Fran’s Market Update

By maryellen August 23, 2022

I wish I could say that we are starting to feel the fall coolness in the air…but alas, I cannot!

What we are feeling is a real estate market that has cooled down considerably.  While this time period in August is always a slower time, we are trying to analyze the slowness a bit more closely. We have experienced 2+ years of complete chaos but are now seeing this calmer market. The inventory is receding as is the number of buyers out there. That is not to say that there is a complete lack of buyers, but what we are seeing has shown us that right now, the only buyers out there are the serious ones and some new buyers beginning to get a bit of a head start for the spring of ’23.

It remains to be seen what the fall market will bring…

What has been customary is that the market tends to pick up a bit. A few more listings and a few more buyers seem to show up.  As for prices, they have stabilized. With only a few exceptions, we are not seeing a consistent number of multiple offers. As a matter of fact, there are quite a lot of homes that do not sell the first week out. This presents an opportunity in my opinion. If you are considering a purchase, do not assume that you will face unbearable competition.  Now is a perfect time to be in the market! 

For sellers… Yes, you have missed the heyday but do not despair! Prices have gone up considerably and we do not expect to see them take a nosedive. Despite the rising interest rates, buyers have resigned themselves to the current prices and are still moving forward knowing that the market is less competitive and that is their bonus.

NEW INVENTORY COMING SOON:

Yale Terrace, West Orange: New renovation-4 Beds, 3.1 baths, central air, finished basement, nice yard.

Ranch on Austen Road, Seven Oaks, Orange: 4 beds/3.1 baths, CAC, underground sprinklers, indoor pool + so much more!

Sought-After Street in Seven Oaks: 6 Beds/4.5 Baths complete gut renovation. Central air, finished basement.   

CALL or TEXT US FOR DETAILS!

LOCAL MARKET STATISTICS -For Single Family Homes. 

 

 Active Now
(as of 8/)
Under Contract
since 8/1
MAPLEWOOD  21 (22)      11
SOUTH ORANGE  13 (7)    8
WEST ORANGE  54 (48)   27
MONTCLAIR   20 (19)   10
BLOOMFIELD  35 (36)    19
MILLBURN/SHORT HILLS  35 (44)   13
ORANGE  16 (24)    8
UNION  65 (66   39
SUMMIT  24 (13)   11