The market remains quite vibrant despite the continuation of the rise in mortgage interest rates. In recent weeks we have seen a healthy increase in inventory. Buyers actually had a choice of properties in different price ranges, which is quite rare. This past week was pretty slow leading up to Memorial Day weekend, but even though the weather was beautiful, buyers who were serious about finding a home were out there looking.
We expect that the week of June 5 will bring a large number of properties to the market. The expectation is that June will remain quite busy with a slight reduction in buyers looking as the summer heats up. Many people are traveling and spending time with family during those days and we tend to see a slight slowdown.
We have several new listings coming up in South Orange, West Orange and Seven Oaks. Stay tuned!
If you would like more information about any of these properties, please reach out to us for a sneak peek.
GIVE US A CALL IF YOU KNOW SOMEONE WHO IS INTERESTED IN BUYING OR SELLING. WE ALWAYS APPRECIATE REFERRALS.
LOCAL MARKET STATISTICS -For Single Family Homes.
| Active Now (as of 5/7) | Under Contract since 5/16 | |
MAPLEWOOD | 11 (22). | 17 |
SOUTH ORANGE | 11 (13) | 5 |
WEST ORANGE | 35 (32) | 16 |
MONTCLAIR | 23 (26) | 13 |
BLOOMFIELD | 14 (16) | 12 |
MILLBURN/SHORT HILLS | 26 (32) | 8 |
ORANGE | 12 (21) | 8 |
UNION | 32 (25) | 10 |
SUMMIT | 24 (27). | 11 |