Homes are selling, just not as fast as they did in April. With 50 residential homes going under contract last week in 8 northern New Jersey towns, May continues to hover around the same range as the first week of the month. None of the towns made it to double digit status this time, but South Orange and West Orange brushed the surface with 9 homes each.

Below are the number of homes that made it under contract between May 9 - May 15, 2010; open the document to the right to see the addresses:
Livingston = 3
Maplewood = 7
Millburn/Short Hills = 8
Montclair = 6
Nutley = 5
South Orange = 9
Verona = 3
West Orange = 9

Knowing the price a home was listed it when it went under contract gives you an indication of the price point that brings in a buyer ready to purchase. It doesn't tell you exactly what the home sold for, but it gives you a recent view of the market. Your real estate agent can check with the listing agent to see if there were multiple offers or other useful information. The buyer is happy that he found a home worthy of purchasing and the seller is happy she received an acceptable offer. Now the goal is to actually get both parties successfully through home inspection and the mortgage to make it to the closing table.

Most of the towns continue to have relatively the same amount of single-family homes on the market this week, compared to last week. Here is the list of residential homes for sale in each town as of May 15:
Livingston = 142
Maplewood = 162
Millburn/Short Hills = 119
Montclair = 186
Nutley = 163
South Orange = 147
Verona = 90
West Orange = 402

This information is brought to you by Bev and Bob Meaux, your source for everything real estate in and around Maplewood, Millburn/Short Hills, West Orange and South Orange, New Jersey and your short sales resource. Work with a team who will get you across the finish line, watching your back every step of the way -- Bev and Bob Meaux.