Denville Real Estate Update – May 2011

Average price per square foot for Denville NJ homes was $217, a decrease of 11.8% compared to the same period last year. The median sales price for homes in Denville NJ for Jan 11 to Mar 11 was $400,000 based on 11 home sales. Compared to the same period one year ago, the median home sales price increased 8.1%, or $30,000, and the number of home sales decreased 68.6%. There are currently 139 resale and new homes in Denville, as well as 44 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process according to Trulia. The average listing price for homes for sale in Denville was $464,975 for the week ending Apr 27, which represents a decrease of 0.2%, or $716, compared to the prior week.

These numbers reveal that the shadow market of bank-owned homes in Denville are finally coming to market.  5/1 ARMS or adjustable rate mortgages that have a fixed interest rate for five years before they can increase may be a reason for the increase in bank-owned properties coming to market.  Considering the boom was in 2005-2006 it makes sense that homeowners might be feeling the financial crunch now.

That being said real estate in Denville is starting to move particularly single homes in Denville in the $300-$500,000.  Two houses I am aware are in negotiation this week.  It is really important to find a Denville real estate agent that can help guide you through the process and find the best homes in the market.  While there is a large inventory, many Denville Realtors are getting their clients in right away to see the cream of the crop.

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