I’ve been getting quite a few emails from readers with info on specific properties around Northern NJ. While I do keep a keen eye on my town, it’s difficult to really get a feel for an area unless you are a long time resident. Anyhow, I received an email about a house that’s been for sale in Clifton for quite some time now and decided that it would incredibly useful if folks would post up homes for sale in their neighborhood that have been sitting for a while.
The home in question is in Clifton near city hall, the home isn’t on Van Houten itself, however the house is situated directly on it. The email piqued my interest because I drive by the house almost every day, and it’s been for sale for quite some time now.
It’s currently listed at $359,900, which has been reduced from $389,900 at just about 90 days on market. Not much of a reduction. But, I know the house has been for sale for longer than 3 months. So I dig deeper and find the older MLS listing. Ahh, now that’s the ticket, the original listing conveniently expired and it was relisted under a new MLS # shortly thereafter.
So what are the stats on the original MLS listing? Well, it adds an additional 183 Days on Market to the already high 90. More in line with what I remembered. However, the that listing was priced at $449,900 when it was placed.
So in reality, this home has been on the market over 275 days with a solid 20% haircut already. However, the MLS data doesn’t really show how significant the reduction has been, nor accurately represents the time on market. (The person who emailed this to me had stated the original listing price was higher, somewhere near 459, but I can’t find that data). So whenever you hear someone quoting DOM or reductions realize that it’s more likely those numbers are understated rather than over.
I’d love to get more local opinion on other markets, so keep the information coming!