The Home Buyer Tax Credit had a positive effect on home sales under $800,000 in the Millburn/Short Hills area just like it did in other nearby towns. It enabled buyers looking for homes for sale in Short Hills to get their home sold and move-up, letting the domino effect spur home sales in town. For the most part, buyers had to close by June 30 to take advantage of the credit, even though a last minute extension was granted. The positive effects this had on Millburn/Short Hills home sales is evident in the chart below. Forty-five residential homes sold in June, the most all year, and more than double of what sold in any previous month in the first half of the year.
2010 Monthly Snapshot of Millburn/Short Hills Residential Home Sales
|Month||# of Homes Sold||Average Sales Price||Average List Price||Average Days on Market|
The good news continued in July with 25 completed residential home transactions, which makes it the second most successful month for real estate in town so far this year. But something else is good this month, too. July holds the second highest average sales price for Millburn/Short Hills real estate with an average sales price of $1,330,230. This only trails the peak in March where the average sales price was $1,412,071. The July numbers are also imnpressive because 27 homes sold in July 2009 with an average sales price of $1,220,177 and the average days on market of 73. A year-over-year comparison tells us with everything else happening around us economically, people are still buying and selling in town without a significant drop in the quantity of what’s being sold. The average sales price and average days on market has also improved.
Contact me, Karen EastmanBigos, Millburn-Short Hills Specialist , to go over more details of what this means to your particular situation and how you can take advantage of the market today.
The chart below lists all the homes that sold in July as reported in the Garden State Multiple Listing Service. Those with an asterisk (*) indicate that an agent from my company, Towne Realty Group, participated in the listing or sale.
As a boutique real estate agency specializing in ultimate total transaction service, we pride ourselves on how many clients buy and sell real estate in Millburn/Short Hills, Summit, Livingston, Maplewood, South Orange, West Orange NJ and surrounding towns, with an office that is usually more than half the size of many brand name real estate conglomerates around us. Our personal attention to detail, service, extensive knowledge of the marketplace, and enormous internet and marketing capabilities continues to draw people to us daily. We do not have any inexperienced agents and the level of commitment to continuing education and community volunteerism, separates us from the average real estate agent who just dabbles in the business.
JULY RESIDENTIAL HOME SALES
|Address||Sold Price||List Price||Style||DOM|
|10 Rosedale Ave||$562,500||$599,000||Colonial||114|
|83 Myrtle Ave*||$640,000||$650,000||Cape Cod||29|
|45 Parkview Dr*||$625,000||$650,000||Colonial||50|
|425 Wyoming Ave||$697,000||$675,000||Victorian||79|
|431 White Oak Ridge Rd||$722,000||$708,000||Custom||53|
|56 Southern Slope Dr||$630,000||$710,000||Colonial||57|
|53 Elmwood Pl||$970,000||$935,000||Colonial||37|
|10 Winthrop Rd||$985,250||$988,000||Ranch||29|
|23 Inverness Ct||$999,000||$999,000||Custom||8|
|9 Edwards Pl||$1,150,000||$1,095,000||Ranch||11|
|18 Fielding Rd||$1,075,000||$1,095,000||Ranch||39|
|25 Oswego Ln||$1,215,000||$1,150,000||Ranch||8|
|113 Tennyson Dr||$1,225,000||$1,195,000||Split Level||15|
|24 Delwick Ln||$1,250,000||$1,259,000||Tudor||84|
|27 Briarwood Dr||$1,368,000||$1,275,000||Colonial||11|
|27 Mohawk Rd||$1,265,000||$1,295,000||Split Level||35|
|297 Lupine Way||$1,335,000||$1,295,000||Colonial||20|
|45 Keats Rd||$1,332,000||$1,329,000||Colonial||10|
|12 Gapview Rd||$1,460,000||$1,590,000||Colonial||103|
|18 Slope Dr||$1,700,000||$1,950,000||Colonial||66|
|2 Hickory Rd||$1,900,000||$1,999,000||Custom||143|
|50 Birch Ln||$1,900,000||$2,200,000||Ranch||1|
|52 Keats Rd||$2,150,000||$2,300,000||Colonial||57|
|21 Slope Dr*||$2,500,000||$2,699,000||Colonial||61|
|40 Dorison Dr*||$3,600,000||$4,450,000||Custom||31|