The Clark real estate market is highlighted by a slight dip in sales and prices in October.
Inventory:
In October, 13 single family homes were sold and 106 homes were offered for sale, compared to 91 homes offered for sale in October of 2018 and compared to the 12 month average of 100 homes offered for sale. To search for listings, please click here.
The data shows that Clark enjoyed about 2 years of a normal market but the last few months have been a little unstable with buyers getting a bit of an edge. Buyers should be able to find a home and negotiate a deal this autumn.
Prices:
The average list price in Clark in October was $568,577 (compared to $547,365 in October of 2018) and the average sale price was $402,500 (compared to $489,955 in October of 2018). This drop in prices may be another result of the buyers market as inventory remains steady.
When you look at the graph of home prices in Clark, it’s obvious that there are tremendous variations from month to month. As a rule, prices are higher in the summer and lower in the winter due to supply and demand, but of course there are exceptions to this rule. One exception is extreme homes – those that sell for far below or far above the typical home sale in Clark. Short sales, foreclosures and homes in disrepair often sell for less than market average. The important thing to note in the graph are the straight lines which represents the long term trend, eliminating the seasonal variability and the variability brought on from extreme cases. The trend line continues to show a healthy improvement in prices in Clark over the past 7 years and the forecast is for prices to continue to increase. Homeowners are likely to see an increased return on investment as time goes on.
Days on Market:
One of the questions we’re asked most often is how long it takes to sell a home in Clark. The average sold home in Clark in October was sold after only 40 days on the market, slightly faster than the 12 month average of 41.6 days. Buyers who are out and looking for houses are ready to make a move quickly, but the heat of the summer market has cooled off a bit!
Of course, there are exceptions to this rule and the graph’s dramatic variations are indicators of this. Seasonal variability often results in longer DOM in winter and shorter in summer, but the overall trend line above eliminates that seasonal variability.
Homes sell faster when they are:
- In pristine updated condition,
- Are marketed aggressively, and
- Are priced correctly.
Please click here to learn what this means for buyers and sellers!
To read more about the real estate market in Clark, please read our earlier market reports here. For more information on how Team Zuhl can help you, please click here or call us at 908-917-4189.