Gina Chirico Essex County Real Estate Market Reports
Essex County Real Estate Market Report Common Terms
I understand that sometimes reading market reports can be tedious and confusing which is why Gina Chirico Essex County Real Estate Market Reports are in an easy to read format such as a pie chart or graph with an explanation of the data.
Essex County Real Estate Market Report Common Terms:
Absorption Ratio: The supply and demand or percentage of homes absorbed/sold within the current inventory of unsold homes.
Average Price: This is the price derived by adding the total dollar volume together and then dividing that total by the number of properties sold. It is not the same as median price.
Current Inventory: The supply, or the # of homes for sale that remain unsold in a given month.
DOM: Days on Market.
FSBO: For Sale By Owner.
GSMLS#: Garden State Multiple Listing Service number.
List Price: List Price refers to the listing price at the time it went under contract.
Listings: Active listings available on the market during the dates listed. All of my market reports use GSMLS information and no FSBO or Multi-Family (unless otherwise noted). Information is deemed reliable but not guaranteed.
Median Price: This is the price derived as being the "middle" price. Half of the prices are lower, half of the prices are higher. Median is not the same as average. It represents the middle of a range.
MLS#: Multiple Listing Service number.
Month's Supply: It is how long it would take to absorb all the inventory in a particular market if sales rate is stable and no new listings come on the market.
Pending Inventory: The demand or the # of homes under contract in a given month whereby a seller/buyer agree on price and terms.
Sales Price: What the property sold for. The property is funded, recorded & CLOSED.
Sold: Amount of sold listings during date listed. This means the property is funded, recorded and CLOSED.
Under Contract Continue to Show: Pending Sale with or without Contingencies where they seller and buyer have agreed that the property will still be shown.
Under Contract: Pending Sale with or without Contingencies.
Essex County Real Estate Market Reports
There are a several reasons why Gina Chirico Essex County Real Estate Market Reports are helpful. Essex County Real Estate Market Reports for sellers, provide important information such as # of active listings (i.e., competition), absorption ratio (% of total inventory that went under contract) and month's supply (determine if its a seller's market or a buyer's market).
Essex County Real Estate Market Reports for sellers for buyers, indicate if its a buyer's market or seller's market, how much inventory is available (i.e., more inventory = ample selection of houses available).
As a spin-off to my Gina Chirico West Essex at a Glance Essex County Real Estate Monthly Market Reports, I've created What Did That House Sell For Bi-Weekly Market Report which has become even more popular amongst homeowners, neighbors and even buyers. When a home sells in a town, community, neighborhood or school district everyone ponders the same question: What did that house sell for? When I refer to "everyone" -- I mean EVERYONE! It doesn't matter if you're buying, if you're selling, if you're a neighbor up the street, the mailman, the business owner in the center of town -- it doesn't matter!! EVERYONE wants to know WHAT DID THAT HOUSE SELL FOR?
Knock! Knock! YOU GOT NEIGHBORS!
Bi-Weekly Real Estate Market Report of What SOLD in the West Essex School District of Essex Fells, Fairfield, North Caldwell and Roseland from February 16, 2012 - February 29, 2012:
West Essex at a Glance ~ Essex County Real Estate Market Report for the West Essex School District of Essex Fells, Fairfield, North Caldwell and Roseland
Essex County Real Estate Market Report for the West Essex Regional School District for February 2012:
-
Active Listings: 184
-
Pending Properties: 17
-
9% of the total homes for sale in the West Essex Regional School District went under contract in February
-
Months Supply on the Market: 11
Essex Fells Real Estate Market Report for February 2012:
- Active Listings: 20
- Pending Properties: 1
- Absorption Ratio: Less than 1% of the homes for sale in Essex Fells went under contract in February 2012
- Months Supply: 20
Fairfield Real Estate Market Report for February 2012:
- Active Listings: 69
- Pending Properties: 7
- Absorption Ratio: 1% of the homes for sale in Fairfield went under contract in February 2012
- Months Supply: 10
- Stay current with up to the minute information with Fairfield New Jersey Real Estate on Facebook
North Caldwell Real Estate Market Report for February 2012:
- Active Listings: 54
- Pending Properties: 7
- Absorption Ratio: 12% of the homes for sale in North Caldwell went under contract in February 2012
- Months Supply: 8
Roseland Real Estate Market Report for February 2012:
- Active Listings: 41
- Pending Properties: 2
- Absorption Ratio: 5% of the homes for sale in Roseland went under contract in February 2012
- Months Supply: 21
Change in the Real Estate Market for West Essex School District of Essex Fells, Fairfield, North Caldwell and Roseland
The most important factors in determining change in the real estate market for West Essex School District of Essex Fells, Fairfield, North Caldwell and Roseland is by looking at the Pending Properties a/k/a Under Contract properties and Absorption Ratio.
Pending/Under contract properties determine future closes and if listing levels remain steady, you will see a future rise or fall in the Absorption Ratio and Months Supply. The Absorption Ratio is the percentage of homes absorbed within the current inventory of unsold homes and the Months Supply is how long it would take to absorb all the inventory in a particular market if sales rate is stable and no new listings come on the market.
If you have any questions or need clarification regarding my Essex County Real Estate Market Reports, please email Essex County Real Estate Market Reports.
If you would like your own neighborhood to get a monthly or yearly Essex County Real Estate Market Report, email Essex County Real Estate Market Reports too!
The important thing about Essex County Real Estate Market Reports is that you need to make sure you understand what type of market you are selling your Essex County home in or buying in in order to understand where you should price your home or make your offer at. If you really want it to sell or really want to buy understanding the LOCAL Essex County Real Estate market is important.
