Fran’s Market update

By maryellen September 19, 2022

The market is in the midst of a change. Buyers are still out there in respectable numbers but for the most part they feel no urgency. The inventory is rising and in order to get offers, the property must be priced very carefully and presented beautifully. These 2 factors have always been important but now it is crucial. Buyers are very particular and if they don’t get this house, there will be another one next week or next month. This is causing quite a number of listings to take on price reductions if they do not sell within 2-3 weeks. We have not seen this in 2+ years.

This can be disheartening to some sellers who have finally decided to sell only to realize that the chaotic days of crazy over asking offers are over for now. That is not to say that there are no multiple offers happening. If a great house comes on the market showing well and priced well, there is a excellent chance of more than one offer. The reality is, prices have risen dramatically so even if a seller does not get more than one offer, their starting price is considerably higher than it would have been 2 years ago.

It is still a win win!

LOCAL MARKET STATISTICS -For Single Family Homes. 

 Active Now
 (as of 8/21)
Under Contract
    since 9/1
MAPLEWOOD    27 (22)        8
SOUTH ORANGE        9 (7)        5
WEST ORANGE   53 (54)      15
MONTCLAIR   25 (20)     10
BLOOMFIELD   36 (35)      15
MILLBURN/SHORT HILLS   42 (35)      4
ORANGE   21 (16)      4
UNION   70 (65)    36
SUMMIT    17 (24)      8