The last several weeks have finally provided the explosion of inventory that buyers have been waiting for. Now they have choices. Even with this “explosion”, all homes that are priced correctly are getting multiple offers immediately. Each home may be getting 2-7 offers as opposed to a much higher number, but the strength of these offers has not diminished! We are still seeing 25-40% over the asking price. This is extraordinary! We are also seeing the list prices in the larger homes (5 beds+), in good locations entering the market at well over $1.5million to $2.5million. These are new records especially for the South Orange/Maplewood area. We are even beginning to see West Orange larger and renovated homes hit the market at over a million to $1.3 million.
You will note from the statistics below the rise in inventory in each town. You will also see the large number of homes that have gone under contract during the month of April. How long will this frenzy continue? We believe that it will last for the majority of this year….
Call us if you want an updated price opinion for your home. If you have purchased pre 2023, the price for your property has likely changed dramatically. Don’t hesitate to ask us. There is no obligation!
Contact us today!
Fran-646-734-3718 / Franlichtman@gmail.com
Randy 646-734-9077 / Rrabney@gmail.com