There has been lots of discussion amongst professionals about the slow down in the real estate market in South Orange, Maplewood, Millburn and Short Hills since early August. Prices seemed to have leveled off as inventory has creeped up. I think this has a lot to do with homeowners seeing their neighbors’ homes hit the market and getting tons of traffic at open houses and the for sale sign coming down rather quickly. Their thinking is likely, “if there’s tons of demand why not sell now?”
This is especially motivating since the same neighbors watched their homes depreciate in value year after year beginning in 2007 through 2011.
Well the October numbers tell a completely different story for South Orange Maplewood with homes selling at much higher prices than October of 2013, in shorter amounts of time. So, after what may have been a brief pause the South Orange and Maplewood market is back on a trajectory. See for yourself: