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Union Real Estate Market Report - July 2014

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Buyers and sellers in Union, NJ, need to understand the local real estate market before entering into any transaction. This slide show will explain the current real estate conditions, compare them to past years, and then make recommendations for buyers and sellers in Union.

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Union Real Estate Market Report - July 2014

  1. 1. How’s the Real Estate Market in Union? July, 2014
  2. 2. If you're planning on buying or selling a home in Union, the first step is to learn about the Union real estate market conditions.
  3. 3. Inventory There are currently 324 homes offered for sale in Union and they range in price from $65,000 to $1,295,000. Ja n- 12 Fe b- 12 M ar- 12 Ap r- 12 M ay - 12 Ju n- 12 Jul - 12 Au g- 12 Se p- 12 Oc t- 12 No v- 12 De c- 12 Ja n- 13 Fe b- 13 M ar- 13 Ap r- 13 M ay - 13 Ju n- 13 Jul - 13 Au g- 13 Se p- 13 Oc t- 13 No v- 13 De c- 13 Ja n- 14 Fe b- 14 M ar- 14 Ap r- 14 M ay - 14 Ju n- 14 Jul - 14 Active Listings 38 39 41 43 47 46 45 43 42 40 35 31 33 32 33 34 35 33 35 36 35 34 32 19 30 30 33 35 35 35 36 U Sold Listings 15 22 27 22 37 43 44 39 39 29 27 32 30 24 18 38 44 41 43 42 35 43 34 35 35 26 33 32 41 42 43 0 50 100 150 200 250 300 350 400 450 500 Homes Active and Sold Listings - Union, NJ
  4. 4. Ja n- 12 Fe b- 12 M ar- 12 Ap r- 12 M ay - 12 Ju n- 12 Jul - 12 Au g- 12 Se p- 12 Oc t- 12 No v- 12 De c- 12 Ja n- 13 Fe b- 13 M ar- 13 Ap r- 13 M ay - 13 Ju n- 13 Jul - 13 Au g- 13 Se p- 13 Oc t- 13 No v- 13 De c- 13 Ja n- 14 Fe b- 14 M ar- 14 Ap r- 14 M ay - 14 Ju n- 14 Jul - 14 Active Listings 38 39 41 43 47 46 45 43 42 40 35 31 33 32 33 34 35 33 35 36 35 34 32 19 30 30 33 35 35 35 36 U Sold Listings 15 22 27 22 37 43 44 39 39 29 27 32 30 24 18 38 44 41 43 42 35 43 34 35 35 26 33 32 41 42 43 0 50 100 150 200 250 300 350 400 450 500 Homes Active and Sold Listings - Union, NJ Inventory 12 month avg= 330 July 2014 = 362 July 2013 = 358 July 2012 = 459 July ‘12 July ‘13 July ‘14 12 month avg
  5. 5. Ja n- 12 Fe b- 12 M ar- 12 Ap r- 12 M ay - 12 Ju n- 12 Jul - 12 Au g- 12 Se p- 12 Oc t- 12 No v- 12 De c- 12 Ja n- 13 Fe b- 13 M ar- 13 Ap r- 13 M ay - 13 Ju n- 13 Jul - 13 Au g- 13 Se p- 13 Oc t- 13 No v- 13 De c- 13 Ja n- 14 Fe b- 14 M ar- 14 Ap r- 14 M ay - 14 Ju n- 14 Jul - 14 Active Listings 38 39 41 43 47 46 45 43 42 40 35 31 33 32 33 34 35 33 35 36 35 34 32 19 30 30 33 35 35 35 36 U Sold Listings 15 22 27 22 37 43 44 39 39 29 27 32 30 24 18 38 44 41 43 42 35 43 34 35 35 26 33 32 41 42 43 0 50 100 150 200 250 300 350 400 450 500 Homes Active and Sold Listings - Union, NJ Inventory 12 month avg= 330 July 2014 = 362 July 2013 = 358 July 2012 = 459 July ‘12 July ‘13 July ‘14 12 month avg Inventory is relatively stable compared to last year.
  6. 6. Prices The average selling price of a home in Union in July was $272,244. 0 50000 100000 150000 200000 250000 300000 350000 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Average Sale Price and List Price - Union, NJ
  7. 7. 0 50000 100000 150000 200000 250000 300000 350000 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Average Sale Price and List Price - Union, NJ Prices 12 month avg = $249,342 July 2014 = $ 272,244 July 2013 = $265,957 July 2012 = $251,576 July ‘12 July ‘13 July ‘14
  8. 8. 0 50000 100000 150000 200000 250000 300000 350000 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Average Sale Price and List Price - Union, NJ Prices 12 month avg = $249,342 July 2014 = $ 272,244 July 2013 = $265,957 July 2012 = $251,576 July ‘12 July ‘13 July ‘14 Prices have increased about 8% over 2 years.
  9. 9. Days on Market The average sold home in Union in July was sold after 79 days. 0 20 40 60 80 100 120 140 160 180 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Average Days on Market - Union
  10. 10. 0 20 40 60 80 100 120 140 160 180 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Average Days on Market - Union Days on Market 12 month avg = 109 July 2014 = 79 July 2013 = 85 July 2012 = 77 July ‘12 July ‘13 July ‘14
  11. 11. 0 20 40 60 80 100 120 140 160 180 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Average Days on Market - Union Days on Market 12 month avg = 109 July 2014 = 79 July 2013 = 85 July 2012 = 77 July ‘12 July ‘13 July ‘14 Homes typically sell faster in the summer, and Union is no exception.
  12. 12. What does this mean to you? Because of the lower inventory, we should see prices continue to rise. If you’re planning to BUY a home, there is a wide variety of homes available in a wide price range! If you’re planning to SELL a home, you need to make sure your home is in top showing condition and that it’s priced right so that it stands up to the competition!

Buyers and sellers in Union, NJ, need to understand the local real estate market before entering into any transaction. This slide show will explain the current real estate conditions, compare them to past years, and then make recommendations for buyers and sellers in Union.

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