Since nearly everyone is asking me about the state of our real estate market, I have decided to bring some of those statistics out so you can all review at your leisure. Twice each week I will post End of Year Sales Numbers for one or two communities.

Today it is Chatham, NJ. There is Chatham Boro and Chatham Twp, and I will give each town separately here.

Chatham Boro, NJ .... 2006 ...... 2007

Number of homes/condos sold .... 145 ...... 131
Average sales price .... $804,792 ...... $739,579
Average sales to list price .... 98% ...... 97%
Average days on the market .... 45 ...... 60
Highest sales price .... $2,475,000 ...... $2,500,000
Number of homes sold over $1 million .... 29 ...... 14
Number of homes sold over $2 million .... 2 ...... 3

Chatham Township, NJ .... 2006 ...... 2007

Number of homes/condos sold .... 163 ...... 165
Average sales price .... $935,918 ...... $1,048,463
Average sales to list price .... 98% ...... 97%
Average days on the market .... 53 ...... 73
Highest sales price .... $6,400,000 ...... $3,850,000
Number of homes sold over $1 million .... 52 ...... 78
Number of homes sold over $2 million .... 9 ...... 12

As you can see, the market in the Chathams remains healthy. The new construction boom has helped bring average prices up and will likely continue, albeit at a slower pace. Homes in good condition, with updates and upgrades, in good locations will continue to sell well and fairly quickly. The "slowdown" is being seen only in properties that are not in up-to-date condition or not priced accordingly.

If there's a town you'd like to see these stats for, please post your request. Feel free to post any questions, comments or feedback as well. Be well! :-)