THE REAL ESTATE MARKET IN NORTHERN JERSEY
by Fran Lichtman
Inventory is increasing!
This is definitely welcomed by the many buyers that are still out there looking as well as those who are just starting their search as part of the “normal” spring market boom. As you can see below, many homes went under contract over the past 3 weeks and the inventory numbers have increased.Most properties that are presented well and priced well for the locations are still getting multiple offers the first week on the market.
We have not yet seen any changes as a result of the recent increase in the mortgage interest rate. As a matter of fact, it may be adding to the strength of the market. Buyers know that these rates are on the rise and I am sure some are trying to find the right home before any further increases will lower their buying power.
Overall, prices are continuing to increase. Homes are being priced where the comps sold after having multiple offers. This will inevitably create another new level of “highs” in all of these markets. We expect this trend to continue for the foreseeable future.
IF YOU ARE A BUYER LOOKING TO MAKE A PURCHASE, WE CAN HELP YOU TO CRAFT THE MOST ATTRACTIVE OFFER POSSIBLE. IF YOU ARE CONSIDERING A SALE OF YOUR HOME, OUR ALL INCLUSIVE MARKETING PLAN WILL HELP YOU TO PRESENT YOUR HOME IN A WAY THAT WILL ATTRACT THE BUYERS. DON’T LET ANYTHING STOP YOU! CALL US IN FOR A CONSULTATION AND PRICE OPINION.
LOCAL MARKET STATISTICS -For Single Family Homes.
| Active Now (as of Mar 25) | Under Contract since Mar 15 | |
| MAPLEWOOD | 14 (10) | 23 |
| SOUTH ORANGE | 3 (5) | 14 |
| WEST ORANGE | 37 (23) | 37 |
| MONTCLAIR | 28 (19) | 38 |
| BLOOMFIELD | 27 (16) | 20 |
| MILLBURN/SHORT HILLS | 35 (24) | 33 |
| ORANGE | 12 (14) | 14 |
| UNION | 38 (26) | 43 |
| SUMMIT | 16 (17) | 33 |