The May market showed mixed results with certain houses generating bidding wars, while there was overall slower buyer traffic, especially in the high end of the market.
Inventory growth was moderate as 88 new listings were reported in May versus 91 last month, and 107 in May ’18, resulting in 189 active listings in May versus 214 in May 2018.
Our perception of buyer activity, based on showings and open house attendance, was that traffic slowed, perhaps in response to moderate inventory. However, buyers moved decisively on houses that were renovated or priced so low as to generate multiple offers.
Among the 59 sales in May, the average sale price exceeded original ask by 6% with a relatively short 33 days on market, versus 51 in May last year.
The higher end of the market has slowed. In the $1.6 million plus price range, there are 15 houses on the market, 2 under contract, and 4 sold since January 1, 2019. Interestingly, among the 6 sold and under contract, 3 are modern (by design not renovation) houses. We can take this as an indication of changes in buyers’ tastes. In Millburn, in the $1.9 million+ market, there are 59 homes for sale, 15 under contract, and 11 sold since January 1. Of the 26 under contract and sold, 15 are new construction (2000 or later), reinforcing the idea that traditional floor plan homes are falling out of favor with buyers.
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The Stanton Company Realtors’ Home Sellers’ Countdown Calendar