From Mark Slade:
Hi, this is Mark Slade with Keller Williams Midtown Direct in Maplewood New Jersey. As I do every year, here is the 2023 Maplewood Real Estate Recap. The most part of what’s been happening in the market, which I’m sure most Maplewood residents are likely to be aware, is that there’s virtually no listing inventory to sell. As you can see from the chart, sellers have dramatically retreated from the market, especially when you go back to 2019 where we sold 390 homes in Maplewood. In comparison in 2023 we sold only 209 homes; going back to 2020 there was a gradual decline in units available which has then evolved into a more significant decline in units sold. This is because people are not putting their houses on the market; yet, as you should all be aware, there continue to be more buyers than there are Sellers. If know basic economic theory, this buyer weighted market usually ends well for sellers.*
And so it did in 2023 with sellers selling their properties for 11.2% over asking and that’s a clearly a significant result for Sellers. If you are looking to sell your property anytime soon, we would expect similar results, on average.
While you may notice that there was a obviously a decline in average list price and uh a decline in average sold price, you should know that as same size (number of units closed) decline as they have that the statistics will be more varied and skewed. So, from my perspective, it’s not a concern that the average list and sale prices declined.
To best understand the market, I like to track a number of other types of information to really help us best understand how the market has performed. With that in mind, we found that in 2023 we had 58 homes that sold for over a million, which was a drop of from the 86 Million Dollar Plus units sold in 2022; but, again, I attribute this to the drop in inventory.
I think a more relevant statistic is to compare how the properties sold for Over Asking, at Asking and then Under Asking. In 2023 77%, or about ¾’s of the homes listed for sale sold for more than their final asking price. The percentage of homes selling for their final asking price registered at 8%. Lastly, the percentage of properties that sold for under their final asking price represented 16% of the units that sold.
From my perspective, this means that Maplewood Real Estate is very much an incredibly healthy market for sellers. There is one important caveat, homes listed for sale have to be properly prepared for the market, marketed property and priced accordingly for the value they equate too.
Continuing with some of the statistics, the highest list price for a property in 2023 was $2.1 million and the highest sale price came in at exactly $2,025,000 million. The greatest price paid over asking, as a percentage, was 155% of asking, while the lowest price as a percentage of asking in 2023 was 82% of asking price.
Our consistent successes working for Sellers has led to us newly “minting” our listing system—Smart RE-sults©™–and is both Copyright and Trademark pending. If you are someone you know is looking or considering selling their Maplewood home, I’d love to meet with them to see how I can best help them accomplish their 2024 real estate goals.
I hope you found this blog post informative, and I would love to hear from you. If you have any questions, you can reach me at 917-797-5059. Once again, thank you for reading this post, Mark Slade from Keller Williams Midtown Direct.
