Fran’s Market Update

By maryellen January 14, 2022

Happy New Year!  Wishing everyone a healthy and joyful 2022.

As I was deciding what to say in my update, I decided to look back at the ezine from early January 2021, exactly a year ago. I sat here and giggled because what it said about the state of the market was 100% what I was about to write.

I spoke about tons of buyers, prices continuing to rise, inventory quite low and mortgage rates being incredibly appealing. The reality is that the COVID rush began in May/June of 2020 and quite frankly has continued at an almost nonstop pace since then.

The only difference now is that once again I must highlight that the inventory really is at an all time low.  When you look at the Local Market stats below, I will show you the data from a year ago as well as today.

We put a new listing on the market in Bloomfield a week ago and we had 30-35 showings!  We will be under contract tomorrow after having multiple offers. We will be putting on a new listing in West Orange in the next few weeks, on Luddington Rd. Since we often work with investors, we generally have a steady flow of houses, which is great! 
A lot of our focus is also on the Seven Oaks section of Orange which has seen a big rise in interest as an alternative community to explore for reasonably priced housing. Keep an eye on this area. We have a lovely 5 bedroom/3.5 bath totally renovated home with central air that is almost completed.  It will hit the market in about 6 weeks…pricing will be about $649k.  

LOCAL MARKET STATISTICS -For Single Family Homes. We usually look back a few weeks but we are including data from a year ago to show how historically low inventory is right now!

South Orange1795 
West Orange364023 
Millburn & Short Hills462013