Market Update in the Livingston and Millburn/Short Hills, NJ Area for March 2014
Real estate market data for the Livingston and Millburn/Short Hills, NJ region provided by the Zebaida Group of Keller Williams Suburban Realty.
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Livingston and Millburn/Short Hills Regional Market Update
The sun came out and…BOOM flood gates opened for listings in most of the towns reported below (Livingston, Millburn/Short Hills, Maplewood, South Orange, West Orange, and Summit). In a matter of weeks some towns grew 25-30 listings. In our local real estate world, where supply and demand are one of the leading indicators of market PACE and direction of PRICE, there has been a first quarter ‘pause’ in homes going under contract and price increases. From a broader perspective, the National Association of Realtors (NAR) reported that new home sales declined to a five-month low in March, coming in at 440,000. Pending home sales also declined. The big question….is…is this first quarter market constriction run off from the harsh winter or is there change on the horizon? It is a wait and see kind of Spring…
Market Update in the Livingston and Millburn/Short Hills, NJ Area for March 2014
Below are the market statistics for Livingston, Millburn/Short Hills, Maplewood, South Orange, West Orange, North Caldwell & Summit, NJ for the month of March...
| TOWN: | ACTIVE LISTINGS- MARCH | ACTIVE LISTINGS - FEBRUARY | #UNDER CONTRACT: MARCH | #UNDER CONTRACT: FEB | #SOLD: MARCH | #SOLD: FEB | DOM | LP/SP |
| Livingston | 124 | 100 | 30 | 22 | 17 | 15 | 74 | 99% |
| Millburn/Short Hills | 105 | 75 | 27 | 24 | 20 | 10 | 79 | 96% |
| Maplewood | 65 | 65 | 35 | 19 | 9 | 4 | 35 | 98% |
| South Orange | 69 | 56 | 29 | 16 | 13 | 9 | 73 | 95% |
| West Orange | 220 | 178 | 53 | 53 | 36 | 22 | 77 | 96% |
| N. Caldwell | 45 | 33 | 7 | 5 | 3 | 7 | 99 | 97% |
| Summit | 73 | 54 | 31 | 18 | 9 | 9 | 53 | 96% |
*These statistics reflect activity in March & February, 2014. All information is from the GSMLS. Information is deemed reliable but not guaranteed.
Buying or Selling a Home in the Livingston - Millburn/Short Hills, NJ Area?
If you are considering buying a home, this is an excellent opportunity to find fantastic deals on Livingston and Millburn/Short Hills homes. Having a great real estate agent who understands the Livingston and Millburn/Short Hills area market is a must. Don't wait on the sidelines for too long, as interest rates are climbing. As you can see from the information above, listings are not selling for 100% of asking price. To make sure you don't overpay for your home, you'll want to have an agent that does a thorough market analysis of the Livingston, Millburn/Short Hills, Maplewood, South Orange, West Orange, or Summit home on which you are making an offer.
Interested in good deals on Price Reductions? View price reductions in Livingston. View price reductions in Millburn/Shorth Hills. View price reductions in Maplewood. View price reductions in South Orange. View price reductions in North Caldwell. View price reductions in Summit.
If you are interested in how much current inventory is on the market in Livingston or how much current inventory is on the market in Millburn/Short Hills you can find that information by clicking on the links. Currently in Livingston, homes have a median time of 74 days on the market before they sell and homes in Millburn/Short Hills have a median time of 79 DOM. This would suggest that buyers are in a great position to make an aggressive offer on a home in our area. Livingston and Millburn/Short Hills area sellers should make sure to price their home near market value if they expect to get an offer from one of those interested buyers.
Want to know how much your home is worth? Find Your Livingston or Millburn/Short Hills Home's Value Instantly!
Thank you for reading about this Livingston and Millburn/Short Hills, NJ Area Market Update.
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