Millburn/Short Hills Real Estate Update
The condition of the real estate market continues to be a hot topic of discussion seemingly everywhere. Whether you turn on your television, radio, internet or just open your front door and talk to your neighbors, people continue to have a strong interest and some concern about the value of their home, mortgage rates, and the condition of the real estate market in general. While it is easy to get information about the national real estate market, accurate information about the condition of the real estate market in Short Hills/Millburn can be harder to obtain.
Here are some statistics comparing sales of homes in Millburn/Short Hills during the first 5 months (January to May) in 2007 as compared to 2008. These numbers are according to the Garden State Multiple Listing Service (GSMLS).
The following date compares homes sold in Millburn/Short Hills between January 1 and May 31 in 2007 and the same time period in 2008.
The average selling price-Despite a weak real estate market nationally, the average selling price actually went UP slightly in 2008. In 2008 the average price was $1,294,184, as compared to $1,220,552 in 2007.
The median sale price- The median price rose in 2008 to $960,000 from $935,000 in 2007
DOM-The average number of Days On the Market it took to sell a home also improved in 2008. So far this year it has taken an average of 58 days to sell a home, whereas in 2007 it took slightly longer, 66 days, to get homes sold.
Sale price vs. List price-This indicator compares the percentage that a house actually sold for as compared to the price where the sellers were listing it. This number fell slightly from 97.4% in 2007 to 96.3% so far in 2008
Number of sales- Fewer homes have sold so far this year as compared to the same dates last year. 92 homes had closed this year by the end of May as compared to 110 during the same time period last year.
Sales over $1.5 million-The expensive homes are continuing to sell, albeit at a slightly lower rate this year than last year. This year 25 homes over $1.5 million have sold, whereas last year 31 homes in this price range had sold by this time.
Sales over $3 million- This year 5 homes over $3 million have sold, up from only 4 homes in this price range last year.
The first three indicators show that the real estate market in Millburn/Short Hills continues to be strong despite an overall weak national real estate market. The average selling price, the median price and the number of days that it took to sell a home all IMPROVED in 2008. Also significant, however is the 16% drop in the number of homes sold during this period. This seems to indicate that while the prices of our homes locally are retaining their value, the number of buyers willing to “pull the trigger” has been down significantly this year.
Please feel free to call me anytime to discuss the local real estate market, or to discuss buying or selling a home in the area. If you are interested in finding out what your home is worth, please visit my website at www.ShannonAronson.com and click on the “Find Out What Your Home Is Worth” button. This will show you the sale price of similar homes in your neighborhood. For a more detailed analysis of the current market value of your home, please call me at 973-214-0691 anytime for a complimentary consultation.
