From January – September of this year, 203 residential (single family) homes sold in Maplewood, NJ. The first 6 months of the year recorded 116 residential homes selling at an average sales price of $487,353 and 7 multi-family (2-4 family) homes sold at an average sales price of $326,771. Of the 116 residential homes that sold, 23 were over asking price, 13 were at asking and 26 sold within $10,000 of the asking price.
When you begin your hunt for a home, most are always curious to know what a home sold for and what is happening with the prices in a particular town or neighborhood. Feel confident that you can always turn to the experienced agents at Towne Realty Group, Short Hills, NJ and get the information you need.
My husband and Real Estate partner Bob Meaux and I, love researching and talking about Real Estate. We also enjoy helping homeowners figure out the best options for them given their current situation. We specialize in our hometown of West Orange, NJ and are extremely knowledgeable in Maplewood, South Orange, Millburn, Short Hills, Montclair, Glen Ridge, Bloomfield and surrounding North Jersey towns. We make it our business to be informed about the schools, shopping, recreation, taxes, government, transportation and even dining all over these communities.
To focus on real estate we compare the first half results of the Real Estate market for the past 11 years, we see that the most number of residential homes sold in 2002 with 187 and the highest average sales price of $560,423 was attained in 2006 when 32 fewer homes sold, compared to 2002. The stats show 2006 was also the year for South Orange, NJ when the year reigned as the one with the most single-family homes sold, at 138, for the highest average sales price of $675,731.
More homes sold in the third quarter than in the first and second, which had 46 and 70 residential home sales respectively, but the third quarter average sales price of $476,021 couldn’t beat the second quarter average sales price of $500,717. Of the 80 residential homes sold in third quarter, 5 were short sales and 3 were foreclosures. Twenty-four percent of the residential homes that sold during the third quarter were either at or over asking price: 7 were over asking price, 12 at asking price, also 17 were within $10,000 of the asking price. Pricing is always relative, though, and when we work with buyers and sellers, we like to look under these numbers to help them reach a decision.
For example, out of the 19 residential homes that sold at or over asking price, Bob and I researched that just over half, 52.7%, either had at least one price reduction before it sold, or was previously listed in the past 12 months at a higher price than what it traded. If we take this into account, only 9 homes out of the 80 sold between July – September actually sold at or over its original asking price in an average of only 26 days with an average sales price of $660,222. These 9 homes were represented by 8 different REALTORS® across 6 different Real Estate agency offices – one of which was us, Towne Realty Group, representing 2 of the transactions. A large majority of them may not have been professionally staged, but they were all clean, de-cluttered and in move-in-condition.
Year-over-year the third-quarter 2011 average sales price is the lowest it has been since 2003, while the number of homes sold has stayed relatively constant between 78 and 88 since 2007. The average SP/LP ratio, which is the percentage difference between how much a home was listed for compared to what it actually traded for, was the lowest this year at 95.6%, lower than it has been in the past 11 years.
Turn to Towne Realty Group for all your Real Estate answers. To work with a great team, you can always contact Bob and Bev Meaux.
Cell: 201-925-8199 (Bev)