Real Estate

Millburn Home Sales Data Continues to Favor Sellers

October 2, 2013 at 12:20 PM

 

MILLBURN, NJ - Sellers continue to hold the cards in the local real estate market in Millburn and Short Hills, as well as in many of the surrounding towns. The latest data shows a sustained upward trend for home prices in the area.  The average sale price of homes in Millburn, sold between January and August of this year, was $1,325,201.  That is up 10.5% from $1,198,841 during the same time period in 2012.

During 2012, homes in Millburn were selling, on average, at 108% of their total tax assessment (the assessment value of homes determined by the township on October 1, 2008).  The 44 homes that closed sales during August of 2013 sold at approximately 125% of their total tax assessment, higher than the 117% average ratio for the entire year indicating a willingness by buyers to pay premium prices. 

Sign Up for E-News

It is also taking sellers less time to sell their homes. The amount of time required to place a home under contract continued to decline. Homes sold in August averaged 25 days on the market (DOM); the lowest number seen in many years. The average number of DOM in 2012 was 56. Since August closings largely reflect homes that went under contract during the spring season, the data suggests that homes sold twice as fast during the spring than they did the year before.

Demand for homes remains strong.  However, the supply of homes is down from a year ago, further favoring sellers.  In August, there were approximately 20% fewer homes on the market than during the same month in 2012.  Overall, however, sales have increased. Between January and August 2013, approximately 240 homes were sold in Millburn. This reflects a dramatic increase of 30% compared to the same eight-month period in 2012, when only 182 homes were sold.

For potential buyers, 2013 has been marked with significant frustration.  Eager to buy while interest rates remain low, they are faced with fewer homes to choose from, rising prices and competition from other buyers.  According to Simon Westfall-Kwong, Sales Associate for Re-max Village Square Realtors in Short Hills, “The market has remained strong. This strength is fostered by the lack of inventory on the market.  There aren’t enough homes for buyers who want to buy.” Given the data and the laws of supply and demand, it would be hard to imagine a better poker hand for sellers than today’s real estate market.

Shannon Aronson is a local real estate expert and REALTOR® with Keller Williams Realty Premier Properties. She can be reached at www.ShannonAronsonRealEstateTeam.com or by email at Shannon@ShannonAronson.com. She is also a licensee with The Alternative Press.

TAP Into Another Town's News:

TAP Into Another Town's News:

Sign Up for E-News

Millburn/Short Hills

Senior Rabbi of B'nai Jeshurun of Short Hills Leads 50 Adults to Israel

SHORT HILLS, NJ - Congregation B’nai Jeshurun’s Senior Rabbi, Matthew D. Gewirtz, led a group of 50 adults to Israel in early November. In addition to touring, the trip included Adult B’nai Mitzvah services and discussions with local leaders on various aspects of life in Israel.

Rabbi Gewirtz began his tenure as the Senior Rabbi of Congregation B’nai Jeshurun in ...

Millburn-Short Hills Chamber of Commerce Hosting 'A Taste of Millburn' Soiree

January 18, 2017

MILLBURN, NJ - The Millburn-Short Hills Chamber of Commerce is hosting 'A Taste of Millburn' Soiree on January 30 at the Short Hills Hilton. Many business owners, elected officials, and residents are expected to come out and enjoy the festivities. 

Area restaurants will serve up tasting size dishes to sample while attendees sip the signature Cranberry Frost Martini created just ...

Theft at Louis Vuitton; Fraud and Forgery Strike Nordstrom at Short Hills Mall

January 14, 2017

On January 5, 2017 Millburn Police Officer Zonn responded to the Louis Vuitton store at The Mall at Short Hills on a theft report. Louis Vuitton personnel report a Hispanic male wearing an olive colored jacket and jeans concealed a pair of sunglasses valued at $760.00 and left the store without making payment. The incident is under investigation by the Millburn Police Detective Bureau.

On ...

Upcoming Events

Carousel_image_2c171107b5c8914328b0_e57741ca19a9114d6bc1_unnamed__18_

Fri, January 20, 12:00 PM

Oasis Building (behind University Middle School), Irvington

Community Church Oasis Volunteer Opportunity

Religions And Spirituality

Carousel_image_f422456eb0f1fa40d8a2_b73eab72872ab03aae78_veteran-hd-wallpapers-hd-wallpapers-8vznfz-clipart

Sat, January 21, 10:00 AM

Millburn High School, Millburn

Millburn High School Military Appreciation Day ...

Carousel_image_6da8ddb5c1222ab92074_unknown_copy

Sun, January 22, 12:00 PM

Cora Hartshorn Arboretum and Bird Sanctuary, Short Hills

Second Annual Lunar New Year and Welcome Spring ...

Education Green

Carousel_image_598e4bee3f95caa87a95_3a428b670b9e744650bb_unnamed__8_

Mon, January 23, 7:45 PM

Education Center, Millburn

Millburn Board of Education Meeting

Audio: Point View's Petrides Tells Bloomberg Says Content Move Makes Sense for Apple

January 19, 2017

Point View's Managing Director and Portfolio Manager, John Petrides, live on Bloomberg Radio (Interview starts at 1:35) discussing Apple's potential move into making original video content:

assets.bwbx.io

Point View Wealth Management, Inc. works with families in Summit and beyond, providing customized portfolio management services and comprehensive ...

Video: Dietze Tabs Pharma, Energy, and Consumer Product Stocks Among Top Picks

Point View Wealth Management's Founder, President and Chief Investment Strategist, David Dietze, discusses his top picks in the wake of the Trump election:

bnn.ca

Point View Wealth Management, Inc. works with families in Summit and beyond, providing customized portfolio management services and comprehensive financial planning, to develop and achieve their financial ...

Proposed Bill Will Keep ‘Blue Lines’ in Towns

NEW JERSEY --- U.S. Reps. Leonard Lance (NJ-07) and Bill Pascrell (NJ-09) today took up the cause of many New Jersey municipalities and law enforcement groups by proposing the Blue Line Use Exception (BLUE) Act (H.R. 566).  Legislation that will permit ‘blue lines’ to be displayed on roadways. 

“One hundred thirty five police officers died in the line of duty in ...

Pure Barre Short Hills Announces 2017 Fitness Challenge

SHORT HILLS, NJ – Pure Barre, the largest and most established barre concept in North America, is pleased to announce the Set The Barre challenge, to help new and existing clients reach their 2017 health and fitness goals.

Whether you’re looking to switch up your fitness routine or start working out, Pure Barre can work with you to accomplish your new years resolutions. Designed to ...

Closed Fund Open Mind

Closed-end funds (CEFs) can play an important role in a diversified investment portfolio. They offer benefits similar to those of an open-end mutual fund, but also sport unique advantages.  

Unlike a traditional open-end mutual fund, CEFs have a fixed number of shares available to trade. Their price is not tied to the value of the underlying portfolio. The only way the number of shares ...