April Showers Bring ....Home Sales Decreases?

Average Residential Home Sales in Metuchen Declined 5.0% in the First Four Months of 2017

559 Wakefield Drive: Sold $400,000 (source: Central Jersey MLS)

Residential home sales in Metuchen have begun the year with a bit of a thud.  

In the first four months of 2017, the average sale price for a single family home was $471,397 - down 5.0% compared to the same time period last year.

​According to figures from the Central Jersey Multiple Listing Service, thirty-two homes sold from January to March 2017 - the same number of closings as in 2017.

​But Metuchen is not seeing the sales increases elsewhere in the area.

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​The average sales price in Middlesex County for a home in April 2017 rose 6.8% compared to last year, and has increased overall for the year.

It is unclear what is driving the average sales price down in Metuchen, but one reason may be realtors mis-pricing homes that are listed for sale.

As an example, the 4 bedroom - 2.5 bath home at 559 Wakefield Drive was originally listed for sale for $515,000 in December 2015.  Six price reductions over nearly two years were made before the last list price of $425,000 brought a buyer in three weeks when the house was re-listed in January.  The final sale price was $400,000 -- 22.3% below the original list price.

"We all want to sell our homes for the highest price," said Peter Klein of the Tress Realty Group at Keller Williams.  "Unfortunately, as sellers and as agents we can't set the market price; we can only position a house to reach the high-end of the market price range."

For more information - or to determine what your home is worth in this market - contact Tress Realty Group at (732) 515-9696 or visit them online at www.TressRealty.com.