Real Estate Market Update, Guy Moretti, Team Leader

Moretti Team, Prudential New Jersey Properties, (South Plainfield)

 “We are now half way through the 2012 year and we have a mixed bag of real estate information to share with you”, according to Guy Moretti, Team Leader for the Moretti Team with Prudential New Jersey Properties.  South Plainfield has closed 142 properties the first six months of the year as compared to 123 home sales for the same period of time in 2011. This means 15.4% more homes sold in 2012 as compared to the same period of time in 2011.    The average home sale in 2012 in South Plainfield was $278,400 for the first six months of this year as compared to. $292,900 for the first 6 months of 2011.  These numbers represent a decline of 5% in the average sale price in South Plainfield in 2012.    This information on the surface is alarming and would infer prices are continuing to soften in 2012, according to Moretti.  Guy went on to state, “ What I believe happened in our market area is the first time buyers represent a larger percentage of sales than in the past and more houses in the lower price ranges are selling as compared to the upper price ranges.  Higher priced homes have not felt the same increased market activity as the entry level homes.  There are simply  more properties are being sold in the $200K-250K starter range than homes in the 500K-600K trade up properties, according to Moretti.  I believe this increased activity at the entry level have skewed our numbers inaccurately to reflect a decrease in price when in fact the value of a 5 room cape cod in South Plainfield is today selling for as much or even more than the same time last year.  If you would like more information on the local market please visit MorettiTeam.com or call the Moretti Team at 908-912-5295