At this point many township residents are asking, “How long can this Seller’s Market last? Is it too late to put my home on the market?” Looking at the monthly sales trends helps us understand where the market is and where it looks to be heading in the near-term. The current data suggests that the opportunity is still there to sell your home for an optimal return.
Since the pandemic real estate boom, the more significant growth in average price and total sales has been in Short Hills while Millburn has had a solid uptick. May numbers were strong for Millburn with Average Sales Price over $1M due to a few large listings closing. Overall, Average Sales Prices remain steady, but there's a noticeable increase in Under Contracts and Total Number of Units Sold compared to both 2020 and 2019. Total Active Listings remain substantially lower compared to the end of May in the past years.
In Short Hills, the Average Sales Price continues to be very strong with the total Number of Units Sold much higher than this time over the past years. Days on Market are still trending down indicating a continued desire for homes in Short Hills with the amount of homes Under Contract substantially higher than the same time period in 2019 and 2020 while Active Listings inventory remains substantially lower.