Short Hills Real Estate Market - View Short Hills Real Estate Market Trends in New Jersey

Winter 2012 Market Update 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 973-251-0114
Average Home Price	$1,200,000 - View Graph Trend

Average Price Compared to Last Year	Down 5-10%

Average Time on Market	60-90 days

Best Selling Price Range	$850,000 - $899,000

Worst Selling Price Range	$100,000 - $149,000

Prices As % of Asking Price	90-95%

Existing Home Prices for the past 90 days are?	No Change

Market Trend	Increasing

Buyers’ or Sellers’ Market	Equal buyers and sellers

Buyer Activity for the past 90 days in Short Hills is	No Change

Seller Activity for the past 90 days in Short Hills is?	Increasing

Multiple Offers?	No

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.

What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales?	5-10%

Is Financing Available For Qualified Buyers?	Yes

Housing Inventory	Limited Supply

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.

Greatest Activity	Repeat Buyers

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.

Nearest Metro Area	New York

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

Average Sold Price	$1,200,000 - View Graph Trend

Short Hills Local News

Sluggish housing market in line for a better 2012, according to quarterly survey

The figures are still flat-lining, but there appears to be signs of life out there for a housing market that's dying for an upward tick of good news.

The up-and-down ride for real estate the past few years was seen again in the fourth quarter of 2011, according to a survey of HouseHunt real estate agents across the country. There are pockets of good news offset by bad, with home values and prices basically bumping along the bottom of the grid on a perceived never-ending rocky road.

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