In Jan. 2016, the Randolph real estate market experienced a significant increase in sales compared to Jan. 2015. One month does not make a trend, but if this level of buyer activity continues, there could be a much improved real estate market in 2016.
A big part of what has been missing from the Randolph market in recent years are local trade up buyers and regional buyers moving from the eastern suburbs to the western suburbs. The local trade up market has been held back by an inability for buyers to sell their current homes, tight lending requirements and concerns about values. During the same period, homes in the eastern suburbs experienced increased sales resulting in higher prices and less inventory while homes in the western suburbs saw flat to lower sales and flat to lower prices. At this point in time the difference in prices between the eastern and western suburbs has gotten so wide that buyers are starting to come from the east to take advantage of the values in the west. It is hopeful the changes occurring within both of these groups of buyers will continue and lead to increased sales throughout the year. In addition, first time home buyer and downsize buyer activity should remain active.
In the past month there has been improvement seen within the $900,000 and above market. This segment of the market in Randolph and surrounding communities has been the most challenging. Only six properties sold in the entire past 12 months within Randolph but in the month of January 2016, there new sales have already been reported in this price rage. This news is very encouraging, but again, one month does not make a trend.
Keep in mind, all real estate is hyperlocal. The section of town, specific neighborhood, type of street, land the house sits on and the improvements on the land will all have influence on value. One section of town or segment of the market can be doing well and at the same time another segment can be doing poorly. Randolph homeowners or those in a surrounding community who have questions about the general market or specific situation at any time in 2016, can contact this broker. It is hopeful that 2016 will turn out be a better market for all area homeowners.
Douglas Tucker is a licensed Broker Associate with RE/MAX Properties Unlimited, One Madison Avenue, Morristown. Tucker has more than 27 years of experience and more than 1,000 successfully closed sales in the local market place. Tucker can be reached at 973-769-1563; 973-539-6300, office; or firstname.lastname@example.org . Visit www.tucker.wesellnewjersey.com or www.dougtucker.com.