Market Update – Boonton Township and Mountain Lakes
We have three quarters of the year on the books and it is time to take a look at the overall market.
Increased activity and more luxury homes have sold. Through nine months the total number of Sold and Under Contract Home equals all of last year and exceeds nearly every year since 2004. The Boonton Township market, which had not seen a significant recovery over the past few years, is now back!
Continued strength and high inventory of luxury homes. The market continues to see strong overall activity as it has since 2013. The market for homes under $700k is strong. The middle range, with home listed between $700k-$1M has been surprisingly quiet with only 26% of sales. The Luxury segment, with homes over $1M, has been active, but the inventory of homes both lakefront and off the lake has been at record levels.
We look forward to seeing how the fourth quarter develops. Look for our annual report on these markets at the end of the year.