Realtor Mark Slade Presents the 2022 Real Estate Recap for Millburn and Short Hills

by Mark Slade
0 FacebookTwitterPinterestEmail

From Mark Slade:

Hi, this is Mark Slade from Keller Williams, and this is your 2022 recap for all there is to know about Millburn-07041 and Short Hills-07078 real estate.

Like every other town in the area, it was a great year for Real Estate all around. Starting with the astounding fact that the average price paid in Millburn-07041 rose 27.2 percent to $1,084,000 and even though the average list price also rose, the percent paid Over Asking benefited from the higher climb for prices paid and came in at 7.8 percent over the asking price. 

Days on Market (DOM), another measure of market performance was 20.8 days on Market; this is an improvement over 2021 when the DOM was 22.9.

I like to break out the business into “buckets,” giving us a better understanding of buyer activity, so I break it out into three buckets:  “Sold For Under Asking,” “Sold at Asking” and then “Sold For Over Asking.“ 

If you prefer to listen to this post, please click on the below video and it will automatically play:

As you can see here in the chart above, 19% of the transactions in 2022 in Millburn-07041 occurred below asking which was a little high but an improvement over the previous year where that number was 31 percent under asking. In 2022, 13% of the properties Sold at Asking in this year versus nine percent in 2021. Most importantly, we saw a really good increase in the bucket of “Sold For Over Asking,” which registered at 68% in 2022 versus 60% for the same stat in 2021. When you do the math, 81% percent of the houses sold in Millburn-07041, sold for asking and above. I always try to extract some extra fun facts and her goes: the highest price paid for a home in Millburn-07041 in 2022 was $2.4 million for a house at Mountain Ave at 90 Mountain Ave and this same house actually sold for a whopping $512,000 over asking. 

I also like to see what was the highest percent paid over asking and that award goes to a house at 94 Cedar that sold for 152% of its asking price. Conversely, the lowest percent sale was 76 percent of asking and that was 422 Wyoming. For comparison, we actually had a slightly higher highest price paid in 2021 of $2,525,000, which ironically was also located on Mountain Avenue–both homes were new construction. In 2021, the highest percent paid over asking was 128%, so there was a huge uptick in performance and that house was at 22 South Mountain. The statistic for the lowest percentage paid relative to asking price in 2021 was 93% versus 76% in 2022. So that was the only area that really declined in terms of a statistical analysis. 

The Days on Market in Millburn-07041 improved almost 10 percent going from 23 to 21 days and unit sales went from 113 in 2021 to 108 in 2022; the latter being a reflection of the dramatically reduced inventory that has been available to sell. Some towns showed as much as a 43% decline in units sold. 

Continuing, I always break out Short Hills-07078 versus Millburn-07041, so let’s start to discuss what we saw in Short Hills-07078 performance, starting with the fact that we saw there were 209 units sold 2022 versus the 231 units sold in 2021. Again, this is actually a good number of units sold given that we saw major declines in unit sales in towns like Maplewood, Montclair and South Orange. The average list price rose to almost $2 million, coming in at $1,969,000 versus the $1,770,000 average list price in 2021. The average sale price rose at an even higher rate and went from $1,783,000 to $2,023000 and, given the metrics, Short Hills homes ended up selling for 2.7% over asking in 2022, which was a noticeable increase over the 0.7% ratio in 2021. Days on Market did increase a little bit so this was a little odd considering the market had such improved performance.

Again, breaking out the business into the three buckets I like to measure and compare, there was more good news as homes that sold for Under Asking did drop nicely from 39% in 2021 to a more modest 30% in 2022. 

The percent that Sold at Asking went from 10% in 2021 to 13% in 2022 and, most importantly, the percentage Sold For Over Asking rose from 51% in 2021 to 57% in 2022. The highest price paid in 2022 in Short Hills-07078 was a house at 286 on Harshorn Dr that sold for $5.8 million; in contrast two homes registered a “tie” and these 2 homes, both sold at $5.2 million–one at 25 Wells and the other at 33 Brooklawn in 2021. The highest percent paid over asking was recorded at 147% of asking and that was for a house at 34 Wildwood that sold for $655 000 over asking, which, in comparison to last year where the highest paid over asking was 132% of asking for a house on 46 Far Brook. In contrast, the lowest percent over asking, or “of asking,” given they fell below asking price, was 84% in 2022 and versus a virtually identical statistic of 82% in 2021.

So that wraps up your Short Hills and Millburn real estate recap broken out by ZIP code. I’d like everyone to know that I am luxury certified—CLHMS—and I’d love to help you if you are in need of any Real Estate advice. My team specializes in helping our listing clients get the most for their homes and I’ve even written a book about it—How To Sell Your Home For More Money–which you can get by calling or texting me to get a free copy. The Slade Homes Team is fast approaching $ one-half billion in sales and 750 transactions and I’d love to hear from you. So once again thank you for taking the time to listen to this video and I look forward to hearing from you. You can call me at 917-797-5059. Thank you so much, have a great day.

Related Articles