For much of the 1980's though about 2005 people in New Jersey and moving to New Jersey had a preference to moving to the outstate suburbs.  This meant cheaper housing, lower taxes, nicer newer houses, and in many cases living almost a rural lifestyle highly dependent on cars and road systems which were designed in the 1960's and 1970's for a 4th as many people as live in many of these areas today.

For the past few years we have been seeing the opposite happen.  Home buyers are showing a strong preference for train line towns.  Preferring to go to towns like Madison NJ, Chatham NJ, Summit NJ, Maplewood NJ, & South Orange NJ and staying away from towns like East Hanover, West Orange, ... because of the lack of good train service into New York City and…

So what did I learn about our local real estate markets from the Otteau Valuation Group?  I learned that in New Jersey people are moving back to the train line towns.  So for towns like Madison NJ, Chatham NJ & Summit NJ home prices are holding up quite well. 

While some parts of New Jersey have 12 or more months supply of homes on the market, Madison NJ currently has 4 months supply and Chatham NJ currently has 3 months supply and Summit NJ currently has 4 months supply.  While I assure you it is not a sellers market in these 3 towns, generally you have a even market when you have about 6 or 7 months supply of homes for say in a given town.

With fuel prices remaining high, and commuting times by car ever increasing look for this trend to continue, and…

Thinking of buying a New Jersey Luxury Home?

But you would like reasonable property taxes?  Come home to Morris County New Jersey.  Here you can purchase Luxury NJ Real Estate and pay property taxes more like your average Essex County Short Hills home.

In Morris County you can find homes similar to the home pictured for $1,000,000 to $2,000,000 verses paying $3,000,000 or more in Essex and Union Counties.  The home pictured is 6 Bedrooms 6 Baths about 7500 Sqft and stunning to say the least.  It sold for about 1.4 million dollars.

When thinking of buying or selling a home in Morris County New Jersey be sure to give James Boyer REALTOR a call 973-647-0253.  Your Professional Morristown Real Estate and surrounding communities expert.

To see the 2007…

Summit NJ Real Estate Sales Better In 2007

Homes in Summit NJ sold at a slightly higher rate in 2007 than in 2006.  You might be saying what, wait a minute but the news has been telling me all year how bad the New Jersey and National Real Estate Market is.  Well that is just it, there is no such thing as a national real estate market, and there really is not such a thing as a New Jersey Real Estate Market.

All Real Estate is local.  The market for real estate in Summit New Jersey in 2007 was decent, not great, not bad.

Here are that actual numbers as compared to 2006

                                                                                             2006               2007

Average Summit Sale…

Chatham NJ Real Estate Market Still Doing Well

133 Homes sold in the Boro of Chatham NJ during 2007 as compared to 145 Chatham Boro homes sold in 2006.

$   290,000  Lowest priced home sale in Chatham NJ 2007
$2,500,000 Highest priced home sale in Chatham NJ 2007
$   736,268  Average price of a Chatham NJ home sale 2007
$   649,900  Median price of a Chatham NJ home sale 2007

It took a average of 97 days to sell a Chatham NJ boro home in 2007 as compaired to 98 days to sell a Chatham NJ Boro home in 2006. 

The numbers are not very different from 2006 to 2007 though the pricing of a home and marketing abilities of the Chatham NJ REALTOR make a very big difference.  Be aware of then when interviewing a Chatham NJ REALTOR to sell your home.  The old way…

2007 was a OK year in Morristown Real Estate. 

170 homes sold during the year.

$  160,000   Was the lowest priced Morristown NJ home to sell
$1,600,000  Was the highest priced Morristown NJ home to sell
$  456,504    Is the average price of a Morristown NJ home in 2007
$  428,750    Is the median price of a Morristown NJ home in 2007

To see a full report of Morristown NJ home sales including the actual homes which sold during 2007 visit the Morristown Home Sales Report.  

Morristown is a wonderful place to live and work.  Want to know more about it?  Visit Morristown New Jersey to see many pictures of the town and learn more about it. 

Cheers,

James Boyer
NJ REALTOR Associate
RE/MAX Properties Unlimited
One Madison Avenue
Morristown NJ 07960 Read Full Post

Welcome to 2008, There were 50 homes which sold in the Convent Station section of Morris Township in 2007.  All in all despite what the national news would have you believe.  If a home was priced right it sold in good time for a good amount.

Here are the statistics for Convent Station 2007:

$  335,000     Lowest priced Convent Station home to sell
$1,535,000    Highest priced Convent Station home to sell
$  650,001     Average priced Convent Station homes sold for in 2007
$  630,000     Median priced Convent Station homes sold for in 2007

To read more and see a complete list of Convent Station Home Sales visit conventnews.org

James Boyer
NJ REALTOR Associate
RE/MAX Properties Unlimited
One Madison Avenue
Morristown NJ 07960
973-647-0253…

290 Homes Sold In The Summit NJ Real Estate Market!!

Wow, 2007 is done over out the door.  Many people may be thinking that 2007 was just a horrible year for the Summit NJ Real Estate market.  Well, it was not so bad, really.  In 2007 there were 290 homes in Summit NJ which were sold.  290 homes sold in Summit NJ, That's right your read that correctly 290 homes actually sold in Summit NJ.

Here are the averages for the Summit NJ real estate market 2007:

$    290,000  The lowest priced home to sell in Summit NJ 2007
$6,100,000   The highest priced home to sell in Summit NJ 2007
$1,131,530   The average price of a home to sell in Summit NJ 2007
$   977,448   The median price of a home to sell in Summit NJ 2007

It is true it is a buyers market in and…