Short Hills Real Estate sales for December finished on an uptick.
Every Short Hills metric hit new records.
Here’s why this was the best December in three years:
- Closed Home Sales: More than doubled from last December, and from November.
- Average List Prices: Hit a three year peak, at $1.55 million. Up 30% year over year, and even up 12.7% from November list prices.
- Average Sale Prices: Also his a three year peak, at $1.51 million. Up 33% year over year, and up 21% from November.
- Days on Market: Dropped from 63 days last December to just 40 days this December. And down from 55 days in November. Homes are selling more quickly, and there is alot less inventory available.
Last year Joe Kernen from CNBC – and a local Short Hills resident – interviewed Warren Buffett on home asset values. The Oracle of Omaha said that his favorite investment class was residential real estate. Short Hills residential sales in December seem to suggest that Buffett is right on the money.