Ok, here are the statistics for 2006 vs 2007 home sales in Morristown, NJ

Morristown, NJ .... 2006 ...vs... 2007
Number of homes/condos sold .... 171 ...... 171
Average sales price .... $463,175 ...... $458,221
Median sales price .... $430,000 ......$429,000
Average sales to list price .... 97% ...... 97%
Average days on the market .... 75 ...... 74
Highest sales price .... $1,850,000 ...... $1,600,000
Number of homes sold over $1 million .... 4 ...... 5

Home prices in Morristown, NJ seem to be holding their own. As you can see the number of sales has been stable, with average sales price slipping a mere 1%. The real estate for sale signs you see lingering out there, are of sellers who are too optimistic about the value of their homes. Prices are stagnant and buyers have lots to choose from. Well-priced properties in good condition still command a strong sales price.

All sales data and statistics shared in this blog is obtained from the Garden State Multiple Listing Service (GSMLS) and is deemed reliable, but not guaranteed. Subject to errors and omissions. The commentaries are my professional interpretation of the market, not only the statistics but the sentiment of buyers and sellers I work with every day.

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