Short Hills Real Estate Market Conditions & Reports, Short Hills Market Trends, New Jersey

Market Commentary Provided by Top Agent
If you can qualify, now is an exceptional time to buy a home in Short Hills. Low rates with falling home prices makes a home purchase a great value! Call now for more information at 973-885-1852

Report Date

Fall 2009

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Nearest Metro Area

New York

Buyers’ or Sellers’ Market

Equal buyers and sellers

Average Time on Market

60-90 days

Market Trend

Increasing

Housing Inventory

Good supply - Some Prices

Inventory Comments

In June there were 122 homes for sale in Millburn/Short Hills. During the month of June there were 35 new listings and 34 homes went under contract. So on a monthly basis new supply and demand were generally balanced. But inventory wasn't reduced. It held steady at 122. For those homes that did not sell, it is because they are priced too high. For that reason there were 50 price reductions during June. During the summer months new listings decrease and the number of buyers shopping for homes generally decreases too. But this year is shaping up differently. First we have the 1% tax credit for new home buyers up to $8,000 which is scheduled to expire at the end of November. Second, we have mortgage rates being artificially held down by the Federal Reserve to help the housing market. This is why rates dropped to 4 3/4% for a 30 year fixed rate mortgage since the late winter of 2009. But like trying to hold a beach ball under water, the rates popped up in June to 5 3/4%. That gave buyers a sense of urgency when ra began to fall back down by the end of June. By the weekend of July 11-12, the 30 year fixed rate mortgage sits around 5 to 5 18%, and since buyers know how quickly the rate can pop up, they are out shopping for houses. Furthermore, Wall Street is promising to pay good bonuses at the end of 2009 and Millburn/Short Hills is 'The' Wall Street bedroom community. As a result, I have even begun to see buyers at the high end of the Short Hills market. In the past two weeks 4 homes over $2 million have gone under contract.

Average Home Price

$1,000,000 - View Graph Trend

Best Selling Price Range

$750,000 - $799,000

Worst Selling Price Range

$100,000 - $149,000

Compared to Last Year

Down 5-10%

Prices As % of Asking Price

90-95%

Multiple Offers?

Multiple Offers Commentary

The exception is when a home is priced specifically to generate multiple offers. For example, we listed a 3 bedroom ranch in the popular Poet's section. It was very dated inside, needed a lot of work, but was on a nice lot in a section of town were many homes had been torn down and rebuilt over the past 8 years. But would builders and/or investors still be interested in building and or remodeling and reselling. We priced the home at $750,000, definitely not a fire sale, but attractive for the Poet's section which generally goes for $1 million and up. We had 11 offers and the property sold for $815,000. Buyers know the market. They know value. That is why in this market a seller won't get hurt by pricing a house a little low but will definitely get hurt pricing too high. As the overpriced home sits 30 days, 60 days, even after a price drop or two, the first offer they will get will be down 10% from the asking price and the actual sale price is guaranteed to be less than the seller would have received if they had allowed the Realtor to price it a tad low initially.

Greatest Activity

Repeat Buyers

Buyer Activity for the past 90 days in Short Hills is

Increasing

Seller Activity for the past 90 days in Short Hills is

No Change

Is Financing Available For Qualified Buyers in Short Hills?

Yes

Existing Home Prices for the past 90 days are

No Change

What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales?

5-10%

Housing Hot Spots

Most cities within the Essex County area are considered 'Housing Hotspots'

Reason to Buy/Sell

Lower prices with good selection and competitive interest rates creates a perfect time to buy in Short Hills! This is a great community with top ranked schools, with great restaurants, shopping and a great commute to NYC on the MidTown Direct train Line. Communities like Millburn/Short Hills hold their value much better in market downturns and bounce back first and fastest in housing market rebounds. Entry level in Millburn/Short Hills is the most affordable it has been in years. Location and great schools are the two most important factors in any housing market.

Average Sold Price

$1,000,000 - View Graph Trend

National Real Estate Market

National Summary: National Housing Market Recovery Near?

Latest HouseHunt Random Survey Finds Encouraging Signs - First Time Buyers Taking Advantage of $8,000 Tax Credit

Like the legendary phoenix which rose renewed from its ashes, the U.S. housing market appears to be on the verge of emerging from the worst real estate market in three years. Several encouraging signs are there.

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