Following a strong performance in January, the Millburn/Short Hills real estate markets continued to show some strength in February. Eleven properties went under contract in February. Of those eleven, six were under $1 million, four of those homes were listed between $1-$2 million, and one home listed for $2,999,000 million went under contract last month. The fact that the homes are finding buyers in such varied price ranges, is a positive indicator for future activity.
Six homes were sold in the township in February. Those six homes sold at an average of 97.6% of the asking price. This is an improvement for sellers over the previous month where buyers had been able to negotiate deals at only 95.1% of the asking price. The homes that sold in February had been on the market for an average of 55.4 days on the market (DOM). This also represents a trend in the seller’s favor as in the previous month homes took an average of 64.5 days on the market before finding buyers. These figures demonstrate that Millburn/Short Hills real estate is continuing to fare better than many real estate markets in surrounding towns.
Six homes sold in February. They were:
20 Spring Street (asking price $450,000, selling price $410,000, DOM 48)
408 Wyoming Avenue (asking price $529,000, selling price $535,000, DOM 47)
416 Old Short Hills Road (asking price $739,000, selling price $739,000, DOM 7)
100 Oakview Terrace (asking price $800,000, selling price $781,000, DOM 70)
315 Lupine Way (asking price $979,000, selling price, $969,000, DOM 17)
50 Baltusrol Way (asking price $990,000 selling price $950,000, DOM 54)
Many homeowners are interested to know how the assessed value of their home compares with the anticipated selling price. Of the homes that sold in February, the average selling price was 2.1% over the total tax assessed value. This means that your total tax assessed value should very closely relate to the expected current market value.
Blog by Shannon Aronson Real Estate Agent for Short Hills, Millburn NJ
As is typical in the spring market, the number of homes being offered for sale has increased. As of March 12, 2009 there are 117 homes listed in Millburn and Short Hills on the Garden State Multiple Listing Service (GSMLS). This is up significantly since the end of January, when 83 homes were listed on the GSMLS in the township.
