From Mark Slade:
Hi this is Mark Slade from Keller Williams and this is your Maplewood 2022 real estate recap.
It was another amazing year in real estate as you can see from the above video.
It’s just shocking to me that when I first got into the business 13 years ago, the average price of a home was $450,000 and now the average sales price in 2022 topped out just a hair under $890,000. That’s an increase of 17% in average Sold price as well as an increase in average list price now averaging $785,000. Most importantly, that represents a difference in yield of 13.3% over asking in 2022; whereas that same comparison was 9% over asking in 2021 and 5% over asking in 2020.
If you notice the chart above, you’ll see that it in every year we’ve actually continued to beat the year before in terms of growth of the ratio of sale price/sold price versus the asking/list price. It is also amazing once again we’ve seen the amount of time a home is on the market shrink so back in 2019 it was 37.4 days; in 2021 just two years ago it was 22.5 days and now we’re at 17.8 days on market for properties that were sold in 2022.
We saw a new record highest price paid of $2,250,000 Million for a house on Claremont Ave, this same property also the highest list price at $1,950,000 in 2022. Speaking of the millionaire’s club, the number of homes that sold for over $1 million has continued to climb at a very dramatic rate. In 2020 we sold 34 properties for over a million dollars. In 2021 we sold 66 homes for over $1 million and, if you can believe it, in 2022 we closed a total of 86 properties for over $1million dollars.
Now we like to see how the Market has performed in terms of the number of houses that sold for over asking, houses that sold at asking and houses that sold under ask. As you might expect the aforementioned ratio of sale price versus list price continuing to increase, we would expect to see that reflected in the following analysis. So, in 2022, an astounding 83% of the homes sold for over their asking prices; in 2022 another 7% of the homes sold at asking price, translating into 90 of the inventory that was listed, selling for asking or above. That, correspondingly, leaves just 10 percent of the inventory having sold for under asking. At the same time, the lowest ratio of price paid versus asking price was 73% for one of the condominiums on 465 Valley Street that also had the lowest recorded selling price of $158,000. At the other end of the spectrum, there was a house listed on Highland Ave in Maplewood that was listed at $799,000 and sold for a $1,205,000, representing a yield that was 51% over asking, simply astounding.
So, what can you expect to see in 2023? Well, despite some of the National negative articles about real estate slowing and prices dropping, we fully expect that we should continue to see solid results going forward. We may not see as high of a yield (13.3%) like we did in 2022, but we don’t expect to see average prices falling. Inventory remains minimal and buyer activity appears quite strong with recent open houses having solid attendance.
If you have any questions about the value of your home, what you can do to increase the value of your property or are giving consideration to selling your home now or in the near future, please feel free to give me a call or text at 917-797-5059. I look forward to hearing from you at your earliest convenience.
Have a great day and a great 2023.
The Mark Slade Homes Team
Keller Williams Mid-Town Direct Realty
181 Maplewood Ave.
Maplewood, NJ 07040
PS: To make it clear, the above statistics are for all listings that were listed in 2022 and also sold in 2022.