It is now 2021, thankfully, and I expect we all have high hopes for returning to some kind of normal. While 2020 was a challenging year for us all, our local Real Estate Market was hotter than ever. Here are some of the facts:
1. Average price for a home sold in 2020 rose 6% over the previous year to $703,763
2. Sold Price vs List Price performed at 103.2% of Average List Price, the prior year we were flat.
3. The number of $1,000,000 homes sold rose to 24 in 2020 vs. 15 in 2019, so just over a 50% increase in $1M Plus.
4. We saw a HUGE increase in the number of homes that sold for over asking=54%, this represents a shift of 6% more than the previous year.
5. Another 15% of the homes sold, sold for asking price, giving us almost 70% sold for asking price or above.
6. Highest Closed Price for 2020 was $1,451,000 for a home in the Montrose.
7. Highest list price was $1,399,000 in The Manors and sold for full asking.
8. The number of homes sold showed a nice gain for 2020, totaling 291, versus the 268 sold in 2019.
9. The number of DAYS ON MARKET did increase slightly from 34.0 to 36.7, showing an 8% worsening, as the only negative factor in 2020 for South Orange Real Estate.
10. In the $1,000,000 home market, 15 of the 25 Homes sold for over $1,000,000 closed for asking or above.
Forecasts call for a continuation of these trends for the next 9 months*, all things being equal; that means that interest rates would stay at their close to all time lows and joblessness doesn’t increase further.
*according to Jeffrey Otteau from Otteau Group, New Jersey’s most prolific appraisal and real estate advisory company.
Selling a Maplewood/South Orange/West Orange area home involves many steps and having an experienced Maplewood New Jersey Real Estate Agent and Realtor®, specializing in the Bedroom Communities of New York City in Essex/Union County— Millburn, Short Hills, Montclair, West Orange, South Orange, Livingston, Maplewood, Springfield, Summit, Madison, Chatham, Scotch Plains, Fanwood, Cranford and Westfield–by your side will make the transaction run a lot smoother. I would love to be your Maplewood/South Orange New Jersey Area Real Estate Professional! I assist both buyers and sellers in the Bedroom Communities of New York City, mostly served by NJ Transit’s Mid-Town Direct Train Lines, offering commutes of 45minute or less to NY Penn Station, with either the purchase and or sale of residential real estate.
As an Accredited Buyer’s Agent (ABR), I have received special training to guide and educate you through the entire home buying process. From start to finish, I listen to your needs and desires in what you would like and take the information you give me to find you home. My GO-TO team can provide you the best in Real Estate advice with regard to attorney choices, Home Inspectors and Mortgage Loan Officers
I am also a Luxury specialist (CLHMS), I have received special training to guide and educate you through the entire home buying and selling process. Not only does this extra training help me better understand this upper echelon in real estate, but its benefits also include a special luxury website: www.njluxhomes.com and a corresponding worldwide luxury network that helps to put luxury buyers and sellers together.
As your Maplewood/South Orange/ West Orange New Jersey listing agent I am well versed on as your local expert in all things in the West Orange, Maplewood, and South Orange area Real Estate Market. You can expect personalized service that includes a detailed consultation on how to best position your Mid-Town Direct home to be competitive in today’s market with training to provide my clients with an in-depth Advanced Comparative Market analysis, and advice on staging. As my office’s technology officer as well as both a Zillow Platinum Premier and Trulia Premier agent, I use the latest and most up-to-date marketing methods to get your home in front of as many buyers as possible. Being your New Jersey Real Estate Agent and Realtor ® not only involves just finding the home or selling the home, but being your guide, negotiator, advisor, and advocate and making sure that your needs and goals are met. Being your New Jersey Essex/Union County area Realtor® (with a little bit of Morris County thrown in for good measure) is one of my truest passions, and “Helping You Find Your Dream Home” is my number one priority.
Don’t forget These Helpful Sites:
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