August 2012 Real Estate Update

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As we sit back and relax during this otherwise slower month for real estate I wanted to share with you some of the happenings in our marketplace and how they impact you. As of this time in August last year, many of our markets were seeing a significant amount of inventory on hand. Fast forward to the same time this year and the change is fantastic!

Breaking down each area, here is a look at how our local real estate market performance has been plus a few tips on how this impacts you as a buyer or seller today.

South Orange, West Orange

We saw a surge of inventory last year and slowly over the past 12 months this has come down. Today, we have approximately 20% less inventory in these areas coupled with a sales increase of about 32% from last year. This is phenomenal news! Even though prices remained the same, what this tells us is that we are on the road to recovery from the harsh outcomes of the housing crisis back in 2007.

Maplewood

The Maplewood area saw a huge decline in the number of homes available on the market with as much as about 40% fewer homes this year compared to last! Sales improved during that time too, with a 9% increase in sales from the same time last year.

Millburn, Short-Hills and Summit

We have not seen a lot of change in these markets but mainly because there were no major struggles in these areas to begin with. Last year, inventory levels were fairly stable as were home sales. The same holds true this year, making Millburn, Short-Hills and Summit fairly level year over year. We did see a slight improvement in the number of sales.

Borough of Chatham

Like the Millburn, Short-Hills and Summit markets, the Borough of Chatham also experienced a fairly level real estate outlook this year as well as last. No real change in inventory levels were reported and a slight increase in sales took place this year versus the same time in 2011.

Chatham Township

There was more change reported in the Chatham Township area compared to the Borough, with Chatham Township registering 10% more homes available on the market. There was also a 13% decline in the number of sales in this area.

Madison

The most significant change we have seen was reported in Madison. With a huge dip in inventory this year from 70 homes on the market in 2011 to just 47 at the same time this year, this market is on track for a balanced market. With sales up 7%, it is a good time to sell right now especially as demand increases with fewer homes.

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Considering the overall changes in our marketplace now is a great time for both sellers and buyers alike. The super low interest rates are holding steady for now so that means the cost of borrowing is significantly lower than it has been in years. In terms of selling your home, as the competition continues to increase with fewer and fewer available homes for sale, you can expect multiple bids and top dollar sales.

Contact me, your trusted real estate advisor, today for a customized consultation so we can discuss your real estate needs and get to work on achieving those goals right away! My email address is aCutAbove@shannonaronson.com or you can call me at 973.214.0691. I look forward to hearing from you soon!

Summit, New Jersey Offers Residents Quaint, Small Town Living With Plenty to Do

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Today’s video was recorded as I stood among the trees and cool breeze of the Summit Arboretum. If you look around, you will see plenty of locals enjoying the gardens, having picnics, spending a gorgeous day outside.

Nestled comfortably as a transportation hub that accesses all areas in the region through trains, Summit is one of the area's most sought after commuting towns. Gone are the days of living exclusively in the cramped quarters of a city – especially for families. Consider the schools system in Summit – this school district has consistently been voted among the best schools systems in the entire state of New Jersey!

There is plenty to keep you busy in Summit too – whether that means visiting the many restaurants, enjoying the pleasant weather in the backdrop of some amazing parks and recreational facilities or experiencing the history and charm of a colonial town.

For residents that like to live in a relatively quiet community while still living the hustle and bustle of city life there is easy access to other cities via the MidTOWN DIRECT train line – getting you to Penn Station is under 40 minutes.

You will love the people, places and things to do here. If you are exploring places to move to and New Jersey in on the map – contact me today! I’d love to show you all the places I love around town in Summit! Call me at 973.214.0691 today.

Top Rated Schools In Millburn-Short Hills New Jersey Contributing Factor in Its Desirable Real Estate Location

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What are the things that make your list of important reasons to move to a certain locale?  Is it the type of people that live there?  Is it something more personal like the number of family or friends in the area? Are area shopping centers and other attractions desirable? Or is the integrity of the school system an important deciding factor?

As your trusted real estate advisor, I can tell you that one of the top reasons many buyers choose a particular vicinity is the quality of school system in the area. And when it comes to this, the Millburn-Short Hills area is top rated and second to none. In fact, rated the number 1 high school in the entire state of New Jersey by the New Jersey Monthly Magazine, residents are consistently proud to call out this distinction year after year.

The structure of the Millburn Township Public Schools is tiered with all schools leading to the renowned high school. This excellent district’s middle school houses all children that have come up from the five area elementary schools (two in Millburn and three in Short Hills).

I invite you to visit my website and see the area where I have included links to all the school websites (among other useful links) for your convenience. You can also click the school district’s site above in this article.

Our area is not limited to just the Millburn school system – in fact, there are many locales where you can ensure top rated, quality education for your children. To find out more about those, or the ones I have discussed in this article – contact me at my direct number 973.214.0691. And as always if you decide you would like to pursue purchasing a property in the area or if it is time to list your home on the market, I welcome your call and look forward to serving you!