From the Allison Ziefert Real Estate Group
Our latest real estate market reports are showing the latest closed sales and year-over-year comparison of trends for the SOMA market. I also want to give you an idea of what we are seeing in real time in the marketplace.
We are seeing not only a big increase in sales volume now, but many interesting patterns developing. There is a “great reshuffling” of people that we expect to play out for the foreseeable future. Different ways of living and working may be part of our world permanently.
Businesses have delayed sending employees back to the office or are eliminating brick and mortar offices entirely. Many schools and colleges have opted for all virtual classes this year. There are limited options for doing things outside of the house like travel, entertainment, and sports. Because more family members are spending so much more time at home, they are re-evaluating how their current homes work for them. Home has to be everything to everybody all of the time.
Top of the list “wants” for buyers are larger outdoor spaces, home gym space, home office or offices for multiple family members, areas for kids to be “in school,” porches or rooms for package deliveries, and simply more square footage overall.
Don’t underestimate the emotional and financial repercussions of the pandemic as fuel for the reshuffling. Some families are facing incredible strain. They can’t afford to live where they are so they are downsizing. Others are changing jobs, realizing they prefer to live somewhere else and are now able to work remotely or just choosing to be closer to family.
I met with three families this past week alone who have purchased in just the last year who are considering moves for job changes or to be closer to family. The pandemic has created movement in unexpected ways.
As predicted, we are seeing average sales prices increase in many towns due to the post-Covid bump. Montclair average sale prices are up 11%, Glen Ridge up 7%, West Orange up 6%, and Short Hills up 4% YTD over last year.
Sellers have gotten very “optimistic” about pricing their homes as they see what the recent market has brought to their neighbors. On the ground, we are seeing a little buyer fatigue and pushback on pricing.
July 2020 Real Estate Market Reports for Maplewood:
Average sale prices in Maplewood are up 2.5% YTD over last year. Average days on market YTD is 34 days. Average list/sales price ratio is 102%.
July 2020 Real Estate Market Reports for South Orange:
Average sale prices in South Orange were actually down by almost 1% YTD over last year. Average days on market YTD is 42 days. Average list/sales price ratio is 101% YTD.
If you would like to see similar reports for the other communities we serve they are available on our website for your information.
My dedicated team has handled a big increase in sales volume without missing a beat and we have been able to help so many families find their places in the world during this unprecedented time. Our listings are selling in an average of 9 days and for 5% over list price– well surpassing the performance of other realtors. Some of our homes are selling easily and quickly without hitting the market. Most importantly the thanks, referrals, and stellar online reviews we have gotten from the families we have served during these crazy times has been very rewarding.
Let us know how we can help you navigate these times. If a real estate related transition is in your future we would be thrilled to assist you or someone you know. Reach out to me through email at: [email protected].
The Allison Ziefert Real Estate Group is a top producing real estate team based at Compass in Short Hills, NJ. We are local market experts, specializing in real estate and homes in Maplewood, South Orange, Millburn/Short Hills, Montclair, West Orange, NJ and the surrounding towns. We are driven by earning great testimonials and referral business from happy clients. You can read our testimonials at www.azhomesnj.com/testimonials.