Fran’s Update

By maryellen February 6, 2023

As anticipated, the buyers are out there in full force and the inventory remains restricted. This combination of factors sets up the perfect storm. Sellers who have their homes priced fairly and presented in their best light are seeing multiple offers.  The homes with newly renovated kitchens and baths are especially benefitting from the current boom in the market.

Last week, 3 beautiful homes hit the market. One in each of West Orange, South Orange and Maplewood. The West Orange home was 3 beds and 2.1 baths listed at $625k. This was a brand new whole house renovation designed beautifully with very tasteful high end finishes.  The home had central air, finished basement but no primary bath.  It received 19 offers

The South Orange home was 4 bedrooms and 2.1 baths and was priced at $729k. It was very nicely renovated. It had central air, a primary bath but no finished basement although it was large, immaculate and had high ceilings. This home had 8 offers

Finally, a Maplewood home with 3 beds and 2.1 baths was listed at $749k. The first floor was newly redone with big open space and light wood floors. The kitchen was lovely with high end finishes throughout the space. The bathrooms were also new. Upstairs the house fell apart a bit. The floors were not redone and needed it. There was no primary bath and no central air.  There was a finished basement. This property had 14 offers

This is a snapshot of what the very early spring market looks like every year! Buyers are typically out in force and the sellers are not yet ready to put their  homes on the market.  This is a perfect example of “the early bird gets the worm”.

We do expect the vibrant market to continue for the next several months. There will be more inventory available with each passing week, offering more choices for the buyer. This will likely affect the number of offers per new listing, reducing them by a small amount.

My message right now is that it is very much a seller’s market so if you are thinking about selling your home.  DO NOT WAIT. Call us in and we will put together a plan that can be easily executed to help you to get your home on the market without delay. We offer all of the support you need to get this done quickly.  CALL US TODAY!

LOCAL MARKET STATISTICS -For Single Family Homes. 


 Active Now
(as of 1/22)
Under Contract
since 1/15
MAPLEWOOD     17 (17)      9
SOUTH ORANGE     13 (14)      9
WEST ORANGE     32 (37)     16
MONTCLAIR     14 (12)      8
BLOOMFIELD     21 (20)      14
MILLBURN/SHORT HILLS     20 (18)      9
ORANGE     19 (21)       6
UNION     39 (36)     20
SUMMIT      16 (17)                                                                            11