While we continue to be bombarded with information about the deplorable global and national economies, and the dismal national real estate markets, we need to be reminded that for most of us it is the local real estate market that matters the most. Nearly every day people ask me how our local housing market is weathering the storms of 2008. Since I have begun writing this monthly market condition update, I have received tremendously positive feedback about the information provided here. Please don’t hesitate to contact me if there is additional information you need at any time. Sometimes even local information isn’t specific enough. Often, it is a comparable house on your street and questions about what that home sold for that mean the most to you.
Homes are Still Selling! - From the time period of September 15-November 15 of this year 13 homes in Millburn/Short Hills went “under contract.” These homes were on the market for an average of 54 days before a contract was signed. The average list price of these homes was $1,068,000. During the same period this year, 31 homes closed sales. Of these sold homes, the average number of days on the market was 59.5 and the average sale price was $1,097,000. That means that on average homes sold at 95.6% of the asking price. During the same period in 2007, fewer homes sold (only 29) but the average selling price was $200,000 higher at $1,297,000. The number of days on the market was similar, 54, and the average list price to sale price ratio was nearly unchanged at 95.4%.
Inventory Remains Low- People often say to me, “wow, there sure are a lot of homes for sale at the moment.” While it may seem that way it just isn’t accurate. As of today there are 90 Millburn/Short Hills homes listed on the Garden State Multiple Listing Service. Last year at the same time there were 103. In recent years that number has gone well over 150 at times. Our low inventory remains a blessing to those homeowners who are considering selling. The lack of inventory has been an important reason why our home values have not fallen more dramatically in these difficult financial times. It does appear that many people who would like to sell are waiting until they feel the market turns around. In a town where many homeowners are not overly leveraged and have the freedom to wait out the storm, it helps bolster the market as people are not feeling the need to sell at any price as is the case in other areas.
If you are thinking of selling, don’t assume that this is the wrong time for you. With interest rates remaining low, there are still buyers out there with buying power. With inventory remaining low the choices are somewhat limited for homebuyers who specifically want to be in this township. Your house may be just the one for them. Please call me any time for a complimentary consultation on how my cutting edge marketing strategies will get your home sold quickly and for the top dollar the market will bare.
Shannon Aronson has been investing in real estate for over 8 years. Please call her for a free consultation to discuss local real estate opportunities. Direct: 973-214-0691 / Office: 973-376-0033 x 124 /Shannon@ShannonAronson.com/www.ShannonAronson.com
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