2ND QUARTER MARKET REPORT -
ESSEX COUNTY AND NORTHERN NJ
MONTCLAIR, GLEN RIDGE, MAPLEWOOD, SOUTH ORANGE, MILLBURN/SHORT HILLS,
VERONA, WEST ORANGE, BLOOMFIELD
As we look towards the rest of the year for real estate in northern NJ, here's an update on the 2nd quarter in Essex County - as these indicators can affect your selling and buying decisions. Two words: SELLER’S MARKET!
The number of closed sales fell dramatically in the Essex County (and surrounding counties) market areas this last quarter. That’s no surprise as we spent that time in quarantine. The health crisis however, is not leading to a housing crisis here. While inventory levels declined significantly, buyer demand increased substantially, causing prices to rise in nearly every community. As such, available properties received multiple offers.
It’s certainly challenging with an under-supply of available homes.
In Montclair for example, there was over a 40% decline in closed sales from the same period last year - with selling prices averaging 108% of their offer price.
Glen Ridge saw its average sale price of single family homes increase almost 30% for the quarter over last year, with only 18 closed sales (verses 31 in the 2nd quarter of 2019).
In West Orange there was a 33% drop in closed sales from this period a year ago, and Verona saw 3% fewer closed transactions.
Cedar Grove’s average sale price increased 10%, with the number of sales falling 40%.
Bloomfield’s closed sales decreased 27%.
In Millburn/Short Hills, there were 71 closed sales which was 19% fewer and the median sale price increased 7% to over $1,210,000 here.
For Livingston, the median sale price increased 11% - with closed sales having a 35% decline.
Maplewood closed sales dropped to only 64 sales compared to 114 in this same period a year ago, with sellers gaining an average of 102% of their asking prices.
South Orange had 42% fewer transactions, with the average sales price seeing a 5% increase over last year.
With numbers like these, and interest rates so low - what we can expect going forward in 2020 is the same scenario. (Except 3rd quarter data will show an additional increase of selling prices!)
As education remains a remote choice for many, with more buyers with school children at home - more people may be inclined to make a move outside of the traditional school year, which could result in continued robust buyer interest and activity throughout the fall and winter months.
If your plans had been put on hold to sell your home - now is the time to re-consider your options and have the conversation as to what this market can offer. All of northern NJ has seen an increased demand for housing and the area desperately needs inventory!
And if you are a buyer looking to purchase in 2020 and 2021 anywhere in northern NJ, and especially in NJ’s top towns such as those communities above, and do not want to grossly overpay — you must choose your realtor wisely who can align with your goals, has strong relationships along with the experience and credentials to advise you.
Contact me today for the latest information on neighborhoods, sales data, and questions.
Power search the latest homes for sale at https://www.njrealestatehomesearch.com/ and market reports, or receive an instant price on what your property may be worth here https://www.njrealestatehomesearch.com/cma/property-valuation/.