Happy Summer!
Are you still out there looking for your dream home? You may be happy to know that the market has slowed down just a bit and with that the buyers are beginning to get a slight break from the competitive nature of the spring market. Inventory is starting to build up ever so slightly in some of the markets that we track bi-weekly as you can see below.
While May was still very robust and probably the strongest month of the year, we expect June to have a bit of a dip where contracted sales are concerned and this should carry through the rest of the summer. When inventory starts to build, then prices begin to level off. We have seen some houses lower their prices in recent weeks as proof that the extreme bull market is passing. Buyers who still want to buy have choices and are not jumping at the chance to buy almost ANY house within their price range unless it really ticks the most important boxes for them.
The message here is that if you still want to buy a house this season, get out there now and do it!
If you want to upsize or downsize it is the perfect time because IF you need a home sale contingency, you may have the opportunity now, whereas when the market was so hot and so fast, sellers who would accept one were few and far between.
| Active Now (3 weeks ago) | Under Contract (since 6/1) | |
| Maplewood | 40 (42) | 33 |
| South Orange | 57 (51) | 25 |
| West Orange | 122 (111) | 51 |
| Montclair | 80 (83) | 45 |
| Millburn/Short Hills | 120 (113) | 25 |
| Orange | 36 | 14 |
| Livingston | 119 (131) | 34 |
| Bloomfield | 86 (80) | 37 |
| Union | 202 (137) | 60 |
| Summit | 90 (84) | 17 |