The market in Short Hills and Millburn is still hot as we move into the Summer months. There were 49 listings that closed in June, which marks the highest number of closings by month this year and more than usual for the first half of the year. Anecdotal feedback suggests that this may be partially due to more Use of Occupancy agreements put in place where sellers remain in the home after closing and buyers have the ability to lock in better interest rates.
The most significant growth in average price and total sales remains in Short Hills while Millburn continues to have had a solid uptick. June numbers were strong for Millburn with Average Sales Price over $900k. Overall, Average Sales Prices are rising and have the potential to exceed the 2018 peak, and there is an increase in Under Contracts and Total Number of Units Sold compared to both 2020 and 2019. Total Active Listings remain significantly lower compared to the end of June in the past years.
In Short Hills, the Average Sales Price continues to be very strong with the total Number of Units Sold (143) 60% higher than this time over the past couple of years. By this time in 2020, Units Sold had almost caught up to 2019, so this is indicative of a more prolonged trend. Days on Market ticked upward but Under Contract homes remain similar to the same time period in 2019 and 2020 while Active Listings inventory remain less than half of 2019 counts and are much lower than 2020 counts at the end of June as well.