Quarterly Sales Data Signals a Recovering Real Estate Market

Quarterly statistics for homes going under contract are in for the 3rd quarter and numbers reflect a noticeable increase from not only the previous quarter but also from previous years. "Under contract" sales for the 3rd quarter in Millburn-Short Hills are at their highest since 2005 and Chatham’s 3rd quarter sales are their highest since 2006. Sales in Summit are at their highest since 2003 with 62 single family homes going under contract between July 1 and September 30, 2009.

According to an October 7th article on Reuters.com, mortgage applications are also at their highest since mid-May and mortgage rates are at a 4 month low. With quarterly "under contract" statistics higher than previous years, mortgage applications at a high, mortgage rates at a low and the Dow at a 1-year high the local real estate market is showing strong signs of a recovery. Many potential buyers who have been in a “wait and see” holding pattern may want to take a cue from these financial indicators. As Realtors, we often hear “I want to wait until the market hits its lowest point.” Unfortunately, the market's low point is not evident until the market is on its way back up. Judging by these market indicators, we may very well have passed that low point.

See the quarterly statistics by clicking here.

“US mortgage applications at 4-mth high; rates fall,” Reuters, Julie Haviv, October 7, 2009

TheJillSmithTeam.com