Audubon NJ : Local Market Report

by Allison Schnackenberg

This month's report for Audubon NJ provides an update on the trends in home prices, market time and the number of homes that are on the market.

Don't forget to check out "My Take" after all the data, to read how I interpret the market conditions in Audubon.

Please let me know if there are any questions that I can answer. I'm always happy to assist. Thanks!

Real Estate Market Report - 08106 - Audubon NJ - March 2024

Current Market Condition

13 Active Listings
11 Pending Listings (under contract, pending closing)
$399,900 Median List Price

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Closings in February

132 Cedarcroft Ave | Listed $410,000 | Closed $300,000
3134 E. Graisbury Ave | Listed $244,900 | Closed $265,000
317 Cedarcroft Ave | Listed $314,900 | Closed $302,000
170 Princeton Rd | Listed $399,000 | Closed $390,000
122 W. Pine St | Listed $279,000 | Closed $289,000
245 S. Davis Ave | Listed $419,000 | Closed $434,000

Median Sale Price has decreased by 6% from last year

Home value in 08106, NJ has decreased by $9/SqFt from last year

Media Sale to List Ratio remains stable compared to last year

Closed Deals have decreased by 50% from last year

Properties are selling 52 days slower than last year

My Take

Sellers are overpricing their homes. The number of price drops we saw in Audubon in February is not typical of the area at large. It's important in any market to get your pricing right. You should be relying on an experienced agent to guide you, and they should be armed with statistical data to support their valuation. The agent who says they will sell your house for $20k more than any others (and who can't support that with facts) may just be trying to get your signature. Once you are forced to start dropping the price, you are playing a defensive game. Stay on the offense!
Closed deals have decreased so significantly because there are fewer homes on the market.
Properties hanging around on the market longer is because we are just recovering from a big dip in both inventory and number of buyers - between November and January, market activity was slow even by seasonal measurements. March is already ramping up to be even stronger than February.

Final Thoughts

There are no shortage of real estate agents out there, and not all are created equal. When choosing an agent, be sure to interview at least 3 so that you can see the difference. Choose the full-time agent who brings experience and professionalism to the table. The agent who knows the market and uses all of the tools available to them to market your home. The best of luck to you!