If you’re thinking about buying or selling a home in Clark, the first step you should take is to educate yourself about how the real estate market is doing in Clark.
Here’s what you need to know for November, 2016.
Inventory: There are currently 64 single family homes offered for sale in Clark ranging in price from $147,900 to $1,199,750. Eleven homes were sold in October which is about 20% lower than the average over the last 12 months and .8% lower than November of 2015.
This graph shows the total inventory in red and the sold inventory in blue going in Clark since 2012. Annual patterns are pretty easy to see here with the peaks being summer months and the valleys being winter months. You’ll notice that currently, on the right of the graph, that this past summer had an unusually high inventory for Clark. The law of supply and demand would predict that higher inventory would result in lower prices. The straight red line represents the trend over the past 4 years and it shows a strong decrease in inventory which is typically good for home sellers. The blue line at the bottom shows the number of homes sold over the past 4 years. The light blue straight trend line shows a definite increase over that time which helps to reduce the inventory even more.
Prices: In November, 2016, the average sold home in Clark was sold for $430,682 which is slightly than the 12 month average of $437,566 but 24% higher than last November’s average sale price.
This graph shows the average sale price for the last 4 years. It shows some variability from one month to another with a little decrease this month compared to last. The black straight line behind the graph is the trend line which factors in long term trends in Clark real estate prices. The trend line shows a definite upward trend – in fact, the trend line is showing that, when all is considered, the average sale price 4 years ago was around $360,000 and now we’re looking at numbers closer to 430,000 which shows an increase of about 19% return on investment over 4 years.
Days on Market: The 3 factors that affect how long it will take to sell your home are price, condition, and marketing. In November of 2016, the average sold home was sold after 75 days – that’s a huge slowdown from the very rapid sales we saw this summer but not unusually slow for October.
The 4 year graph for Clark’s days on market continues to show an improvement overall despite this month’s slowdown. Four years ago, homes in Clark were selling after about 80 days with many monthly averages over 100 days.
If we can help you with your Clark home sale or purchase, please call us at 908-917-4189.