The health of a real estate market can be measured by observing three important statistical categories: 1. The total number of homes sold, 2. The total dollar volume sold and 3. Average sale price. Leaving any of these categories out can result in an inaccurate picture of what the market truly holds at any given time. Occasionally we will hear news like, “The price of homes has increased month over month,” but we are not told of other factors such as the total number of homes sold decreased by 10 or 20. That said, this week we are taking a closer look at the health of our real estate market here in Franklin Lakes using all three points of measure. Franklin Lakes has shown significant gains in each statistical category when comparing January – August 2012 to that of 2011. The total number of homes sold rose from 64 to 83, a 30% increase year over year. Equally important, the overall dollar volume has increased 40% from $64.5M to $90.6M. The final category to consider is average sale price which, like the other two, remains positive. From January – August 2011 the average Franklin Lakes home sold for $1,008,706. Here in 2012 the average sold price has risen to $1,092,334. This 8% gain, along with the aforementioned statistics paint a very optimistic picture of the local market. Although it may still take some time to see sustained sizable gains, we can rest assured that a more balanced buyer/seller market is on its way. Bottom line, your real estate market here in Franklin Lakes is alive and well!

Other Local Markets

Wyckoff (January – August Comparison)

# of Homes Sold: 107 in 2011 compared to 119 in 2012 = 11% Change

Total Dollar Volume: $77.60M in 2011 to $77.82M in 2012 = 0% Change

Average Sale Price: $725,303 in 2011 compared to $653,961 in 2012 = -10% Change

Oakland (January – August Comparison)

# of Homes Sold: 70 in 2011 compared to 69 in 2012 = -1% Change

Total $ Volume: $31.75M in 2011 compared to $30.55M in 2012 = -4% Change

Average Sale Price: $453,563 in 2011 compared to $442,743 in 2012 = -2% Change

* Statistics have been gathered using NJMLS

Analysis provided by:

William Boswell Sales Consultant - Previews Luxury Specialist

#1 Agent Coldwell Banker Franklin Lakes Office

2010 & 2011 NJAR Circle of Excellence

2010 & 2011 Voted One of New Jersey's Top Realtors by NJ Monthly Magazine

Coldwell Banker Residential Brokerage

cell - 973.224.4605

office - 201.848.3413

e-fax - 862.345.1091

e-mail - Bill@NorthJerseyLuxury.com

NorthJerseyLuxury.com

Luxury Division - Franklin Lakes Office

824 Franklin Ave., Franklin Crossing

Franklin Lakes, NJ 07417

Residential Division - Kinnelon Office

In Coordination with Ron Aiosa

1450 Rt. 23 N., Butler, NJ 07405