Now that 2017 is in the books, let’s take a look at how the real estate market in Clark performed in 2017 compared to previous years.

Inventory:

Throughout 2017, an average of 14 homes were sold per month. This is nearly unchanged over the past two years.

 

 

 

 

 

 

 

There were 876 homes sold in Clark in 2017 – fewer than any of the previous 5 years and almost 4% fewer than 2016.

In real estate, supply and demand dictate prices. In Clark, sales remain brisk and the real estate market is holding steady with just under 3 months of supply. This translates into a sellers market – there are more buyers than there are sellers in Clark and this tends to result in an increase in prices.

Prices:

The average list price in Clark in 2017 was $540,029, about 8% higher than 2016. The average sale price in Clark in 2016 was $456,062, about 5% higher than 2015. Homeowners are continuing to see a strong return on their real estate investment in Clark.

Days on Market:

The average sold home in Clark in 2017 was sold after only 47.5 days on the market, 7.7% faster than in 2016 and faster than any of the five previous years.

 

For an explanation of how this impacts buyers and sellers, please click here.

What this means for buyers:

• Be educated. Learn what kind of home you want. Decide with your family members what you need in a home and what you want in a home.
• Be informed. Spend some time getting to know the inventory. Learn what homes look like in your price range. Learn what home features you can afford.
• Be ready. Have your pre-approval ready so that you can act quickly when you find your perfect home.

What this means for sellers:

• If you’re on the fence about selling your home, this may be the perfect opportunity to get the most money in the shortest amount of time.
• Even in a shrinking inventory situation, you’re still competing with other homes on the market. View the other homes that are offered for sale and make sure your home is the best one in its price range.
• Make your home available for potential buyers.

To read more about the real estate market in Clark, please read our earlier market reports here.  For more information on how Team Zuhl can help you, please click here or call us at 908-917-4189.