Team Zuhl has been studying the home sales in Clark for many years and is prepared to help you understand how much your home in Clark is worth.
Did you miss the Clark real estate market report earlier this month?
Here’s a quick summary of what we learned this September:
Inventory:
In August, 24 single family homes were sold and 104 homes were offered for sale, up from 99 homes offered for sale in August of 2018 and compared to the 12 month average of 97 homes offered for sale.
| Active Listings | Sold Listings | |
| August 2019 | 104 | 24 |
| August 2018 | 99 | 18 |
| 12 month average | 97.31 | 15.69 |
Inventory up typically results in prices down due to the law of supply and demand.
Months of Inventory:
Realtors use an analysis called Months of Inventory to evaluate the real estate market. The Months of Inventory is equal to how long it would take to sell the existing inventory if no new houses were put on the market. When the Months of Inventory is below four months, realtors call it a seller’s market because the supply is relatively low so sellers have a stronger position in negotiations between a buyer and a seller. When the Months of Inventory is above seven months, realtors call it a buyer’s market because the supply is relatively high and buyers have a stronger position in negotiations. Months of Inventory between four and seven is considered a normal market with a good balance of buyers and sellers.
| Months of Inventory | |
| August 2019 | 4.33 |
| August 2018 | 2.61 |
| 12 month average | 7.72 |
The last few months of sales in Clark have been a little unstable and buyers end the summer with a bit of an edge. An increase in inventory contributes to this and prices may drop.
Prices:
The average list price in Clark in August was $568,693 (compared to $580,329 in August of 2018) and the average sale price was $494,542 (compared to $501,944 in July of 2018).
| Average List Price | Average Sale Price | |
| August 2019 | $568,693 | $494,542 |
| August 2018 | $580,329 | $466,830 |
| 12 month average | $542,582 | $469,082 |
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 August was sold after only 31 days on the market, significantly faster than the 12 month average of 41 days. Buyers who are out and looking for houses are ready to make a move quickly!
| Days on Market | |
| August 2019 | 31 |
| August 2018 | 37 |
| 12 month average | 41.08 |
Homes sell faster when they are:
- In pristine and updated condition,
- Are marketed aggressively, and
- Are priced correctly.
Please click here to learn how this affects buyers and sellers in Clark.
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.