The Greater Newark area includes the city of Newark and outlaying area's, the statistics found in this blog are based on data supplied by TREND MLS. TReND MLS does not guarantee nor is it responsible for its accuracy. Data maintained by the MLS may not reflect all real estate activities in the market. Information is deemed reliable but not guaranteed. Now that the disclaimer is out of the way, There are basically two zip codes in the greater Newark area, today I will be dealing with the 19711 zip code which includes the City of Newark. The year to date totals for 2010 show listings up from 609 to 664, a 9% increase. Closed Sales are down 3.4% to 345. Pending Sales are also down from 367 in 2009 to 350 in 2010, a 4.6% decline. The median home price is down 1.6% to $248,500. Listings are currently selling at 93.4% of their original list price an increase of 2.1% over last year. The Average days on market are 74 down from 76 in 2009. Overall the market in the 19711 has shown some stabilization in pricing, but there is still approximately a 15.8 month supply of inventory base on Decembers listings and pending sales. I hope you enjoyed a brief statistical review!
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