Although 2020 was a very tough year for many business sectors, our local residential real estate market ended up incredibly strong. We are fortunate that our area is in a unique location. After the initial lock-down ended, we had buyers coming from Manhattan, Jersey City, Brooklyn and elsewhere. Many were wanting to get out of high-density areas and wanted more space with home offices and yards, and still have the option for easy commutes to the city.
The December market is usually quieter, but this year we stayed extra busy closing out residential sales with significant gains over past years. The number of units sold and under contract for both Short Hills and Millburn in 2020 were substantially higher than 2019. Both Millburn and Short Hills 2020 sales price averages increased over 2019 and active listings decreased, an indicator of a continued strong sellers’ market. Millburn’s average sale was just slightly higher than 2019 while producing a 20% increase in overall homes sold. Short Hills had a 25% increase in homes sold with an average price over $100,000 higher than 2019!
The SWK Real Estate Group continued our commitment to doing everything possible to (safely!) and successfully serve clients. As a result, this year we were thrilled to break many records and most importantly, sell and find homes for our wonderful clients. Our 2020 sales volume was over $105 Million covering 43 towns. We are pleased to be the Number 1 Keller Williams Premier Properties Team in Millburn-Short Hills for 2020 with over $60 Million in volume.
Currently, housing inventory is way down but we still have buyers looking for homes! If you are thinking of selling in 2021, the time to plan is now due to phenomenal interest rates and very low inventory! Please give us a call for a complimentary and confidential consultation. Many of our clients have happily received multiple offers over asking price. Simon can be reached at 973-489-8885 or Simon@SWKRealEstate.com
For more detailed market data and information about home sales in Millburn, Short Hills and the surrounding areas, go to https://www.swkrealestate.com/town_market_reports.