Patrizia "Trish" Giassa

Real Estate news continues to flood the media. Nationally and at the state level, the news has been disconcerting to most. The following statistics about homes sales in Millburn and Short Hills will shed some light on what went on in our local real estate market in 2008. These figures are according to the Garden State Multiple Listing Service (GSMLS).

A look at important indicators shows a mixed bag of results in the township. In contrast to other parts of New Jersey and the U.S., the inventory of unsold homes on the market here has stayed very low and even fallen at some points during the year. The year ended with only 69 homes being listed on the GSMLS. This is much lower than in previous years. The low inventory has helped keep the selling prices somewhat more stable than elsewhere.

In Millburn and Short Hills last year the average selling price dropped just less than 6%. The overall New Jersey price drop was expected to be at around 12% statewide, so our township seems to have fared much better than the early reports for New Jersey on the whole. In 2008 the average selling price was around $1,216,000 as compared to $1,293,000 in 2007.

The overall number of homes that traded in Millburn and Short Hills in 2008 showed a 15% decline over the previous year. 307 homes were sold in 2007 and 260 homes sold in 2008. As might be expected the homes that continued to sell at the best rate were homes with asking prices under $1 million dollars. A nearly equal number of homes sold in that range over this period with 149 selling in 2007 and 141 selling in 2008. In the $1-$2 million dollar range the number of homes sold dropped from 110 to 85. The most expensive homes, those over $2 million showed the largest decline dropping from 50 in 2007 to 36 last year. The most expensive home in 2007 was 180 Highland Avenue which sold for $5,600,000. In 2008 a slightly pricier home was the most expensive one traded. This was 71 Hillside which sold for $6,065,000.

The good news for sellers is that most homes are actually taking less time on the market to sell than they did a year ago. In 2008 the average number of days that a home was on the market was 52, whereas in 2007 it generally took 62 days to get a house sold. This is most likely due to the fact that the inventory of available homes is low. When a motivated buyer comes along, they have less selection to choose from therefore it takes less time to house hunt. Buyers do seem to be taking more liberties in negotiating as they managed to secure sales prices at 96.7% of the asking price in 2008, down a little from 97.9% in 2007.

Are you in Millburn or Short Hills, NJ and interested in finding out what your home would sell for in today's market? Call us for a FREE, No Obligation Evaluation.

If you're in the market to buy, Millburn School District is among the best in the nation! With interest rates and prices at record lows, this may be the best time for you to buy a home in a top NJ market and school district. Contact us for a list of the BEST PRICED HOMES IN TOWN ... just email Trish@BestNJhomes.com with your requirements and we will email you our weekly list of the Best Priced Homes in Millburn and Short Hills, NJ.

Market Update—What is Your House Worth These Days?

While we continue to be bombarded with information about the deplorable economy and dismal real estate market, let us remind you that here we focus on our LOCAL real estate market. And, locally, our real estate has remained quite strong relative to the economy and the rest of the state and the nation.

In most of our communities prices and number of sales are down, but not dramatically. In fact, we sold 2,483 homes in these communities in 2008 vs 3,066 in 2007. Prices have softened to approximately the level of 2004 prices, in most places, but that still allows for huge increases in value since 2000.

Take a look at the FACTS below and call us for information specific to your home and neighborhood. Yes, we can get very, very LOCAL! If you’re a buyer, there is no better time to buy. Why wait for the next seller’s market to arrive? If you’re considering selling, contact Trish asap. Together with you, our team can help you maximize your home’s value in today's market and put you in the most powerful position to sell fast!

We’ve done it for many others—yes, in this market. Call or email us today, without obligation.

If you would like a complete list of all the homes sold in your community, email Trish@BestNJhomes.com. If you are interested in buying a home in Short Hills, real estate in Summit, NJ or homes in Madison and Chatham, NJ, we can send you regular updates of new listings or sales via email. There is no cost or obligation for this service.

Trish Giassa

ABR (Accredited Buyer Representative)

CRS (Certified Residential Specialist)

201-960-2090 / Trish@BestNJhomes

If you'd like more information about the Moore Estate in Convent Station, including photographs and all recent sales by address, visit www.MooreEstateCondos.com

Real estate activity at Moore Estate in 2008 has been rather disappointing. Number of sales are down 50% and median and average sales prices are down and days on market have increased by 24% and average list to sale price is now 95.9% instead of the 97.9% in 2007. There are many reasons for this, including:

• The national and local economy and tight mortgage market
• More properties and fewer buyers equals more supply, less demand, putting pressure on prices
• The primarey target markets for The Moore Estate is downsizing empty nesters - and they are either unable to sell their larger homes or unwilling to sell at market prices, therefore they are unable to move

Currently there are 7 homes for sale in Moore Estate, from 4 Davenport for $499,000 to 7 Morgan Place at an asking price of $1,395,000. Additionally in Morris Township there are a total of 32 condos/townhouses for sale. Many are lower priced, such as Pitney Place. More notably as competitor to the high-end Moore Estate luxury townhouses is the project of new townhomes at The Brownstones on Howland Terrace. Though not as idyllic a location, these homes are brand-new, offer 3,900 to 4,400 square feet, elevators in every home and are quite close to the Convent Station train station. Prices range from $939,000 to $1,350,000.

Nonetheless Moore Estate still maintains a special cache with area buyers (in fact we have a buyer from New York who is most interested in Moore Estate over any other area townhouse community, but must sell their home before they can buy). Sales are still occurring, however, staging, marketing and pricing properly are the key to being the home the real buyers choose.

If you currently live in Madison, Morristown, Chatham, Harding, Mendham, Summit or Short Hills and would like to downsize to a townhouse in the Moore Estate in Convent Station, we can help you get your home sold so you can move on with your life and move into this fantastic community. Trish Giassa 201-960-2090 Trish@BestNJhomes.com

At the beginning of every year I go into our Garden State MLS system to run some analysis of what has actually and really happened in our markets in the past year. I always find it illuminating to see the final figures, since I also hear the news and certainly know that the real estate market is not what is once was. However, there is one truth to real estate that continues to hold true. Actually, three ... location, location, location. Sutton Woods in Chatham Township, NJ is a beautiful condo community that is ideally located at the edge of Chatham Twp, NJ and very close to downtown Summit, NJ. A vital town center with interesting and yummy eateries, a first class hospital center, and a Midtown Direct NJ Transit train to New York City, among many other fantastic features. Visit www.SuttonWoodsChatham for more information about Sutton Woods. So, at Sutton Woods we have actually seen days on market decline and both average and median prices increase! Go figure! :) This is a community I have sold many homes in and know quite intimately.

If you are considering buying or selling in Sutton Woods, call me to get you top dollar. If you are interested in real estate and homes in Summit, Short Hills, Chatham, Madison and the surrounding areas, we can help you maximize your situation.

Come back to this blog for updates on more communities in Chatham, Madison, Morristown, Short Hils, Millburn and Summit. 201-960-2090. Trish@BestNJhomes.com