It’s been a busy year for the Kenilworth, NJ, real estate market.
Compared to our February, 2012, Kenilworth Marketing Report, things are looking very good, indeed, for Kenilworth home sellers.
For starters, let’s take a look at the inventory. Inventory in Kenilworth peaked this spring at 49 homes listed in April but ended 2012 slightly lower, with 34 homes on the market, than it began in January, with 38 homes on the market.
In terms of how quickly homes sell in Kenilworth, early summer was extremely fast, with homes selling after less than a month on the market in May and June, but late summer was very slow, with homes selling after more than 4 months on the market in September. Things did speed up a bit by the end of the year, ending 2012 with less than 80 days on market. This is still higher than the average in Union County.
Lots of fluctuations in list price in Kenilworth for the first half of the year reflect some seller uncertainty. With the market hopping around a bit, some sellers found that they were pricing too high and couldn’t find buyers who were interested. The second half of 2012 showed increased stability, and sale prices ended in Kenilworth 36% higher in December than they were in January of 2012.
Buyer urgency has increased in Kenilworth and is reflected in an increased Sale Price to List Price ratio at the end of the year. Buyers paid 93.8% of list price on average for the first half of 2012 but 97.1% of list price on average for the second half of the year. Stabilized list prices and inventory contributed to this.
If you’re interested in buying a Kenilworth home or in selling your Kenilworth home, Team Zuhl is here to help you get the best deal. Call us at 908-917-4189 to arrange your personal consultation.