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Summit City Market Data (Monthly Data from the Garden State MLS)
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January 2010 |
February 2010 |
February 2009 |
Year-Year % Change |
|
# of Homes Sold |
12 |
7 |
7 |
0.00% |
|
# of Homes Sold Year-to-Date |
12 |
19 |
15 |
26.67% |
|
# of Homes Active on Market |
134 |
138 |
191 |
-27.75% |
|
# of New Listings |
29 |
33 |
43 |
-23.26% |
|
Median Price of Homes Sold |
$620,000 |
$550,000 |
$995,000 |
-44.72% |
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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|
January 2010 |
February 2010 |
February 2009 |
Year-Year % Change |
|
# of Homes Sold |
13 |
11 |
7 |
57.14% |
|
# of Homes Sold Year-to-Date |
13 |
24 |
13 |
84.62% |
|
# of Homes Active on Market |
107 |
127 |
132 |
-3.79% |
|
# of New Listings |
28 |
42 |
34 |
23.53% |
|
Median Price of Homes Sold |
$1,084,000 |
$999,999 |
$739,000 |
35.32% |
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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|
January 2010 |
February 2010 |
February 2009 |
Year-Year % Change |
|
# of Homes Sold |
12 |
3 |
6 |
-50.00% |
|
# of Homes Sold Year-to-Date |
12 |
15 |
8 |
87.50% |
|
# of Homes Active on Market |
36 |
51 |
59 |
-13.56% |
|
# of New Listings |
16 |
23 |
19 |
21.05% |
|
Median Price of Homes Sold |
$660,000 |
$434,000 |
$472,000 |
-8.05% |
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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|
January 2010 |
February 2010 |
February 2009 |
Year-Year % Change |
|
# of Homes Sold |
6 |
5 |
1 |
400.00% |
|
# of Homes Sold Year-to-Date |
6 |
11 |
4 |
175.00% |
|
# of Homes Active on Market |
80 |
79 |
111 |
-28.83% |
|
# of New Listings |
18 |
19 |
25 |
-24.00% |
|
Median Price of Homes Sold |
$440,000 |
$360,000 |
$1,220,500 |
-70.50% |
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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|
January 2010 |
February 2010 |
February 2009 |
Year-Year % Change |
|
# of Homes Sold |
9 |
4 |
4 |
0.00% |
|
# of Homes Sold Year-to-Date |
9 |
13 |
12 |
8.33% |
|
# of Homes Active on Market |
72 |
72 |
93 |
-22.58% |
|
# of New Listings |
18 |
22 |
29 |
-24.14% |
|
Median Price of Homes Sold |
$580,000 |
$554,000 |
$822,500 |
-32.64% |
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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|
January 2010 |
February 2010 |
February 2009 |
Year-Year % Change |
|
# of Homes Sold |
17 |
7 |
10 |
-30.00% |
|
# of Homes Sold Year-to-Date |
17 |
24 |
17 |
41.18% |
|
# of Homes Active on Market |
158 |
150 |
176 |
-14.77% |
|
# of New Listings |
38 |
36 |
45 |
-20.00% |
|
Median Price of Homes Sold |
$462,500 |
$780,000 |
$485,000 |
60.82% | 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)
|
|
January 2010 |
February 2010 |
February 2009 |
Year-Year % Change |
|
# of Homes Sold |
7 |
9 |
8 |
12.50% |
|
# of Homes Sold Year-to-Date |
7 |
16 |
17 |
-5.88% |
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# of Homes Active on Market |
122 |
126 |
161 |
-21.74% |
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# of New Listings |
26 |
23 |
31 |
-25.81% |
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Median Price of Homes Sold |
$320,000 |
$410,000 |
$315,000 |
30.16% | 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)
|
|
January 2010 |
February 2010 |
February 2009 |
Year-Year % Change |
|
# of Homes Sold |
13 |
9 |
12 |
-25.00% |
|
# of Homes Sold Year-to-Date |
13 |
22 |
20 |
10.00% |
|
# of Homes Active on Market |
142 |
146 |
158 |
-7.59% |
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# of New Listings |
24 |
33 |
34 |
-2.94% |
|
Median Price of Homes Sold |
$447,500 |
$475,000 |
$498,000 |
-4.62% | 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 |
| |
2005 |
2006 |
2007 |
2008 |
2009 |
| |
2004 |
2005 |
2006 |
2007 |
2008 |
2009 |
| |
2004 |
2005 |
2006 |
2007 |
2008 |
2009 |
|
Summit City |
2 |
3 |
4 |
5 |
14 |
| |
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 |
| |
3 |
5 |
3 |
3 |
4 |
| |
4 |
4 |
7 |
7 |
4 |
6 |
| |
3 |
6 |
6 |
4 |
9 |
5 |
|
Chatham Boro |
2 |
4 |
3 |
6 |
10 |
| |
1 |
4 |
2 |
6 |
3 |
| |
2 |
3 |
4 |
5 |
8 |
5 |
| |
4 |
4 |
4 |
5 |
12 |
3 |
|
Chatham Twp. |
3 |
5 |
4 |
5 |
26 |
| |
2 |
4 |
5 |
5 |
5 |
| |
5 |
3 |
9 |
12 |
8 |
10 |
| |
3 |
5 |
7 |
5 |
16 |
7 |
|
Madison Boro |
4 |
7 |
5 |
5 |
10 |
| |
3 |
3 |
4 |
4 |
5 |
| |
3 |
5 |
6 |
7 |
9 |
6 |
| |
2 |
5 |
4 |
6 |
7 |
4 |
|
Morris Twp. |
2 |
4 |
6 |
7 |
9 |
| |
3 |
5 |
4 |
6 |
8 |
| |
4 |
3 |
8 |
8 |
7 |
9 |
| |
3 |
4 |
6 |
9 |
11 |
6 |
|
Morristown |
|
5 |
7 |
8 |
10 |
| |
|
5 |
7 |
8 |
8 |
| |
|
|
7 |
10 |
8 |
9 |
| |
|
|
9 |
10 |
12 |
7 |
|
Randolph Twp. |
3 |
7 |
8 |
8 |
11 |
| |
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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Tax Considerations >Tax Rewards for Homeowners
The Federal Tax Code has significantly improved the American taxpayer's ability to profit by selling a principal residence. Prior to 1997, homeowners could take advantage of a tax benefit termed the "rollover", which granted exemption from capital gains taxes on the net profit from the sale of a home. Homeowners who used profits to purchase a bigger and better home did not have to pay tax. And homeowners over the age of 55 were given a once-in-a-lifetime exclusion from taxes on profits of up to $125,000 on the sale of their principal residence.
Compare those tax breaks with our current, streamlined and potentially more profitable arrangement that replaced both the rollover and the one-time exemption. If you are a married home-seller filing jointly, you may enjoy up to $500,000 in tax-free home sale profits, provided you have occupied the property as your principal residence during two of the last five years. Taxpayers who file singly get a $250,000 capital gains exclusion. Homeowners are eligible to exclude capital gains on the sale of a principal residence as often as once every two years.
The law allows capital gain exclusions whether you "buy up" to a more expensive home or "buy down" to a less expensive one. The tax-free dollars can be used in any way you want. Consult your tax advisor for detailed advice about your particular circumstance.
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| Q |
What is the most unusual maintenance project done once each year in the United States?
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| A |
The Niagara Falls is shut down for maintenance every year in the fall by diverting the flow of water for 24 hours using a massive series of pipes constructed in 1837.
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