Let’s take a look at how the real estate market in Clark performed in August of 2019.
In August, 24 single family homes were sold and 104 homes were offered for sale, up from 99 homes offered for sale in July of 2018 and compared to the 12 month average of 97 homes offered for sale.
|Active Listings||Sold Listings|
|12 month average||97.31||15.69|
To search for listings, please click here.
Increasing sales typically leads to decreasing inventory but this summer in Clark has been an exception. More seller are offering their homes for sale than there are buyers ready to purchase. As inventory increases, the law of supply and demand indicates that home values will decrease. For a further analysis of home prices in Clark, please click here.
Realtors use an analysis called Months of Inventory to evaluate the real estate market. The Months of Inventory is equal to how long it would take to sell the existing inventory if no new houses were put on the market. When the Months of Inventory is below four months, realtors call it a seller’s market because the supply is relatively low so sellers have a stronger position in negotiations between a buyer and a seller. When the Months of Inventory is above seven months, realtors call it a buyer’s market because the supply is relatively high and buyers have a stronger position in negotiations. Months of Inventory between four and seven is considered a normal market with a good balance of buyers and sellers.
|Months of Inventory|
|12 month average||7.72|
The last few months of sales in Clark have been a little unstable and buyers end the summer with a bit of an edge. An increase in inventory contributes to this and prices may drop.
The average list price in Clark in August was $568,693 (compared to $580,329 in August of 2018) and the average sale price was $494,542 (compared to $501,944 in July of 2018).
|Average List Price||Average Sale Price|
|12 month average||$542,582||$469,082|
There are tremendous variations in home prices from month to month. As a rule, prices are higher in the summer and lower in the winter due to supply and demand, but of course there are exceptions to this rule. One exception is extreme homes – those that sell for far below or far above the typical home sale in Clark. Short sales, foreclosures and homes in disrepair often sell for less than market average. Overall, however, home prices in Clark have increased steadily over the past 7 years. For a more detailed analysis of home prices, please click here.
Days on Market:
One of the questions we’re asked most often is how long it takes to sell a home in Clark. The average sold home in Clark in August was sold after only 31 days on the market, significantly faster than the 12 month average of 41 days. Buyers who are out and looking for houses are ready to make a move quickly!
|Days on Market|
|12 month average||41.08|
Of course, there are exceptions to this rule and the graph’s dramatic variations are indicators of this. Seasonal variability often results in longer DOM in winter and shorter in summer, but the overall trend line above eliminates that seasonal variability.
Homes sell faster when they are:
- In pristine updated condition,
- Are marketed aggressively, and
- Are priced correctly.
Please click here to learn how this affects buyers and sellers in Clark.
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.