The results are in for the first 10 months of the year (January – October 2015), and South Orange and Maplewood real estate soars — and it 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.
South Orange Real Estate Market Update
Right now, South Orange only has 4.24 months of available inventory, and is averaging 22.3 home sales per month. Last year at this time there was 4.7 months of inventory.
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Maplewood Real Estate Market Update
On average Maplewood is selling approximately 24 homes per month and has only 2.84 months of supply. If its priced right, and well taken care of, homes in Maplewood continue to receive multiple offers.
Hopefully these trends will continue through year end. However, in this business we can always provide consumers with analysis about what has already happened – my crystal ball tends to get foggy when it comes to predictions about the future.