Real Estate News You Can Use

Debbie Curley-Reid

INVENTORY…INVENTORY…INVENTORY!!!  Where is it??  The 2016 recap of sales statistics for our local communities indicated inventories were at close to historical lows for many towns.  Well, here is what has happened in the past month and where we stand today.  The weather has been mild thus far which is prompting a steady and growing “Spring Market” …interest rates are still low but may have seen their lowest valley and will be rising…and based on recent activity at local Open Houses…. BUYERS ARE OUT THERE!!!

 If you are considering a move in the near future let’s talk!!! 

A quick breakdown by town: 

  • Berkeley Heights:  Currently has 39 active properties with 7 being listed over $1mm.  Average list price $642,651.  We have had 26 new properties listed since January 1st and 5 are under contract.  Current month inventory is 3.1/mo.
  • New Providence:  Currently has 19 active properties with 2 being listed over $1mm.  Average list price $649,243.  We have had 12 new properties listed since January 1st and 3 are under contract.  Current month inventory is 1.5/mo.
  • Summit:  Currently has 47 active properties with 32 being listed over $1mm.  Average list price $1,793,334.  We have had 40 new properties listed since January 1st and 10 are under contract.  Current month inventory is 1.9/mo.
  • Chatham Borough:  Currently has 11 active properties with 7 being listed over $1mm. Average list price $1,172,636.  We have had 12 new properties listed since January 1st and 4 are under contract.  Current month inventory is 1.0/mo.
  • Chatham Township:  Currently has 56 active properties with 50 being listed over $1mm.  Average list price $1,607,239.  We have had 21 new properties listed since January 1st and 4 are under contract.  Current month inventory is 2.7/mo.
  • Long Hill Township:  Currently has 36 active properties with 1 being listed over $1mm.  Average list price $571,189.  We have had 19 new properties listed since January 1st and 2 are under contract.  Current month inventory is 5.4/mo.

If you would like further information or ‘fast facts’ for other towns, please let me know.  I work to ensure that my sellers and buyers are the best educated in the market and I  hope to work with you.

The opinions expressed herein are the writer's alone, and do not reflect the opinions of or anyone who works for is not responsible for the accuracy of any of the information supplied by the writer.

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