Most real estate news published online and in newspapers uses data from the entire country. And yes, there are some very depressed markets where homes are experiencing vast depreciation in value (especially in states where there is an abundence of new construction such as Florida, Arizona, California, and Nevada and consequently short sales and foreclosures.
This is not the case in the state of NJ and especially not in our local luxury markets where there is very little new construction and favorable commutes by train to Manhattan.
Some of the national programs that were put in place this year fueled a very strong spring market including multiple bid situations. The combination of historically low interest rates, the extended $8,000 first-time buyer tax credit and the extended $6,000 tax credit for for repeat buyers encouraged sales and stablilized home prices.
Here is the latested data on our local market from the NJ Multiple listing Service for YTD 2010:
Total # of Sales Avg. # of BR Avg. # Full Bth Avg. Sale Price Avg. SP/LP
Maplewood 244 4.8 1.9 $500,000 99.6%
South Orange 159 4.0 2.5 $520,000 96.2%
Millburn/S. H. 233 4.3 3.0 $1,191,000 96.5%
Summit 274 3.8 3.0 $976,000 97.6%
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