Luxury Market Analysis (LMA) as prepared by Kienlen Lattmann Sotheby’s International Realty. For those of you that are not familiar with the report, the LMA provides an “executive summary” view of our local markets $2 million and above.
A few noteworthy talking points from the 3-page analysis follow:
- Year over year active inventory in our region – level (unchanged) when compared to the October 2022 LMA
- Year over year sold properties in our region– up about 14% overall in the broad region from Short Hills (eastern-most town) to Tewksbury (western-most town)
- Eastern region – Sales up 19.5% (Summit, Chatham Township, and Madison leading the charge)
- Western region – Sales down 9.3% (yes, luxury market weakening in our western region towns)
It is always best to understand the specific dynamics of your local towns, but this analysis is noteworthy in terms of the overall direction of our market. As always, please feel free to reach out to me with any questions you may have.
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