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Summit City Market Data (Monthly Data from the Garden State MLS)
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|
May 2010 |
June 2010 |
June 2009 |
Year-Year % Change |
|
# of Homes Sold |
31 |
50 |
24 |
108.33% |
|
# of Homes Sold Year-to-Date |
84 |
134 |
67 |
100.00% |
|
# of Homes Active on Market |
188 |
166 |
220 |
-24.55% |
|
# of New Listings |
53 |
36 |
43 |
-16.28% |
|
Median Price of Homes Sold |
$635,000 |
$872,500 |
$853,000 |
2.29% |
All above charts are from Data obtained from the Garden State MLS & Otteau Valuation Group, Inc. Data subject to errors and omissions.
New Providence Boro Market Data (Monthly Data from the Garden State MLS)
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May 2010 |
June 2010 |
June 2009 |
Year-Year % Change |
|
# of Homes Sold |
16 |
16 |
12 |
33.33% |
|
# of Homes Sold Year-to-Date |
51 |
67 |
39 |
71.79% |
|
# of Homes Active on Market |
80 |
84 |
90 |
-6.67% |
|
# of New Listings |
19 |
17 |
18 |
-5.56% |
|
Median Price of Homes Sold |
$556,000 |
$460,000 |
$466,500 |
-1.39% |
All above charts are from Data obtained from the Garden State MLS & Otteau Valuation Group, Inc. Data subject to errors and omissions.
Berkeley Heights Township Market Data (Monthly Data from the Garden State MLS)
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|
May 2010 |
June 2010 |
June 2009 |
Year-Year % Change |
|
# of Homes Sold |
12 |
18 |
12 |
50.00% |
|
# of Homes Sold Year-to-Date |
48 |
66 |
54 |
22.22% |
|
# of Homes Active on Market |
78 |
77 |
104 |
-25.96% |
|
# of New Listings |
16 |
24 |
20 |
20.00% |
|
Median Price of Homes Sold |
$485,300 |
$557,500 |
$500,000 |
11.50% |
All above charts are from Data obtained from the Garden State MLS & Otteau Valuation Group, Inc. Data subject to errors and omissions.
Millburn / Short Hills Township Market Data (Monthly Data from the Garden State MLS)
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|
May 2010 |
June 2010 |
June 2009 |
Year-Year % Change |
|
# of Homes Sold |
17 |
39 |
30 |
30.00% |
|
# of Homes Sold Year-to-Date |
72 |
111 |
86 |
29.07% |
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# of Homes Active on Market |
160 |
165 |
180 |
-8.33% |
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# of New Listings |
58 |
39 |
37 |
5.41% |
|
Median Price of Homes Sold |
$1,050,000 |
$980,000 |
$1,025,000 |
-4.39% |
All above charts are from Data obtained from the Garden State MLS & Otteau Valuation Group, Inc. Data subject to errors and omissions.
Chatham Boro Market Data (Monthly Data from the Garden State MLS)
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May 2010 |
June 2010 |
June 2009 |
Year-Year % Change |
|
# of Homes Sold |
11 |
11 |
16 |
-31.25% |
|
# of Homes Sold Year-to-Date |
42 |
53 |
38 |
39.47% |
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# of Homes Active on Market |
60 |
58 |
62 |
-6.45% |
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# of New Listings |
11 |
11 |
17 |
-35.29% |
|
Median Price of Homes Sold |
$650,000 |
$660,000 |
$665,000 |
-0.75% |
All above charts are from Data obtained from the Garden State MLS & Otteau Valuation Group, Inc. Data subject to errors and omissions.
Chatham Township Market Data (Monthly Data from the Garden State MLS)
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|
May 2010 |
June 2010 |
June 2009 |
Year-Year % Change |
|
# of Homes Sold |
11 |
28 |
19 |
47.37% |
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# of Homes Sold Year-to-Date |
40 |
68 |
43 |
58.14% |
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# of Homes Active on Market |
120 |
107 |
121 |
-11.57% |
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# of New Listings |
25 |
22 |
17 |
29.41% |
|
Median Price of Homes Sold |
$845,000 |
$752,500 |
$802,000 |
-6.17% |
All above charts are from Data obtained from the Garden State MLS & Otteau Valuation Group, Inc. Data subject to errors and omissions.
Madison Boro Market Data (Monthly Data from the Garden State MLS)
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May 2010 |
June 2010 |
June 2009 |
Year-Year % Change |
|
# of Homes Sold |
10 |
20 |
17 |
17.65% |
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# of Homes Sold Year-to-Date |
56 |
76 |
52 |
46.15% |
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# of Homes Active on Market |
89 |
89 |
117 |
-23.93% |
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# of New Listings |
22 |
27 |
23 |
17.39% |
|
Median Price of Homes Sold |
$515,000 |
$685,222 |
$605,000 |
13.26% |
All above charts are from Data obtained from the Garden State MLS & Otteau Valuation Group, Inc. Data subject to errors and omissions.
Morris Township Market Data (Monthly Data from the Garden State MLS)
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|
May 2010 |
June 2010 |
June 2009 |
Year-Year % Change |
|
# of Homes Sold |
16 |
24 |
24 |
0.00% |
|
# of Homes Sold Year-to-Date |
90 |
114 |
86 |
32.56% |
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# of Homes Active on Market |
204 |
212 |
238 |
-10.92% |
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# of New Listings |
49 |
47 |
55 |
-14.56% |
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Median Price of Homes Sold |
$445,000 |
$459,000 |
$565,000 |
-18.76% | All above charts are from Data obtained from the Garden State MLS & Otteau Valuation Group, Inc. Data subject to errors and omissions.
