From Mark Slade, The Mark Slade Homes Team at Keller Williams:
It’s now 2022 and I’m sure most of us thought we’d moved on from the COVID pandemic at various points over the past year. Unfortunately, we find ourselves dealing with almost two full years of COVID and its ever-evolving variants. This pandemic has been challenging personally and professionally for so many people, and its impact on the local real estate market has been nothing short of profound.
2021 gave us some startling statistics, like the fact that our average sold price increased dramatically to 14% to a new high of $758,242 as compared to the average sale price of $665,776 in 2020. Average list price also increased, to $694,928, which was a sizeable 10% increase from 2020. How did that translate into dollars and cents for sellers? Sellers sold their properties for 9.1% over asking price this past year.
You can listen to the video if you prefer:
As eye-popping as those statistics are, I found some even more starling facts in the upper end of the Maplewood housing market. I have been tracking the number of homes sold for over $1 million for several years and the last few years the growth has almost been geometric in proportion. Last year Maplewood saw 66 homes sell for over $1 million. The year prior, we sold 34 million-dollar-homes.
We even saw a historically high list price for one property at $2,000,000 (I had originally been listed for as much as $2,590,000 in 2019) and it ended up selling for $2,150,000.
To get a true gage of how hot the market is, I like to analyze sale price to list price performance. In 2021, an astounding 79% of the homes listed, sold for over asking. Another 9% sold at asking price. That translates into 88% of the 2020 listings selling for asking or above, whereas, in 2020, 63% of the homes sold for over asking, so there was yet another crazy hot result. In fact, there were two properties that sold for $350,000 and $351,000 over asking this past year.
So, there is no doubt that the Maplewood real estate market has become one of the hottest in New Jersey. If you are thinking of selling your property, the odds would be in your favor to continue to see similar results in the short run, so please give us a call so we can provide you with a consultation.
And, I’d like to close by sharing some National Real Estate quick facts, from The Close:
- There are approximately 120 million occupied housing units (by renters and owners) in the United States.
- 92% of homes sold in the U.S.in 2021 were sold using an agent or a broker.
- The average listing price for a home in the United States has risen more than 32% since March 2020 to $374,900 as of June 2021.
- The median sales price for a home in the United States in 2021 has increased by 416% since 1980.
- U.S. homes spent a median of 31 days on market in 2021—the lowest median selling period in more than 15 years.
- The median days available (before a contract) was nine, also the lowest in more than 15 years.
- Interest rates have literally never been lower than in 2021—at one point hovering around 2.68% (as a national median).
- Gen X became the largest home-buying cohort last year, purchasing nearly one out of every four homes that sold in 2021.
- The number of homes sold in 2021 (to date) was up by nearly 10% over 2020 to 6.29 million as of September 2021.
- The Mark Slade Homes Team closed just shy of 220 transactions and totaling over $170 Million in the past four years, giving us over $450 million and over 725 transactions in over 48 New Jersey towns:
- Maplewood, South Orange, Short Hills, Millburn, Montclair, Glen Ridge, Livingston, Roseland, Hoboken, Jersey City, Essex Fells, West Orange, Roseland, North Caldwell, Caldwell, West Caldwell, Cedar Grove, Verona, Summit, Westfield, New Providence, Berkeley Heights, Cranford, Union, Scotch Plains, Fanwood, Kenilworth, Rahway, Roselle, East Hanover, Florham Park, Chatham, Madison, Morristown, Wayne, North Haledon, Lincoln Park, Basking Ridge and more.
- For Buyers we are ABR certified which allows us to consistently help our buyers find the right homes while making sure the process is managed successfully to get you to the closing table where you will get the keys to your new kingdom.
- For Sellers we have a cutting edge, tech savvy, strategy ( www.sladesells.com ) that enables our sellers to benefit from an average price paid for their properties that is more than the average agent from the same MLS in the same towns. This effectively “reduces” the cost of selling by slightly more than half the typical transaction cost for our clients. Not wanting our sellers to miss out on getting the most money for their home, we offer our clients a concierge service where we loan them the money to help with repairs and staging, interest free.
- Need to Sell and Buy at the same time? We pride ourselves on making this as smooth a move as possible for our clients! We are trained by Otteau Valuation Group to conduct an Advanced Comparable Analysis ( www.advancedcma.com ) when trying to best understand the value of a property at any given time.
- Our team is comprised of premier local experts to assist you with all your real estate needs in Essex, Union, Morris counties as well as some Hudson, some Passaic and some Middlesex. Whether you are a First Time Home Buyer, a current home owner needing more space or an empty nester looking to downsize, we have successfully helped our clients with over 300 closed transactions while maintaining the highest levels of service with integrity. Due to our success are consistently awarded Circle of Excellence-Platinum (highest rating) from the NJ association of Realtors.
- We own and operate 7 Websites, including one site dedicated solely to our luxury listings (we are CLHMS certified). We also own and operate 29 town-specific Open House sites, thus blanketing the area with information for thirsty buyers. Lastly, we own and utilize over a dozen Social Media sites and pages as well as 323 domains to provide quick-find solutions and answers for our clients. Our clients love us because we make the home buying and selling process as easy as possible and now we offer free use of our moving truck for prepping your home to sell or for local moves in the area.
- We are a 24/7 responsive team. We are also a Team that GIVES BACK to over a dozen charities and organizations.
- Give us a call or text us at 917-797-5059 WWW.GOODHOMESFORGOODPEOPLE.COM WWW.NJLUXHOMES.COM WWW.UNIONCOUNTYPROPERTIES.COM WWW.BEDROOMCOMMUNITIESOFNYC.COM