We have some good news in Morris Plains.  Six homes closed in May.  The average days on market before a contract was signed were 88 days. The average sales price was 394.  This works out to about 94 percent of asking price.  That is about a percentage point lower then in April but still not bad.  What is really good news on the home front is that the in May, 6 homes went under contract and the average list price was 599,000.  The average days on market for these homes, was only 35 days. 

The absorption rate for homes priced over 500,000 dollars is only 3 months. While the average for all homes in Morris Plains is 5 months.  Only one home under 500,000 has gone under contract in May.  What does that mean?  Well all the home owners that sold their smaller home have now out buying their next larger and higher priced homes.   This bodes well for those homes priced higher then 500,000.

On the Macro side of things, US economic drivers continue to improve.  On June 2^nd we saw strong housing data as well as double digit auto sales growth.  This morning the ADP jobless claims number showed a decline of 55,000 and weekly claims were off by 10,000.  This was about what was expected.  However the main driver to watch is will be the May Non-Farm Payroll numbers that are expected to be out later this week.  The consensus is for a gain of 430,000 jobs.  That is HUGE.

Thanks for readding my blog Morris Plains Homes NJ.  Here is the Quote: The results of quality work last longer than the shock of high prices.  ~Author Unknown

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