Early March Market Update

By maryellen March 9, 2021

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