May 17, 2012 |
During May this year nineteen Tenafly homes for sale, went Under Contract ranging in price from $358,700 to $2,685,000. Not only is the number of homes to write contracts a show of a strong Tenafly real estate market, but also is the number of days elapsed from when homes are offered for sale until going “Under Contract” .
Of the nineteen homes that are Under Contract;
- 5 were Under Contract in less than 30 days = 26%
- 9 were Under Contract in less than 60 days = 47%
- 16 were Under Contract in less than 90 days = 84%
As can be seen from the chart below ( click the photo to enlarge) and, regardless of the price category, homes that are strategically priced write contracts fast and in as little as 10 to 30 days. This may be an indication that the market has become more balanced and is no longer a distinctive buyer’s market .
Some of the properties to go under contract fast are valued over $1 Million whereas some of the proeprties to be on the market for over 150 days are valued under $1 Million .