There’s reason to smile when looking at the Millburn/Short Hills real estate market over a million dollars. We appear to be shaking off signs of the recession in the $1M+ market when you compare the first half of 2010 to 2009. Sales have increased and the average sale price has inched up while the days on market have gone down.
Between January – June of this year there was a 61% increase in the number of 1M+ homes sold compared to last year, 59 vs 36; only 1 of the 59 was in Millburn. Even as the average sale price moved up $37,719 to $1,739,190, the $1M – $2M range saw a 39% increase with 39 homes selling in this range this year vs 28 last year.
What does it take to get over a million dollar sale price on your Short Hills NJ home today: competitive pricing, staging, timing and, of course, luck!
The accompanying spreadsheet lists all the Millburn/Short Hills homes that have sold over a $1M for the first 6 months of this year. You will see the relation between the total tax assessment to the sales price, along with other information like the month the home transferred ownership, the number of days on the market before going under contract and the final list price. An (*) asterisk next to an address denotes the list price was reduced at least one time during the current listing period.
As the average sale price inched up, the average days on market went down. It took on average 89 days for a house to go under contract in the first half of 2009 while it took only 61 days this year. These numbers are sometimes a moving target to capture, though, because a house can be listed more than once by a real estate agent/agency or as a private sale before it is actually sold. Many of these homes were listed before at a higher price so the days on the market may not reflect the exact length of the listing when it was on at an earlier time.
All the statistics were compiled using information from the Garden State Multiple Listing Service (GSMLS) and does not include private sales or homes listed as an exclusive by a real estate agent.
To discuss more about how you can leverage the current market and achieve success over the $1M mark, give me and Dan Cannizzo a call at 201-417-1600. In the meantime, visit www.84Pine.com to get just a taste of the type of home in Millburn, New Jersey that you can buy for just around $1,000,000.
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| PROPERTY ADDRESS | TOTAL TAX | SALES PRICE | LIST PRICE | SP/LP | SP/TA | CLOSE DATE | DOM | |||||||||
| 11 Barberry Lane | Renovated | 4,125,000 | 4,385,000 | 94% | - | Apr | 16 | |||||||||
| 15 Slope Drive* | 4,150.0 | 3,975,000 | 4,495,000 | 88% | 0.96 | Mar | 145 | |||||||||
| 9 Bishops Lane* | 2,505.9 | 2,750,000 | 2,875,000 | 96% | 1.10 | Jan | 127 | |||||||||
| 488 Long Hill Drive | New | 2,700,000 | 2,995,000 | 90% | - | Jun | 245 | |||||||||
| 5 Sylvan Way | New | 2,687,500 | 2,795,000 | 96% | - | May | 219 | |||||||||
| 20 Shawnee Road* | New | 2,600,000 | 2,895,000 | 90% | - | Mar | 78 | |||||||||
| 48 Great Hills Terrace | 2,307.2 | 2,545,000 | 2,725,000 | 93% | 1.10 | Jun | 18 | |||||||||
| + | One Brooklawn Drive | 2,605.5 | 2,509,500 | 2,650,000 | 95% | 0.96 | Feb | 38 | ||||||||
| 9 Lancer Drive* | New | 2,425,000 | 2,549,000 | 95% | - | Jun | 235 | |||||||||
| 82 Stewart Road* | 2,650.0 | 2,375,000 | 2,495,000 | 95% | 0.90 | Mar | 45 | |||||||||
| 10 Stewart Road | 2,803.2 | 2,350,000 | 2,495,000 | 94% | 0.84 | May | 45 | |||||||||
| 10 Forest Drive North* | 2,032.0 | 2,325,000 | 2,395,000 | 85% | 1.00 | Jun | 48 | |||||||||
| 9 South Beechcroft Road* | New | 2,300,000 | 2,495,000 | 92% | - | Jun | 173 | |||||||||
| 43 Browning Road | New | 2,200,000 | 2,299,000 | 96% | - | Jun | 0 | |||||||||
| 270 White Oak Ridge Road | New | 2,175,000 | 2,295,000 | 95% | - | Jan | 46 | |||||||||
| 54 Falmouth Street* | Renovated | 2,150,000 | 2,399,000 | 90% | - | Jan | 31 | |||||||||
| 28 Farbrook Drive* | Renovated | 2,122,500 | 2,395,000 | 89% | - | Feb | 157 | |||||||||
