The real estate business has taken quite a roller coaster ride for a few years! Prices up, up, up, then down, down, down. Where are they now?
Different parts of Union County have been affected by the real estate market differently. Below are the number of active and sold listings throughout the county, as well as the average number of homes sold per month in each town.
Of course, data like this isn't relevant unless there's some sort of qualifier used to compare towns of different sizes. Real Estate professionals use the absorption rate, which is the ratio of the average sold per month compared to the number of active listings, resulting in the "Months of Supply" still on the market. This refers to the number of months, at current rates, it will take to sell the existing listings.
Higher months of supply means that the town has a large inventory of unsold homes. This generally results in a slower market with lower prices. Lower months of supply generally results in a more vibrant market with homes seller at higher prices and in less time.
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A comparison of the various towns in Union County reveals that the towns that have the most vibrant sales today are Cranford, Fanwood, Garwood, New Providence, and Summit.
The homes hit the hardest are Hillside, Plainfield, and Roselle, with Elizabeth, Rahway, Union and Roselle Park not far behind.
For more specific information about individual towns, email me at TeamZuhl@gmail.com.