The month of May ends with Verona not having any residential homes go under contract between May 30 - June 5. Last week also has June beginning with a dip in the total amount of homes going under contract. There were 40 last week compared to 50 the week before. As schools head into their last weeks before the summer break, this is the time when more and more sellers decide to put their home on the market. More buyers typically are also beginning to make their moving decisions so they can be in a new place before the next school season begins in September.

Below are the number of homes that went under contract between May 30 - June 5, 2010; open the document to the right to see the addresses:
Livingston = 5
Maplewood = 4
Millburn/Short Hills = 5
Montclair = 8 (same amount as last week)
Nutley = 3
South Orange = 7 (same amount as last week)
Verona = 0
West Orange = 8

Hopefully all of these homes will actually sell. However, it is normal to at least have a few end up back on the market, or off the market entirely. It's traditional for buyers to wait to get their home inspection after they are under contract to buy the home. After the home inspection, the buyer and seller will negotiate on how to resolve any home inspection items the buyers want address. If both sides cannot agree on how to handle all the items, the deal may be cancelled. This happens, for example, when the buyers initially sign the contract saying they were purchasing the property "as is" except for major structural issues or termite/environmental concerns and then turn around and provide a laundry list of home inspection items they want remedy that fall way beyond the scope of the "as is". Some buyers end up surprised when they realize this isn't going to work and the contract gets cancelled.

Below shows the number of residential homes for sale in each town as of June 5. South Orange is the only town that actually reduced inventory -- by 2.
Livingston = 141
Maplewood =181
Millburn/Short Hills = 120
Montclair = 177
Nutley = 157
South Orange = 134
Verona = 92
West Orange = 398

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.