Whether you are buying or selling real estate in New Jersey, you can benefit from having an understanding of the local market. The average listed sales price of a Millburn/Short Hills, New Jersey home for the month of August, 2011 was $1,250,000, with a median sales price of $947,926 for sold Millburn/Short Hills homes. Housing inventory has decreased in Millburn/Short Hills when compared with August of 2010, with 94 active listings being reported for the last day of August for Millburn/Short Hills versus 107 in August of 2010.
The average listed sales price of a Summit, New Jersey home for the month of August, 2011 was $740,000, with a median sales price of $860,000 for sold Summit homes. Housing inventory has increased in Summit when compared with August of 2010, with 96 active listings being reported for the last day of August for Summit versus 100 in August of 2010. The big complaint of most buyers right now is the lack of inventory in these towns which are in such high demand, with their top schools and easy commute into Manhattan.
The number of closed listings for both areas combined in August was 64. The average number of days a home was on the market was 42 days in Millburn/Short Hills and 56 in Summit. If you would like to learn more these statistics, please click here for Millburn/Short Hills and click here for Summit. These statistics only include the current listing information gathered from GSMLS, so this report does not represent a full history of the property listings. If you need information about the history of a specific listing, please call us at 973.552.2419.