Real Estate: Market Grew in 2010

Last year proved to be a stronger year for Millburn-Short Hills real estate than the year prior. Interest rates continue to be low, and buyers have a pent-up demand for property. Sellers have also begun to realize that the market is settling back into what may be the "new norm."

The following is an MLS comparison of the last 12 months (December 2009 through November 2010; full December 2010 data is not available as of this writing), compared to the same 12 month period of the year prior:

The number of active listing has been steadily declining from the fall as we get deeper into the winter. There are currently 72 houses on the market, according to Garden State MLS. This is down from 166 in September, 103 in October and 91 in November. However, it is typical for this time of year.

On the positive side, since the beginning of September, 43 additional homes have been listed to the active roster. Although this is lower than the 69 in the same 4 month period of 2009 - homes are selling. During the month of December alone, 22 homes have sold, and another 36 are under contract. This compares to just one house that sold in December a year ago (and no others put under contract).  

We are also seeing a continued comeback of the higher priced homes. Of the 22 that sold in December, nine were over $1 million, eight were in the $600,000 to $999,999 range and only 5 sold for under $600,000. Plus, the majority of homes currently under contract (17 of 35) are priced over $1 million. The demand is strong and the homes are priced right for the marketplace.

Sixteen of the 22 homes were only on the market for an average 28 days before going under contract. The remaining six homes stayed on the market for about six and a half months, which in itself is not bad considering the market we are coming out.

The following is a summary of what sold in December:

• 30 Mechanic St. – Multi-family – 4 Bed/2 Bath - $437,500
• 70 Cypress St. – Ranch – 3 Bed/2 Bath - $497,000
• 85 Spring St. – Split Level – 3 Bed/1.5 bath - $530,000
• 153 Myrtle Ave. – Tudor – 3 Bed/1.5 Bath - $568,000
• 24 Berkeley Rd. – Colonial – 4 Bed/1.5 Bath - $597,500
• 262 Brookhaven Way – Ranch – 3 Bed/2 Bath - $605,000
• 58 Elm St. – Colonial – 4 Bed/2.1 Bath - $625,126
• 52 Wellington Ave. – Tudor – 4 Bed/3 Bath - $710,000
• 43 Undercliff Rd. – Colonial – 5 Bed/3 Bath - $838,000
• 26 Campbell Rd. – Colonial – 4 Bed/2.5 Bath - $880,000
• 43 Meadowbrook Rd. – Colonial – 4 Bed/2.5 Bath - $870,000
• 62 Great Hills Rd. – Colonial – 5 Bed/4.5 Bath - $950,000
• 39 Fairfield Terrace – Ranch – 3 Bed/2.5 Bath - $999,000
• 21 Highland Ave. – Victorian – 6 Bed/2 Full & 2 Half Baths - $1,190,000
• 45 West Road – Colonial – 6 Bed/4.5 Bath - $1,207,500
• 21 Wells Lane – Expanded Ranch – 4 Bed/3 Bath - $1,453,000
• 10 E. Beechcroft Rd. – Colonial – 5 Bed/3.5 Bath - $1,465,000
• 36 Forest Drive North – Colonial – 7 Bed/4 Full & 2 Half Bath - $1,725,000
• 53 Farbrook Dr. – Colonial – 5 Bed/4.5 Bath - $1,800,000
• 62 Slayton Dr. – Custom – 6 Bed/5.5 Bath - $2,000,000
• 7 Wordsworth Rd. – Colonial – 6 Bed/5.5 Bath - $2,250,000
• 7 W. Beechcroft Rd. – Colonial – 7 Bed/6.5 Bath - $3,100,000