Buyers and sellers in Union, NJ, need to know the market details before they make any decisions. Here’s what you need to know this month about real estate market values in Union.
For an analysis of the data, please click here.
For more information, to browse listings, or to request a Comparative Market Analysis, please click here or call us at 908-917-4189.
Buyers and sellers in Mountainside need to understand market conditions so that they understand the value of their home. Here’s everything you need to know.
For more information, please read our blog at TeamZuhl.com.
If you’re thinking of buying or selling a home in Kenilworth, one of the first steps you should take is to study the market conditions so that you understand how real estate is valued in Kenilworth. Here’s a good place to start.
Inventory: There are currently 37 homes offered for sale in Kenilworth ranging in price from $144,900 to $625,000 with an average list price of $338,743. You can browse them all by clicking here.
The inventory in Kenilworth is a little low for spring. There were 41 homes on the market in April of 2013 and 44 homes on the market in April of 2012.
Prices: The average sale price in Kenilworth in April was $399,143, 20% higher than the average over the last 12 months. This could be due to the lower inventory. Buyers typically come out in large numbers in the spring, and Kenilworth’s inventory isn’t quite up to its normal spring levels. High demand with low inventory typically produces high prices.
Length of time to sell: Last month, we reported a slowdown in the rate of sales. The average home that sold in March sold after 153 days – significantly slower than any month in the past 18. April more than made up for it with the average home selling after only 53 days on the market. Nearly always, spring sees a shorter time on the market and this year is definitely no exception. Buyers who are ready to buy need to act fast to be sure to get the home they want!
If you’re interested in purchasing a home in Kenilworth or the surrounding area, please see a complete list of homes at www.WayneZuhl.com. If you’re planning to sell your Kenilworth home, please call us at 908-917-4189 for a free comparative market analysis of your home.
For more information on Kenilworth Real Estate:
Are you one of the 1.6 million people who qualify for the New Jersey Homestead Property Relief Program?
- Seniors and disabled residents receive, on average, $516 in property tax relief.
- Resident homeowners earning less than $75,000 receive $402 in relief.
Do you pay more than the statewide average in property taxes?
- The average is $8000.
- Governor Christie passed a law nearly 4 years ago preventing property taxes from increasing more than 2% in any given year.
Why is the Relief being postponed?
- The program costs the State $375 million per year.
- The Governor’s reduced budget plan needs to slash that $375 million to close the gap between expenses and income.
What other budget items are being cut?
- The State is cutting its contribution to the public employee pension system by $1.57 billion dollars, despite having agreed to increase pension fund contributions as recently as 2011.
- Another $160 million will be cut from departmental spending and $15 million will be cut from NJ Transit funding.
Inventory: There are currently 38 homes offered for sale in Fanwood at an average list price of $459,500. Nine homes were sold in April. In 2013, the inventory got as high as 49 homes in May and as low as 25 homes in December.
Prices: There were nine homes sold in April at an average sale price of $402,000. The average sale price over the last 12 months was $409,622 with the highest in July of 2013.
Days on Market: March was sluggish in Fanwood with the average home selling after 111 days on the market. Things have certainly picked up in April when the average days on market was 72 days – still slower than the last 12 months average of 60 days.
What does this mean to the home buyer or seller in Fanwood? Call Team Zuhl today!
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