| + | 48 Kenilworth Drive* | 2,608.2 | 2,100,000 | 2,300,000 | 91% | 0.81 | Jun | 137 | ||||||||
| 34 Quaker Road | New | 2,062,500 | 1,999,900 | 103% | - | Apr | 12 | |||||||||
| 125 Farley Road | 1,905.8 | 2,025,000 | 2,199,000 | 92% | 1.06 | Jun | 42 | |||||||||
| 2 Cross Gates* | 1,907.7 | 1,875,000 | 1,949,000 | 96% | 0.98 | Jun | 58 | |||||||||
| + | 14 Fielding Road* | 1,563.3 | 1,825,000 | 1,875,000 | 97% | 1.17 | Apr | 61 | ||||||||
| 57 Far Brook Drive | 2,149.0 | 1,825,000 | 1,825,000 | 100% | 0.85 | Jun | 14 | |||||||||
| 33 Hilltop Road | 1,462.9 | 1,750,000 | 1,749,000 | 100% | 1.20 | Mar | 7 | |||||||||
| 11 Oswego Lane* | 1,634.1 | 1,740,000 | 1,795,000 | 97% | 1.06 | May | 147 | |||||||||
| 37 Hilltop Road | 1,618.5 | 1,675,000 | 1,799,000 | 93% | 1.03 | Jan | 73 | |||||||||
| 7 Robbins Lane | 1,633.5 | 1,601,000 | 1,595,000 | 100% | 0.98 | Jun | 14 | |||||||||
| 49 Nottingham Road* | 1,665.0 | 1,600,000 | 1,729,000 | 93% | 0.96 | Feb | 0 | |||||||||
| 21 Cambridge Drive | 1,400.0 | 1,575,000 | 1,595,000 | 99% | 1.13 | Apr | 39 | |||||||||
| 58 Farbrook Drive* | 1,350.4 | 1,500,000 | 1,599,000 | 94% | 1.11 | Jun | 77 | |||||||||
| 128 Hartshorn Drive | 1,300.0 | 1,481,000 | 1,500,000 | 99% | 1.14 | May | 46 | |||||||||
| 20 Quaker Road | 1,107.0 | 1,475,000 | 1,558,000 | 95% | 1.33 | Jun | 19 | |||||||||
| 12 Benson Court* | 1,403.8 | 1,475,000 | 1,500,000 | 98% | 1.05 | Jan | 117 | |||||||||
| 140 Stewart Road | 1,108.2 | 1,400,000 | 1,395,000 | 100% | 1.26 | May | 5 | |||||||||
| 277 South Forest Drive | 1,292.0 | 1,360,200 | 1,395,000 | 97% | 1.05 | Jun | 17 | |||||||||
| 285 Lupine Way | 1,107.3 | 1,325,000 | 1,399,000 | 95% | 1.20 | Jan | 46 | |||||||||
| 35 Barnsdale Road* | 1,564.9 | 1,307,500 | 1,515,000 | 86% | 0.84 | Jun | 107 | |||||||||
| + | 72 Seminole Way | 1,043.0 | 1,289,000 | 1,000,000 | 129% | 1.24 | Jun | 7 | ||||||||
| 374 Hartshorn Drive* | 1,115.2 | 1,280,000 | 1,299,000 | 99% | 1.15 | Apr | 149 | |||||||||
| 41 Martindale Road | 1,136.8 | 1,252,515 | 1,395,000 | 90% | 1.10 | Apr | 60 | |||||||||
| + | 21 Richard Drive | 1,173.5 | 1,225,000 | 1,295,000 | 101% | 1.11 | Jun | 32 | ||||||||
| 3 Beechcroft Road* | 1,751.9 | 1,205,000 | 1,295,000 | 93% | 0.69 | Feb | 115 | |||||||||
| 29 Dorset Lane | 1,043.0 | 1,200,013 | 1,100,000 | 109% | 1.15 | May | 13 | |||||||||
| 195 Hartshorn Drive | 1,241.9 | 1,200,000 | 1,295,000 | 93% | 0.97 | Apr | 42 | |||||||||
| 189 Sagamore Road | 1,069.8 | 1,175,000 | 1,025,000 | 115% | 1.10 | Jun | 13 | |||||||||
| One Fairfield Drive | 874.2 | 1,160,000 | 1,199,000 | 97% | 1.33 | May | 20 | |||||||||
| + | 47 Troy Drive | 1,087.0 | 1,160,000 | 1,199,000 | 97% | 1.07 | Apr | 8 | ||||||||
| 43 Harvey Drive* | 1,221.8 | 1,150,000 | 1,295,000 | 89% | 0.94 | Mar | 119 | |||||||||
| 383 Hobart Avenue | 872.6 | 1,135,000 | 1,195,000 | 95% | 1.30 | Feb | 10 | |||||||||
| 28 Pine Terrace West | 962.9 | 1,130,000 | 1,095,000 | 103% | 1.17 | Apr | 16 | |||||||||
| 35 Whitney Road | 1,097.1 | 1,105,000 | 1,050,000 | 105% | 1.01 | Jun | 20 | |||||||||
| 11 Ferndale Road* | 1,023.0 | 1,100,000 | 1,150,000 | 96% | 1.08 | Mar | 61 | |||||||||
| 26 Dorset Lane | 933.0 | 1,100,000 | 1,049,000 | 105% | 1.18 | Jun | 6 | |||||||||
| + | 44 East Hartshorn Drive | 829.5 | 1,100,000 | 975,000 | 113% | 1.33 | Apr | 0 | ||||||||
| 10 Marion Avenue | 939.4 | 1,095,000 | 1,099,000 | 100% | 1.17 | Apr | 1 | |||||||||
| 19 Colonial Way | 992.4 | 1,084,000 | 1,095,000 | 99% | 1.09 | Jan | 60 | |||||||||
| 16 Dominick Court | 1,026.9 | 1,075,000 | 1,195,000 | 90% | 1.05 | Mar | 26 | |||||||||
| + | 21 Browning Road | 905.0 | 1,050,000 | 1,195,000 | 88% | 1.16 | May | 37 | ||||||||
| 11 Hilltop Road | 946.4 | 1,050,000 | 975,000 | 108% | 1.11 | May | 11 | |||||||||
| Glossary: * = list price was reduced | DOM = Days on Market | Total Tax = Total Tax Assessment | ||||||||||||||
| SP/TA = Sales Price / Tax Assessment | + Listed OR Sold by TRG | SP/LP = Sales % of List | ||||||||||||||
