From the Mark Slade Team at Keller Williams Mid-Town Direct:
It was a very good year for Maplewood Real Estate. We saw the number of properties sold rise by 10% to 390 units. We also saw the number of $1,000,000+ homes sold rise to 29. Days on Market rose to 37 days from about 31 in 2018; one indicator that the market is slowing as compared to the prior year. To further this point, we saw the average list price dip by $2,000 and the average sold price decreased to $598,000 from $611,000 in 2019. Lastly, we are seeing a slowing in the number of homes sold for more than asking price. In previous years we would see between 60-70% of the homes selling for more than asking, in 2109 we saw the percentage drop to only 45% of the homes sold; as expected, we also saw a rise in the number of homes that sold for less than asking.
Conclusion: While the Maplewood market is still one of the hottest markets in Northern NJ, where commuting to NYC is made easy by the trains, we are starting to see a bit of a slowing in growth with sellers starting to lose their dominance over buyer.
Mark Slade, Realtor, ABR, CLHMS, SFAR
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Circle of Excellence 2012-2019
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