THE REAL ESTATE MARKET IN NORTHERN NEW JERSEY
Some good news around the neighborhoods this week! Slightly lower interest rates are in place following 5 straight weeks of modest declines. We are down from the 7% high to around 6.28%. This translates into a $125-150 savings per month in payments for the average buyer.
What is also encouraging is that this is the first week that we have seen a very nice uptick in new listings entering the market. Just in Maplewood/South Orange alone there were about 18 new properties that hit the market. This is a welcomed statistic although it may just be an accumulation of sellers who were waiting until after the holidays to list their homes. If this trend continues, it would be the beginning of some form of relief for buyers who are exhausted from constant bidding wars. We will see what the next few weeks have in store for us. IF YOU ARE PLANNING TO MAKE A PURCHASE, WE HAVE SEVERAL MORTGAGE PROFESSIONALS WHO CAN OFFER VERY LOW RATES IN CERTAIN AREAS AND/OR HELP YOU TO WAIVE APPRAISALS AND PUT YOU IN THE BEST POSITION TO WIN BIDDING WARS. ASK US!
LOCAL MARKET STATISTICS. **single family homes only
ACTIVE (active as of 4/2/23) UNDER CONTRACT (since 4/1)
MAPLEWOOD 19 (18) 10
SOUTH ORANGE 18 (8) 2
WEST ORANGE 27 (27) 17
MONTCLAIR 20 (21) 15
BLOOMFIELD 19 (15) 11
MILLBURN/SHORT HILLS 37 (37) 11
ORANGE 16 (16) 2
UNION 33 (33) 22
SUMMIT 25 (22) 9