NJ Pending Home Sales Tracker: January 29 ? February 4, 2012
In 1 Week the Number of Homes Going Under Contract More Than Doubled From Previous Week
A week where less homes were on the market for sale while simultaneously having more homeowners receive an acceptable offer to purchase makes it a good week indeed. Just what we have been thinking, the market is kicking off early and starting out well. As many in the nation prepared for the big Super Bowl football game, we in real estate also kept an eye on the market to see what Super Bowl numbers would be posted.
We weren?t disappointed. We have not seen 59 residential homes go under contract in one week in months. Just think, the previous week had 25 pending sales.
A home listing is marked under contract (US or UC) in the Garden State Multiple Listing Service (GSMLS) to signify the buyer and seller have completed attorney review and are now in a binding agreement/under contract to continue the process of transferring ownership from the seller to the buyer. It is just as important to know this information as it is to know what has sold. It exemplifies how the market is moving today and what home buyers are looking for now. When you see a home has sold, that home has already been off the market for probably 45 ? 120 days.
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Watch this video of the 59 pending home sales for the week of January 29, 2012.
Note: To clearly see the pictures and the addresses, just click Play then the full screen button at the bottom right. The hotlinks in this video do not work.
The numbers below show how many residential homes went under contract per town along with what percentage of homes in that town went under contract for the week. For example, out of 90 residential homes for sale, if 2 are now under contract that would equal 2.2%. I could also have added the 2 homes under contract to the total number of homes for sale and then divided.
The breakdown of the 59 residential pending home sales follows:
Livingston = 5 (5.5%)
Maplewood = 11 (9.9%)
Millburn/Short Hills = 8 (1.2%)
Montclair = 10 (7.4%)
Nutley = 5 (4.1%)
South Orange = 2 (2.9%)
Verona = 7 (9.6%)
West Orange = 11 (3.8%)
Either way you look at it, Maplewood, New Jersey home sales pending won the week in percentage and amount. Maplewood and West Orange garnered the most amount of homes going under contract for the week, but it was Maplewood NJ homes for sale and Verona NJ homes for sale that showed the biggest dent in inventory. Knowing the percentage of homes available in a specific town that have gone under contract gives a much more accurate pace of the market.
There were 959 (last week 1,050) residential homes on the market across the 8 towns as of February 4.
Livingston = 91
Maplewood = 111
Millburn/Short Hills = 69
Montclair = 134
Nutley = 122
South Orange = 70
Verona = 73
West Orange = 288
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Click here to review last week?s report.
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Please note all numbers were obtained through the GSMLS. The GSMLS is the primary website in this area used by real estate agents to promote their listings to other real estate agents and the public.
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