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Millburn NJ Luxury Real Estate
By admin | November 24, 2008
Millburn NJ Luxury Real Estate comparison of 12 months ended November 1 2008 VS 12 months ended November 1 2007.
Millburn NJ 07041 and Short Hills NJ 07078 (a neighborhood in Millburn) is well known as an home to some of the nicest and classiest homes in Northern New Jersey. I thought I would do a comparison of the Millburn NJ Luxury home sales the last 2 years. I defined a Millburn NJ luxury home as a home costing a million dollars or more for this report.
Millburn NJ Luxury Real Estate Sales 07–149
Millburn NJ Luxury Real Estate Sales 08–123
Decline of –17.5%
Millburn NJ Luxury Real Estate Average List Price 07–$1,980,192
Millburn NJ Luxury Real Estate Average List Price 08–$1,943,128
Decline of –1.9%
Millburn NJ Luxury Real Estate Average Sold Price 07–$1,897,006
Millburn NJ Luxury Real Estate Average Sold Price 08–$1,849,833
Decline of–2.5%
Millburn NJ Luxury Home Sales Median List Price 07–$1,650,000
Millburn NJ Luxury Home Sales Median List Price 08–$1,599,000
Decline of –3.1%
Millburn NJ Luxury Home Sales Median Sold Price 07–$1,608,000
Millburn NJ Luxury Home Sales Median Sold Price 08–$1,517,500
Decline of –5.6%
Millburn NJ Luxury Home Sales Average Days To Sell 07–73.7
Millburn NJ Luxury Home Sales Average Days To Sell 08–51.9
Median size of a Millburn NJ Luxury home in both 2007 and 2008 was 5 bedrooms 4.1 bathrooms.
As you can see values for luxury homes in Millburn New Jersey are holding up better then mid priced family homes in many of the local towns. Part of that is explained by home owners holding out for better prices in Millburn NJ. The number of luxury homes sold in Millburn is off 17.5% and there are currently 57 luxury homes on the market in Millburn NJ with a average days on market of 93.1.
Many of these home owners may think that they will get a considerably better price for their home come spring than they may have been offered over the past 93 days, but I think they are wrong. These home sellers will be lucky to get similar prices in the spring as they could get over the past few months.
Thinking of shopping for a Millburn NJ Luxury Home, visit the best mls search in town.
James Boyer
Millburn NJ REALTOR
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct
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