Real Estate Activity in Short Hills/Millburn New Jersey

Continuing on the heels of a busy January, the Short Hills/Millburn real estate marketcontinue to shows signs of increasing activity during the first half of February.

So far this month, 6 homes have gone under contract. These homes range in price from $749,000 to $1,495,000. These homes were on the market for an average of 79.5 days before a contract was signed, which is somewhat longer than the average during the last few months. The median price of these homes is $950,000.

There have been 3 homes that have sold so far in February. They are 408 Wyoming Avenue (sold for $535,000), 100 Oakview Terrace (sold for $781,000) and 315 Lupine Way (sold for $969,000). These homes sold at an average of 99% of the asking price and were on the market an average of 55 days before going under contract.

February has seen 17 new homes come on the market in the first 11 days of the month. This is a slight increase over the amount of new inventory we have seen in recent months. At present there are 87 homes being marketed on the Garden State Multiple Listing Service. It is interesting to note that 8 of these new listings are being marketed at over $1.5 million and 3 of those are over the $3 million mark. There are 9 new homes under $1 million, which has remained a fairly strong segment of the market.

As always, sellers continue to need to refine their expectations in pricing their homes. So far this month, 9 home sellers have become more aggressive with their pricing, dropping their prices on average 5.9%.

This report was prepared by Shannon Aronson a Real Estate Agent in Short Hills and Millburn New Jersey.