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October Real Estate Update for Morris Plains and Morris Township

Morris Plains and Morris Township are continuing to show year-over-year improvement. Check out this month's real estate update.

Morris Plains and Morris Township are continuing to show year-over-year improvement.  

Morris Plains Real Estate Update

Morris Plains is still showing anemic housing inventory, which allows it to continue to be a seller’s market.  The month’s supply is at a meager 2.4 months, which is down from last month.  When comparing data to a year ago, the total number of homes on the market has decreased drastically from 39 a year ago, to 22 today.

For the month of October, the average property remained on the market for 116 days, over a quarter more than a year ago, and nearly 60 days longer than in the month of September.  Many of the homes that remain on the market in Morris Plains have been listed for quite some time and buyers are very anxious to see new homes for sale. 

There were 9 sales in October and the majority of which occurred in the sweet spot between $400,000 and $500,000. The ratio for sold price to original price remains the same as a year ago, with sellers still receiving 94% of their asking price.  The market in Morris Plains is stable, and is certainly looking to be brisk and competitive for those interested in selling.

 

Year-over-year Statistics: Morris Plains

 

Oct-12

Oct-11

% Chg

# Sold

9

6

50.0%

# For Sale (Last Day of Month)

22

39

-43.6%

Median Price (Sold)

$424,000

$502,500

-15.6%

Median Price (For Sale)

$444,400

$425,000

4.6%

Price per Sq Ft

$177

 

 

Sold Price to Original Price

94%

94%

-0.2%

Average DOM

116

91

27.5%

Months Supply

2.4

6.5

-62.4%

 

Morris Township Real Estate Update

 In Morris Township there were 18 properties sold within the month of October, up slightly from the 17 homes sold a year ago, but down considerably from the 25 properties sold in September. However, the number of days homes have been on the market have decreased from 155 days a year ago, to 128 a month ago, and now 114 days for the month of October.  Also, the average selling price has risen from $525,000 a year ago, to $532,500 today.

At the moment, Morris Township still remains a balanced market, with the month’s supply of inventory resting at a month’s supply of 6 months. There was a wide range in the price of homes being sold, going anywhere from $300,000 up to $700,000. This is good news showing that there is activity occurring at various price points.  In Morris Township, the market remains stable and has made a slow shift away from being a buyer’s market.  In will be interesting to see if activity slows as it traditionally does during the winter months.

 

Year-over-year Statistics: Morris Township

 

Oct-12

Oct-11

% Chg

# Sold

18

17

5.9%

# For Sale (Last Day of Month)

114

155

-26.5%

Median Price (Sold)

$532,500

$525,000

1.4%

Median Price (For Sale)

$599,500

$549,000

9.2%

Price per Sq Ft

$230

$238

-3.4%

Sold Price to Original Price

96%

94%

1.9%

Average DOM

66

80

-17.5%

Months Supply

6.3

9.1

-30.5%

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

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