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2015 Year in Review - North Central Jersey Real Estate

By Simon Westfall-Kwong

Real Estate Agent with LuxeLife Group of eXp Realty 0676519

February 18, 2016 12:00 AM

Each year begins with an overview and review of the past year, which includes the sales stats in each of our neighboring communities, specifically in Morris, Essex, and Union Counties. We typically mail out this information to our "black book" of contacts. However, you're in luck. We're publishing it to the world-wide-web to allow the public to have access to this valuable data and analysis. Yes, that includes you!

If you are not in the market now, there is no harm in having educated yourself with what is presently going on today. We pride ourselves in educating not only ourselves but prospective, current and past clients too. We are continually attending seminars, reading, and networking with peers and the community so we can better serve our client's and be your resource for your real estate needs.

2015 brought us a little more inventory, a few more home sales and slightly increased home values. Most towns saw modest appreciation except for Harding where the average home price dropped a whopping 21%. This lends credibility to the idea that people now prefer to live in walk able communities with easy access to schools, transportation, shopping, dining, and services. Few in our area seem to value land and solitude over convenience like they did years ago. When you're driving the kids to and from events, a few extra miles adds up to hours in the car. Hence the continued popularity and strong sales of homes in Short Hills, Summit, Chatham & Madison.

Search MLS 2016 will be more of the same. We anticipate modest gains in number of homes sold and prices.
We also predict that inventory will increase.