From the Allison Ziefert Real Estate Group
Hi Everyone, Even though many thought we’d see some sort of easing, the 2022 real estate market is seemingly poised to track or possibly out-pace last year’s, according to stats published by Realtor.com. Houses are moving, on average, 10 days faster than they did last year. Median price is up, too.
Locally, we are still seeing an acute inventory shortage with most houses receiving offers from multiple buyers making it the toughest environment I have ever seen for buyers in SOMA and beyond. In February in Short Hills, for example, the number of homes sold in February was down 30% from the same time last year and price up over 13.5%. In West Orange, the number of units sold was down by almost 14% in February and price up by almost 9% over the same period last year. Luckily, this year our business has been very listings focused yet our team has been successful in helping many buyer families navigate the competitive market and purchase new homes.
Here is our latest market report for February 2022 for Maplewood:
Here is our latest market report for February 2022 for South Orange:
What I find so stunning about the 2022 Spring market is the amount of cross country moving that continues. The lifestyle re-assessments and work from home related changes that began during COVID are continuing. Looking at our current clients we have folks moving from:
Maplewood to Chicago
Montclair to Westchester
From Tennessee to Maplewood last year now going from Maplewood to NYC,
Two families are coming from California to Maplewood
One family is going from Maplewood back to California
Families from South Orange are going to Virginia, Pittsburgh and Florida.
At the heart of many of these moves is a desire to be closer to family. Yes, we still see the traditional moves for a downsize, divorce or need for more space locally but I believe families are still readjusting and rethinking what is important to them in the new normal.
If you are considering a move, or know someone who is, we would be honored to assist. As always, if you have questions about the market, buying or selling please contact us. We’d be happy to consult with you confidentially. You can email Allison at allison@azhomesnj.com to arrange a time to talk.
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 here.
