Everyone seems to be talking about how bad the real estate market is these days. But is the doom and gloom attitude really warranted for those of us who own property in Millburn and Short Hills? If you live in the area already, or if you would like to buy a home in Short Hills or Millburn you probably want to stay informed about what is going on in the local market. The Millburn/Short Hills real estate market isn’t really so bad, if you take into account the actual numbers provided by the Garden State Multiple Listing Service. A closer look will bust a few myths that you have probably heard lately:
Myth #1- “There are so many houses on the market right now.”
Quite the opposite is true: As of December 31, 2007 there were only 72 houses on the market in Millburn/Short Hills. This is down significantly from 145 homes for sale on the same date last year. The average number of houses for sale on December 31 over the last five years was 105, further discounting the commonly held belief that we have a glut of inventory of homes at present.
Myth #2 “Nothing is selling.”
From January 1st-December 31, 2007, a total of 304 homes sold. This is almost a 14% increase from the 268 properties that sold during the same period in 2006.
Myth #3 “Prices are falling.”
In both 2006 and 2007, homes in the township sold on average at 97% of their asking price. In 2006, the average sale price of a home in Millburn/Short Hills was $1,296,529. In 2007, the average price was $1,310,189. While this increase in property value is almost imperceptible, these numbers paint a different picture than the one so often heard in the national news media.
Myth #4 “Houses are taking longer to sell.”
The average number of “days on the market” for homes for sale in 2006 and 2007 was nearly identical. The average house took 61 days to sell in ’06, and 62 days in ’07.
Myth #5 “The higher priced homes aren’t moving.”
In 2007, significantly more homes priced over $1.5 million sold than in 2006. Last year, 91 houses over $1.5 million closed, as compared to 72 the previous year. This is an increase of just over 26%--good news for homeowners with properties in this range.
Please feel free to call me anytime with any questions you may have about the Millburn/Short Hills real estate market or if you are thinking of buying a home in Short Hills or Millburn, or anywhere in the surrounding area. If there are other real-estate-related topics that would interest you please comment on this blog. I will be writing this article monthly and would love to have your input as to what topics you care to read about. If you have any interest in finding out what your home is worth, please visit my website at www.ShannonAronson.com and click on the “market snapshot” button, or call me and I will be happy discuss this with you personally.
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