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Real Estate Market Update
The Real Estate Market in Union County NJ for the month of November remained a Seller’s Market. The Average Sale price was $638K which was +16% to last year and +4% to the prior 3 months. This was a slight drop off over the past few months but remains an upward trajectory in price overall. Homes continued to sell above list price, with the average sales price going for about 1% over. This is a softer than the peak earlier this year but is in line with last year . Some homes are still selling for significantly over asking.
Part of the reason we are still seeing these high prices is that inventory remains very lean. There were only 303 homes sold for the month which was -32% to last year and in line with record lows over the last 2 years. There were also only 284 new listings for the month which was -29% to last year and the lowest number of new listings we’ve seen since last December
We have seen a slight down trend in Days on Market which is the number of days a home is on the market before it sells. This was 38 days this month which has been increasing over the past couple of months but is still much faster than 2020 numbers.
Notable Home Sales
There were some notable sales this month! The two homes with the highest sales prices were a house in Summit that sold for $4.2M which was $350K over asking in only 22 days and a home in Westfield that sold for $3.25M in only 7 days! Another notable Westfield sale was a home on Eaglecroft that went for $161K over asking at $1.36 in only 9 days. There was also a house on Indian Spring Rd in Cranford that sold for $96K over asking at $915K in only 14 days.
So overall, it’s still a strong seller’s market. Homes aren’t selling quite as fast or for quite as much over list price, but prices are not dropping here the way you have probably been hearing they are in the media headline. Let me know if you have any questions and I’ll continue to keep you updated.
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