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2014 Home Sale Statistics

MILLBURN AND SHORT HILLS 2014 HOUSING OVERVIEWThe Millburn and Short Hills real estate market moved on pace with the rest of the neighboring communities in 2014. It took on average only 47 days to sell a home in Millburn/Short Hills. What makes Millburn/Short Hills stand out over all the othertowns along the Mid-Town Direct Train Line Towns is the extraordinarily high average sales price, which was $1,323,752 in 2014.The average sale price here is higher than any other town we reviewed for this report. Millburn/Short Hills also sees a largevolume of transactions amounting to 329 by year-end. This volume is also quite high compared to neighboring towns. In theentry-level price bracket, home sales were slightly slower moving than the rest of the Millburn and Short Hills market. Themiddle two price brackets were fast moving and days on market along with list price to sale price ratios were high. However,both of these measures saw some drop off as the price point rose. We expect to see this trend continue in 2015, keeping inmind that homes priced right in great locations and prepared for sale, typically sell faster and for more money than those thatare mispriced, need updating or have location issues.

in order to provide the most accurate statistics for the segments below, we have compiled the data for each property soldgoing back to listing date of 1/1/2013. This allows us to identify the actual original list price and true days on market whichdiffers from the market overview because the mls does not account for relisted properties. The following are our results:

UNDER $750,000TransacTions: 64  average cumulaTive Days on markeT: 66original lisT To sale Price: 95.4%Accounting for about 20% of the total market, the under $750,000 market in Millburn/ Short Hillswas the second worst performing segment in the market. With a higher than average days on marketand a lower than average list to sale price ratio, it did not fare as well as the rest of Millburn and ShortHills. Analyzing the data closely, we noticed that this price range, especially below $600,000 hasmany expired listings and relists, which accounted for high days on market and the lower original listto sale price ratio. We feel, however, that this data is slightly skewed because of the condos, whichtook longer than the single-family homes to sell. Many of the single family homes in this price rangesold in less than a week and for above list price. This is a very popular price segment with investorsand first time home buyers.

$750,000 TO $1,250,000TransacTions: 124  average cumulaTive Days on markeT: 36original lisT To sale Price: 97.6%The $750,000 to $1,250,000 price bracket in Millburn/Short Hills performed quite well. This marketsegment was the largest and accounted for 38% of the total Millburn/Short Hills market. Evenanalyzing data going back two years, the days on market are low and original list to sale price ratio is very high, proving this to be the sweet spot price bracket. Buyers often find a home quickly in this price range and end up in multiple offer situations. This creates a strong sellers market wherebuyers are always trying to outbid others for a home. This price bracket attracts first time homebuyers, move up buyers and down sizers. Expect to see demand in this price point continue in 2015,and the trend of multiple offers on well-priced homes continue as well.

$1,250,000 TO $1,750,000TransacTions: 81  average cumulaTive Days on markeT: 78 original lisT To sale Price: 96.2%The $1,250,000 to $1,750,000 price bracket was a mixed bag in 2014 and a very seasonal market.Homes that sold from January through June sold quite quickly and for top dollar. Once July arrivedhowever, we saw a complete slowdown in this price range that continued through December. Thiswould explain the rather long days on market, and yet relatively high original list to sale price ratio.We foresee a similar pattern in 2015, where the first half of the year is red hot, but cools once thesummer and fall market arrive. This price bracket is popular with move up buyers, down sizers fromthe $2,000,000 plus range, relocation buyers, and buyers moving from Manhattan, Hoboken, orJersey City.

$1,750,000 & UPTransacTions: 60  average cumulaTive Days on markeT: 114 original lisT To sale Price: 91.6%The $1,750,000 and over price bracket represents 19% of the total market in Short Hills. This is by farthe largest upper bracket market compared to the other surrounding communities. The average dayson market of 114 are in line with other local markets, however the original list to sale price is lowerthan expected. Looking at the data we noticed several things. First is a large percentage of re-lists,especially once the price rose above $2,000,000. Second, is that the average price point for homesthat sold above $1,750,000 in Millburn and Short Hills was higher than any other community weanalyzed. The schools and commute continue to attract buyers from Manhattan. This price segmentcontinues to be very seasonal - Wall Street Bonus and school year driven, with most homes goingunder contract by Memorial Day, and a very week summer and Fall market.

Sue Adler 2014 Summary Millburn Short Hills 2/27/15 3:07 PM Page 1