price, you are likely to spend a long time on the market and take several reductions along the way. With the market declining at a significant rate, it is plain to see that the longer your home takes to sell the lower the price you will obtain.
Posted by: 
John Turpin
