Market Report for July 2007

My sincere thanks to Power Realtor, Maggee Miggins of Burgdorff-ERA, Short Hills, for the details that went into producing this report.

Contract Sales are up in Millburn-Short Hills over the same time last year. The recent doom and gloom headlines are not impacting the key "Midtown Direct" areas [Midtown Direct is a train line that goes straight into New York's Penn Station] that are an easy commute to Manhattan. this fundamental advantage continues to benefit this town and to maintain solid prices for well-marketed (well-staged) homes.

During the month of July 31 houses were sold, ranging in price from $535,000 - $4,825,000. The average list price was $1,896,000 with an average closing price of $1,720,000. The difference between list and selling prices are 9% which feels high to me. I've bought and sold 3 houses here in the last 8 years, and have come to expect most homes to be close to or over List.

The average of all homes sold is a 5BR, with 3.1 baths.

The average days on the market, for July, was 69 days. However in the Hartshorn district, where there is still substantial construction, the average DOM is 58.

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