Valuation Solutions: Tax Appeal

For the period October 1, 2008 through September 30, 2009, the GS MLS reported total sales of (46) single family dwellings in Morris Plains, Morris County, NJ. The average selling price was $446,244,  average DOM was 74  days and SP/LP was 95%

For the period October 1, 2007 through September 30, 2008 the GS MLS reported total sales of (61) single family dwellings in Morris Plains NJ. The average selling price was $468483 , average DOM was 80 days and SP/LP was 96%

Based upon these statistics, it appears that there has been a substantial price decline of  4.98% in the average sales price. Obviously, the data presented above are impacted by the product mix.

Please note that the dates listed above are intended to be similar to the dates used for assessment purposes.

We at Valuation Solutions consider these data when working on tax appeal appraisals or other appraisals. Morris Plains has undergone revaluation in 2009.