The market has cooled slightly for some areas, while those along the train and bus routes into Manhattan are hot. Houses in Rumson are on the market for 30-60 days and sell for an average of $900 thousand. This is less than a 5% increase of prices in July of 2005. There is an even number of buyers and sellers on the market, but the majority of buyers are move up purchases.
In Parsippany, the market has started to decrease. There are more sellers than buyers and houses are sitting for 30-60 days before selling, and only getting 90-95% of its asking price. The average home price was $575 thousand. This is still a 5% increase of prices over last year.
In Bridgewater, the sour market is turning better. Houses were sitting on the market for 120 days and only getting 80-85% of the asking value. Average sale price was $650, which is down 10-15% from July of 2005.