Market Activity: November-December 2008

There is so much information available to the average consumer, whether it’s via television, print, Internet or word of mouth.  Today more than ever, it is critical when buying a home that one aligns themselves with a local real estate sales associate who is in the market and understands all its intricate details.

A New York Times article from December 26 gives a broad perspective of inventory levels in the tri-state area, although it’s not local enough if your search is focused on a few New Jersey towns.  This coming Monday (January 5), I will post fourth quarter absorption rate and inventory levels for Summit, Short Hills, Chatham, Madison, New Providence, Berkeley Heights, Watchung, Warren and Bernard’s Township.  Unlike the general tone of the New York Times article, there are a handful of New Jersey towns, which all have NJ Transit train service to New York City, having less than six months of inventory.