The following is adapted from a blog post from Amy Harris.
The results are in for the first three quarters of the year (January – September 2015), and the South Orange/Maplewood real estate continues to soar, and as a result continues to be a seller’s market in both towns.
A seller’s market is anytime the inventory of available homes for sale is less than 5 months. This translates to absorbing (or selling) all available inventory, in the town, in under 5 months. We are averaging 23 home sales per month. Last year at this same time we had 4.7 months of inventory. Right now, South Orange only has 2.82 months of available inventory, so it’s no surprise prices are rising in South Orange.
Maplewood also continues to enjoy a very strong seller’s market. Maplewood had 3.82 months of supply of inventory last year at this time. Today, they have 2.81 — virtually the same as South Orange.
Hopefully this trend will continue through year end. However, in this business we can always provide consumers with analysis about what has already happened – but my crystal ball tends to get foggy when it comes to predictions about the future.
Amy Harris is a leading real estate agent at one of the top producing offices of Keller Williams nationwide. Specializing in markets along the Midtown Direct train line with a special emphasis on South Orange and Maplewood, she offers her clients true concierge service – from the start through completion of every real estate transaction she takes on. Harris donates a significant portion of the revenue she earns from each transaction to “Give Back Homes” a foundation that helps to build homes for families in need and is a Board of Trustee of The South Orange Maplewood Community Coalition on Race.
