Friday, April 3, 2009

Millburn-Short Hills 2008 Year End Statistics Review

Posted by The Jill Smith Team at 5:47 AM
The real state market in communities along the Morris and Essex train line exploded beginning around 2001. In 2001, the average priced home in Millburn-Short Hills was $738,052 and by 2004 it was $1,065,220, a growth of 31%. In 2005 prices went up an additional 19%, the average home selling for $1,314,908. In 2006, home prices in Millburn-Short Hills rose just 2% but still up 21% from 2004.

In 2007 the average sale price fell 9% over the same time period of 2006 and total dollar volume is at its highest ever, 10% over last year. In 2007, 157 properties sold, the average sale price was $1,231,395 and total dollar volume was $191,229,152.

Fewer properties sold in 2008 than in 2007, dropping from 157 to 121 and lowering the Total Dollar Volume 28% from the previous year. The 2008 Average Sales Price, however, remained unchanged from 2007.

Please e-mail me at JillSmith@comcast.net for a comprehensive statistical report for Short Hills and the surrounding towns which includes data from 2000-2007.

For comprehensive statistical reports please visit our Area Market Statistics webpage including statistics per school districts.

*Based on data from the Garden State Multiple Listing Service, comparing the first half of each year (January-June, the most active part of the year for real estate transactions).
 

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