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Millburn/Short Hills Year End Home Sale Prices, Stats, and market update
Currently, the Millburn/Short Hills real estate market has very low inventory. From Oct 1 to Jan 1, only ONE home has gone under contract for over $2M. I think that’s because alot of the wall street crowd have been in a holding pattern – what will bonuses be? Will I have a job? You know, minor details like that. 
Its not just with buyers, its with sellers too.
As we move into January, all of a sudden I’m swamped with new listings coming out and my entire team is busy with buyers on the weekends. I’m sure the low interest rates have alot to do with it as well as the pent up demand for homes since new inventory is just now starting to come out again. The homes that have been sitting on the market are what most of the internet buyers see day after day so that’s why I provide these home sale stats so that you can see the sales data and get the true picture of our market.
December 2008 Home Sale Prices and Market Stats
| Address | Original Sale Price | List Price at Sale | Sale Price | DOM | Beds | Baths | Style |
| 35 Pine Terrace E | $475,000 | $475,000 | $470,000 | 13 | 2 | 1.1 | Ranch |
| 40 Spring St. | $556,000 | $485,000 | $460,000 | 94 | 3 | 2 | Colonial |
| 32 Locust Ave | $499,000 | $499,000 | $455,000 | 15 | 3 | 1.1 | Colonial |
| 134 Greenwood Dr. | $539,000 | $539,000 | $555,000 | 35 | 3 | 1.1 | Colonial |
| 15 Oak Hill Road | $899,000 | $849,900 | $810,000 | 62 | 4 | 2.2 | Colonial |
| 15 Rippling Brook Dr | $950,000 | $899,000 | $825,000 | 56 | 3 | 2.2 | Ranch,SplitLev |
| 59 Montview Ave | $995,000 | $995,000 | $1,200,000 | 15 | 5 | 3.1 | Carriage |
| 85 Mohawk Rd | $1,400,000 | $1,100,000 | $990,000 | 159 | 4 | 3.1 | Ranch |
| 12 Bruce Circle | $1,599,900 | $1,495,000 | $1,220,000 | 111 | 6 | 6.2 | Cont,RanchEx |
| 26 Merrywood Ln | $1,825,000 | $1,695,000 | $1,676,000 | 63 | 5 | 3.1 | Colonial |
AVERAGE DAYS ON MARKET:51 AVERAGE LISTING PRICE:$1,619,188
AVERAGE SALE PRICE:$1,206,503% SALE PRICE / LIST PRICE:96%
Millburn-Short HillsHome sale Trends December 2007 thru December 2008
| DES |
Dec. 2007 |
Jan. |
Feb. |
March |
April |
May |
|
Average Listing Price |
$1,783,695 |
$1,766,304
|
$1,760,174 |
$1,170,056 |
$1,612,035 |
$1,624,368 |
|
Average Sale Price |
$1,059,956 |
$1,230,206 |
$1,536,550 |
$1,191,250
|
$1,313,188 |
$1,361,130 |
|
%Sale Price to List Price Ratio |
97% |
97% |
97% |
97% |
94% |
94% |
|
Days on Market |
66 |
41 |
72 |
67 |
37 |
45 |
|
# of Active Listings |
107 |
116 |
131 |
153 |
164 |
167 |
|
# of Closed Listings |
17 |
20 |
10 |
18 |
17 |
23 |
| DES |
June |
July |
Aug |
Sept. |
Oct. |
Nov. |
Dec. 2008 |
|
Ave List Price |
$1,676,628 |
$1,686,431 |
$1,761,248
|
$1,777,399 |
$1,805,556 |
$1,799,771 |
$1,619,188 |
|
Ave Sale Price |
$1,029,568 |
$1,307,943 |
$1,307,931 |
$1,117,797 |
$1,247,615
|
$839,778 |
$1,206,503 |
|
%Sale/ List Ratio |
99% |
96% |
95% |
97% |
96% |
96% |
96% |
|
DOM
|
40 |
42 |
50 |
42 |
65 |
56 |
51 |
|
#Active Listings |
159 |
140 |
110 |
119 |
123 |
109 |
97 |
|
#Closed Listings |
29 |
35 |
55 |
16 |
13 |
9 |
10 |
|
December 08 |
Active Listings |
New Listings |
Under Contract |
Sold Listings |
Average |
SP/LP |
|
# Beds |
Avg LP |
Avg LP |
Avg LP |
Avg LP |
DOM |
% |
|
1 |
$257,550 |
$286,467 |
$308,633 |
$264,967 |
96 |
86% |
|
2 |
$410,700 |
$437,000 |
$430,475 |
$420,000 |
71 |
98% |
|
3 |
$752,388 |
$734,543 |
$745,889 |
$733,526 |
40 |
97% |
|
4 |
$1,145,073 |
$1,182,433 |
$1,084,561 |
$1,069,415 |
45 |
97% |
|
5+ |
$2,593,194 |
$2,531,261 |
$2,141,204 |
$2,079,158 |
67 |
94% |
|
TOWN |
$1,619,188 |
$1,534,682 |
$1,223,711 |
$1,206,503 |
51 |
96% |
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