One of the hottest topics in town is always the value of our real estate! In January, we were seeing a stronger shift to a Buyer’s Market for Millburn-Short Hills, but the pandemic has turned it into a Seller’s Market for the Township and most of our region. In Millburn Township, more homes are receiving multiple offers and a majority are selling for above assessed value.
Homes are selling quickly, with average days on market down almost 10% from last year. The sold price is up over 6% in Short Hills, which translates to an average of just over $100,000 higher than last year. Active listings are down by over 25%, adding increased pressure on the buy side.
As of October 1st, there were 59 homes under contract compared to 37 last year, reflecting a much stronger Fall market than usual with October sales remaining stronger than past years. We are seeing this hot market extend well into the Fall and possibly the Winter.
Many of today’s buyers and renters are coming from Jersey City, Hoboken, NYC and Brooklyn, as well as local area residents upgrading or downsizing. They are looking for homes with more space, offices, and yards for outdoor entertaining.
You will find detailed market reports by town on our website. They include home sales (by address) with number of beds and baths, list price, sale price, days on market and more. You’ll also see helpful year over year trends. (link: swkrealestate.com/town_market_reports)
If you are interested in a deeper understanding of what your home is worth, or how to start getting ready for a sale, please take advantage of our complimentary one-on-one consultations. Let us show you how to maximize the value of your home!
We continue to have safety precautions in place and are practicing social distancing with all of our business partners and clients. We are providing complimentary washable masks and gaiters – please email us with your order, email@example.com
Wishing you good health and happiness!
The Simon Westfall-Kwong Real Estate Team
• Top 1% in New Jersey and in Local Region*
• Top 1% KW Worldwide*
• Top 8 out of 20,000+ agents on Garden State Multiple Listing Service as of 9/30/2020*
• 2019 & 2020 Team Sales Volume in excess of $75M with 100+ Transactions each year!
• Circle of Excellence 2011-2019
*per GSMLS, Real Trends, & Keller Williams