Real Estate Market Update – March 2013

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As we speak, there are more sales and homes going under contract than we have seen in a long time. And when you consider that our inventory levels are also at an all-time low, it’s apparent just how hot the real estate market really is these days! We did a review of this year’s numbers compared to the same time last year and the numbers are staggering. Here’s a look:

Buyers Want to Buy But There is Almost No Inventory Out There

Our marketplace has seen some interesting ups and downs throughout the past but who could have predicted such low inventory levels? In fact, if you look across the board at all our towns hitting the MIdTown Direct Train lines, we have tons of buyers out there eager to buy and hardly any houses for them to choose from.

Multiple Offers, Bidding Wars and Artificially Inflated Prices Are Back

With the staggeringly few homes available on the market, homes that are priced well and in great condition are the first to go. And they go with a bang – with multiple offers and bidding wars that have been resulting in artificially inflated prices. Sellers are enjoying the upper hand, often getting more than asking price for the sale of their homes.

Inventory Levels Drastically Reduced from Last Year’s Numbers

In South Orange we currently have 20% fewer homes on the market compared to the same time last year.  West Orange is down by 30% and Berkeley is also down on inventory. Conversely, the number of homes going under contract is dramatically higher, with New Providence experiencing the highest jump at 79% more homes under contract this year. Chatham Township saw a 169% increase in pending contracts in the year’s first three months. Chatham Borough has a 50% increase of pending homes, Berkeley Heights is up 61% -- the list goes on.
All this means one thing for sellers; now is the time to jump off the fence! If you’ve been wondering if your home would sell or if you haven’t been sure whether it’s the right time – trust me when I tell you that it could not be a better time.