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After years of a strong buyers’ market the tide seems to be changing. In fact, in our area we are reporting a staggering change in year over year figures in terms of the number of homes sold as well as the number of homes that have gone under contract. The perception is that the spring market is one where many people come out to put their homes on the market, given the warmer temps and festive attitude unlike the cold winter months. Despite this perception, the truth is that we have fewer homes on the market than we have had in a long time. As you can see below the numbers have changed dramatically in each respective vicinity of our area from the same time last year over now.
Millburn – Short Hills
Currently there are 112 homes for sale, a number very close to the same time as last year. Conversely, the number of homes that have gone under contract is up 17% this year from last year signifying a strong and positive selling trend in the market.
Maplewood and South Orange
Both neighborhoods struggled last year and each locale has significantly fewer homes on the market this year. In spring of 2011 Maplewood had 150 homes on the market as opposed to 137 in the present market. South Orange witnessed a sharp decline in inventory this year over last as well, with 150 listings last year versus 137 this year.
As far as homes that went under contract, Maplewood is up by 53% this year versus last and South Orange is reporting a 45% increase in homes under contract for this time of year compared to last. With the same number of buyers but that much more selling activity the market has clearly shifted to a seller-controlled marketplace.
Chatham, Madison Springfield
There have not been too many changes in the Chatham, Madison and Springfield markets this year over last but as usually happens in a changing real estate market, these areas will likely follow suit eventually.
What Do These Numbers Mean To You?
The most significant impact these numbers have is on sellers and with fewer homes on the market to choose from sellers can enjoy less selling competition. This translates to more interest from the buyers that are out there, multiple offers and even sale prices that are at or even above asking price.
If you have been sitting on your property waiting to sell it in a better market, now is that time. Buyers are still eager to seize record-setting low interest rates before they go up again and they do not have that much to choose from at the moment. At the same time the market has not been flooded by shadow inventory, expected to hit the real estate arena sometime this year.
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If the latest market update motivates you to list your home for sale, move into something better or anything else, please contact us so we can assist you with your real estate endeavors! We’d love to be of service!
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