From the Allison Ziefert Real Estate Group
My monthly contributions to the Village Green generally focus on Maplewood/South Orange real estate market trends but I digress a bit to share our latest video project with you– a tour of nearby West Orange. West Orange is a great option for our clients who are considering moving out of SOMA but want to stay close, as well as those who are coming from the City looking for a beautiful and slightly more affordable community with great amenities and convenience to shopping and transportation.
Click here to watch as some of our clients discuss why they love living in West Orange.
As the year draws to a close, we can clearly see that 2020 is shaping up to be an incredible year for SOMA real estate. Here are some key takeaways:
Maplewood homes had an average “days on market” of 28 days, 25% fewer days than in 2019. Average sale price is $652,024 which is 7.79% higher than last year. Homes in Maplewood are selling at an average of 103.76 percent of list price which is 2.53% more than in 2019.
South Orange homes had an average “days on market” of 38 days, up 27% from last year, which is surprising as the market is more competitive now. The average sale price is $698,218 which is 5% more than last year. The average home in South Orange sells at 101.97% of list price, up about 1% from 2019.
In both towns there is only about a month’s inventory of homes on the market. This is about 45% less inventory than was available last year, a telltale sign of a very strong seller’s market. Bottom line, homes are selling for much more than they did last year.
Watch this handy video where Ginge Calhoun from our team summarizes what’s happening in the market. Here are our latest reports where you can see the latest sales and trends.
September 2020 Real Estate Market Reports for Maplewood:
September 2020 Real Estate Market Reports for South Orange:
Will this trend continue? We do not know. The course of the pandemic, the future economic fallout from COVID, the solvency of state and local governments, and the presidential election will all have an impact on our market. Forbes asked 15 entrepreneurs from Forbes Real Estate Council for their opinions on the current state of the market and what they expect to see as the year wraps up. Here are 15 interesting predictions about what may come.
More detailed reports on the SOMA market and many other communities are available on our website Allison Ziefert Real Estate Group’s Local Market Reports. If you have questions about what is happening locally or are considering a move, let’s connect. I’d be happy to consult with you.
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.