THE REAL ESTATE MARKET IN NORTHERN JERSEY
by Fran Lichtman
At the risk of sounding like a broken record, the activity in the market is something that we have never seen before!
Just this week, a South Orange 3 bedroom very nice home in Montrose was listed for $799k and received 30 offers and word is that it is likely going over $1.1 million. That may be a tiny bit extreme… it was an outstanding property but had no basement!
There are so many stories similar to this in most of the towns every single week. As you continue to see from the below statistics, the inventory remains painfully low and that of course is contributing to this out of control frenzy.
There are many homeowners out there right now trying to figure out how they can cash in on this moment in time. If you wish to join in, please reach out to us and we will help you to get your home ready for the market in record time.
Do not wait assuming this will last the rest of the year. I predict that with life expected to return to a more normal existence come the fall, kids will go back to school and the extreme urgency for people to get out of Queens, Brooklyn, Manhattan, Jersey City and Hoboken will calm down. We can help you to figure out options of “where to go” from here.
LOCAL MARKET STATISTICS (single family homes only)
Active Active Under contract
As of 3/5/21 As of 2/19/21 since Feb 15
Maplewood 16 14 17
South Orange 12 14 13
West Orange 28 25 15
Montclair 21 20 20
Bloomfield 21 24 21
Millburn/Short Hills 37 38 17
Orange 15 13 3
Union 29 27 29
Summit 28 35 26