Morristown Market Data (Monthly Data from the Garden State MLS)
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May 2010 |
June 2010 |
June 2009 |
Year-Year % Change |
|
# of Homes Sold |
8 |
18 |
19 |
-5.26% |
|
# of Homes Sold Year-to-Date |
45 |
64 |
73 |
-12.33% |
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# of Homes Active on Market |
132 |
142 |
158 |
-10.13% |
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# of New Listings |
26 |
31 |
34 |
-8.82% |
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Median Price of Homes Sold |
$360,000 |
$318,000 |
$342,500 |
-7.15% | All above charts are from Data obtained from the Garden State MLS & Otteau Valuation Group, Inc. Data subject to errors and omissions.
Randolph Township Market Data (Monthly Data from the Garden State MLS)
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|
May 2010 |
June 2010 |
June 2009 |
Year-Year % Change |
|
# of Homes Sold |
18 |
30 |
17 |
76.47% |
|
# of Homes Sold Year-to-Date |
72 |
102 |
73 |
39.73% |
|
# of Homes Active on Market |
206 |
213 |
225 |
-5.33% |
|
# of New Listings |
45 |
47 |
46 |
2.17% |
|
Median Price of Homes Sold |
$525,000 |
$530,000 |
$445,000 |
19.10% | All above charts are from Data obtained from the Garden State MLS & Otteau Valuation Group, Inc. Data subject to errors and omissions.
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|
Absorption Rate (Q1) |
| |
Absorption Rate (Q2) |
| |
Absorption Rate (Q3) |
| |
Absorption Rate (Q4) |
|
|
2005 |
2006 |
2007 |
2008 |
2009 |
2010 |
| |
2005 |
2006 |
2007 |
2008 |
2009 |
| |
2004 |
2005 |
2006 |
2007 |
2008 |
2009 |
| |
2004 |
2005 |
2006 |
2007 |
2008 |
2009 |
|
Summit City |
2 |
3 |
4 |
5 |
14 |
6 |
| |
2 |
4 |
4 |
6 |
5 |
| |
2 |
3 |
6 |
8 |
8 |
6 |
| |
3 |
3 |
5 |
6 |
12 |
7 |
|
Millburn/Short Hills Twp. |
3 |
4 |
4 |
5 |
8 |
6 |
| |
3 |
5 |
3 |
3 |
4 |
| |
4 |
4 |
7 |
7 |
4 |
6 |
| |
3 |
6 |
6 |
4 |
9 |
5 |
|
Chatham Boro |
2 |
4 |
3 |
6 |
10 |
4 |
| |
1 |
4 |
2 |
6 |
3 |
| |
2 |
3 |
4 |
5 |
8 |
5 |
| |
4 |
4 |
4 |
5 |
12 |
3 |
|
Chatham Twp. |
3 |
5 |
4 |
5 |
26 |
9 |
| |
2 |
4 |
5 |
5 |
5 |
| |
5 |
3 |
9 |
12 |
8 |
10 |
| |
3 |
5 |
7 |
5 |
16 |
7 |
|
Madison Boro |
4 |
7 |
5 |
5 |
10 |
5 |
| |
3 |
3 |
4 |
4 |
5 |
| |
3 |
5 |
6 |
7 |
9 |
6 |
| |
2 |
5 |
4 |
6 |
7 |
4 |
|
Morris Twp. |
2 |
4 |
6 |
7 |
9 |
7 |
| |
3 |
5 |
4 |
6 |
8 |
| |
4 |
3 |
8 |
8 |
7 |
9 |
| |
3 |
4 |
6 |
9 |
11 |
6 |
|
Morristown |
|
5 |
7 |
8 |
10 |
12 |
| |
|
5 |
7 |
8 |
8 |
| |
|
|
7 |
10 |
8 |
9 |
| |
|
|
9 |
10 |
12 |
7 |
|
Randolph Twp. |
3 |
7 |
8 |
8 |
11 |
8 |
| |
4 |
7 |
6 |
7 |
7 |
| |
4 |
4 |
6 |
7 |
7 |
7 |
| |
3 |
6 |
6 |
8 |
10 |
6 | Absorption Rate is the projection of how long it will take the market to absorb the inventory of unsold homes within each market area. (Data from Otteau Group Inc.)
All of the above charts, statistics and information are deemed reliable but not guaranteed.
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Disclosure Laws >Potential Problems
Every house has some "quirks", and some have material defects that may affect the sales agreement or the asking price. Placing a less-than-perfect house on the market is fine as long as you and your real estate agent give the buyers information on any "hidden defects".
Most litigation in real estate transactions involves the buyer suing the seller for failure to disclose a problem. Whether it is a leaky roof, dry rot, plumbing or heating problems, or a wet basement, most courts do not apply the "let the buyer beware" rule to real estate transactions. Even if the buyers had a structural inspection and you sold the property "as is," you may be held responsible for undisclosed defects.
Sellers have an obligation to disclose both obvious and hidden defects. Courts have not been sympathetic to sellers who have lived in a house and are in a position to know what works and what doesn't, but do not fully reveal the facts. This is one area where honesty is the only policy. Ask your agent for help if you are unclear about any aspects of the disclosure form.
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| Q |
What structure is regarded as the best surviving example of Pennsylvania Dutch architecture?
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| A |
The Georg Muller House in Milbach, PA, built in 1752. |
 See More Real Estate Trivia > |
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- NUMBER1EXPERT™ 
