We are experiencing the lowest level of inventory that I have ever seen in my 18 years in the business. As a result of this, good listings are receiving an unbelievable number of offers and crazy over asking prices.
The examples of this in the area are too many to list so I will just point out one bidding war that I was involved in a couple of days ago in West Orange. A very nice 3 beds/2.2 bath renovated home in a lovely Lower Gregory location listed at $525k had 42 offers! My offer was in the top 6 and we were $86k over the asking price! My guess is that this house is going to sell for about $150k over the ask. That is a snapshot of the current market.
Due to this lack of inventory and the pandemic, there are many homes that are selling privately. Most agents have numerous buyers waiting in the wings for new inventory and as a result, there is a network of agents who share information about what homes they are listing over the next few weeks. Often times this leads to homes being shown and obtaining offers without ever going on the MLS. It has also been an acceptable option because some homeowners would prefer not to have a parade of agents and buyers coming through their home during COVID so it works for all concerned.
More than ever before, you need to work with an agent who knows the ropes and has relationships. Experience is crucial in this market! We have the experience and the connections with a very high level network of agents to help you find a home to purchase. If you are a seller, we can assist you in securing a private sale that will still enable you to get the most money for your home in this market.
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LOCAL MARKET STATISTICS (single family homes only)
Active Active Under contract
As of 1/22/21 As of 1/22/21 since Jan 15
Maplewood 13 13 17
South Orange 13 18 14
West Orange 27 37 26
Montclair 24 24 14
Bloomfield 22 28 18
Millburn/Short Hills 39 48 15
Orange 14 16 6
Union 37 44 38
Summit 38 32 18