Homeowners and home buyers in Fanwood are smart to learn about the real estate market to help make an informed decision about when to buy and sell a home in Fanwood .
Here’s what’s been happening lately.
- 10 homes were sold in Fanwood in May – compare to 13 in May, 2016.
- 39 homes were offered for sale in Fanwood in May – compared to 47 in May of 2016
- As inventory shrinks, demand for homes usually increases. This can help to raise prices and/or shorten the length of time homes are on the market.
- Average sale price in Fanwood in May was $398,100 – compare to the 12 month average of $424,901. Because only 10 homes were sold, the average can be skewed by just one low selling property and that is what happened in May. One property selling far below the typical sale price affected the statistics by bringing the average far below typical. It’s reasonable to expect that June will see an improvement.
- Average list price in Fanwood in May was $509,438 – compare to the 12 month average of $443,883.
- Consumer confidence helps increase prices. Fanwood remains one of the hottest communities in Union County.
Days on Market:
- In May, the average sold home in Fanwood was on the market for 42days – compared to the 12 month average of 60.5 days.
- Shortened Days on Market is typical in the spring.
- The Days on Market statistic for Fanwood is also affected dramatically by one or two homes selling unusually quickly or slowly.
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.
Fanwood offers excellent schools and a convenient commute to New York City. To see earlier market reports of Fanwood, please click here. If you’re thinking of buying or selling a Fanwood home, please call us at 908-917-4189.