Montclair, NJ Real Estate Market Trends

Montclair NJ -Sign

Montclair, NJ Real Estate Market Trends – Listing vs. Sold Prices

If you are planning to buy a home in Montclair, NJ or if selling a home in Montclair, NJ is in your future, then you might be interested to find out more regarding current Montclair, NJ Real Estate Market Trends.  First, it may be helpful if you have a clear understanding of the difference between a “listing price” and a “sold price”.  A listing price is the dollar amount a seller is asking for their home. How much a buyer is willing to pay is the sold price. Looking at the listing price vs the sold price gives us a good idea of where the real estate market is heading. The median listing and sold property prices are calculated based on the market activity each month. When we look at the chart below, we see the median list price peaked in June and February 2016. The median list price hit a peak again this month. The median listing price was at its lowest in Montclair NJ between December 2016 and January 2017. The median sold price spiked in mid-August and then began to decline. It has been on a steady increase between September 2016 and now.

Montclair, NJ Real Estate Market Trends

Montclair, NJ Real Estate Market Trends – Market Inventory Trends

As we further explore recent Montclair, NJ Real Estate Market Trends, we see the number of active listings in Montclair, NJ increased 8% from the previous month.  The median number of days active properties have been listed is 39, which is significantly shorter than the national average.

Springfield, NJ Market Inventory Trends

Springfield, NJ Market Inventory Trends

Montclair, NJ Real Estate Market Trends – Learn More!

Other important statistics to note when we look at single family homes and condos in Montclair, NJ are: The median listing price is:  $817,980, the Median Days on Market is: 30, and the number of active listings are: 109.

I hope you found this information helpful. If you have any questions, or would like a copy of our FREE town snapshots, please contact me. You can reach me by phone at 973-637-0004 or via email at Shannon@ShannonAronson.com. If you are interested in seeing any of the homes for sale in Montclair, NJ, please contact me. I’d be happy to arrange a showing for you. To learn more about Montclair, NJ, and other surrounding communities, please visit my website at www.NJRealEstateDirect.com.

South Orange NJ Real Estate Trends

real estate trends7

South Orange NJ Real Estate Trends – Listing vs. Sold Prices

If a move to or from South Orange NJ is in your future, it is a good idea to familiarize yourself with the current South Orange NJ real estate trends. Prior to looking at the specifics, it’s beneficial to have an understanding of the difference between a “listing price” and a “sold price”. The dollar amount a seller is asking for their home is called a “listing price”. On the other hand, the dollar amount a buyer is willing to pay for a home is referred to as a “sold price”. As we look at the chart below, we see the median listing price was fairly steady from March through mid-June 2016, then started to decline from July through September. It then raised slightly through December 2016 and hit a 12-month low in mid-January 2017. The median sold price, on the other hand, was at its lowest in March 2016 and has been rising steadily between August and February 2017, when it reached a 12-month peak.

South Orange NJ Real Estate Trends – Market Inventory Trends

As we further explore the South Orange Real Estate Trends, we see the number of active listings that were on the market in South Orange NJ and the number of days they’ve been listed. The number of active listings in South Orange NJ increased .4% from the previous month. The median number of days active properties have been listed is 57.

South Orange NJ Real Estate Trends – Learn More!

As we conclude our look into the most recent South Orange NJ Real Estate Trends, other trends to consider are: $498,330 is the median listing price, 57 is the median days on market, and the number of active listings is 45.

If I can arrange a showing for you at any of the wonderful homes for sale in South Orange NJ, please contact me. You can reach me by phone at 973.637.0004 or by email at Shannon@ShannonAronson.com. Want to learn more about South Orange NJ and other surrounding communities? If so, please be sure to contact me for a FREE copy of our town snapshots. For more great real estate information, including helpful insider tips, please visit my website at www.NJRealEstateDirect.com.

Buying Real Estate in Manhattan

manhattan skyline

If you were unable to join us on Tuesday, 2/7, for our presentation on “Buying Manhattan Real Estate”, and you are considering making a move to the city, below are some of the key points from the presentation.

The island of Manhattan is 88 km2 / 23 mi2. The population is 1.64M (July 1, 2015 U.S. Census Bureau Estimate). 64.2% of the Manhattan population rent (unchanged since 2015). The vacancy rate has been under 5% for six decades. By 2030 population will rise to 1.869M (city of New York Population Projection). For the first time in a long while, Manhattan is turning to a buyer’s market. Julia Hoagland, Manhattan Real Estate Agent, whose team has been the #1 ranked team from 2013-2016, said that she and her team have increasingly been able to negotiate with sellers and builders when that has not been the case historically. Other shifts seen in the Manhattan market include:

  • New development paradigm shift: supply, negotiability up; bedroom count, permits down
  • Rental market softening: inventory, concessions, vacancy up; rents, cap rates down
  • Fed increased fed funds 25bps; mortgage rates up 4.81% YOY but still at historical lows
  • Technology challenging Wall Street: Amazon, Google, Facebook all increasing Manhattan footprint
  • Strengthening dollar up against euro and pound; uncertainty abating effect
  • Brexit: mixed effect on Manhattan. Finance jobs increasing in NY; investment opportunities increasing in London/pound
  • Trump elected U.S. President

If you aren’t looking to live in Manhattan, but are considering buying an investment property, you might want to consider the differences between investing in a new property vs. investing in a resale.  Below are two examples:

100 East 53rd Street (New Development Condo)

  • 2BD, 2.5BA (1638SF)
  • Purchase Price: $7,325,000
  • Annual Rental Income: $360,000
  • Annual Costs (cc+tax): $59,556
  • NOI: $300,444
  • Cap rate: 4.1%

200 West End Avenue (Resale Condo)

  • 3BD, 2.5BA (1627SF)
  • Purchase Price: $3,875,000
  • Annual Rental Income: $144,000
  • Annual Costs (cc+tax): $40,392
  • NOI: $103,608
  • Cap rate: 3.0%

Are you intrigued to move to Manhattan but have a home to sell in Millburn Short Hills NJ?  If so, the Shannon Aronson team would love to help you sell your home!  The market is good.  In 2016, 299 homes sold.  The majority of the homes that sold were between 1 and 2 million dollars with an average of 47 days on the market.  The listing to sold price ratio was 98%.  2017 is off to a great start.  The number of homes under contract between January 1 and February 7 in 2016 was 14.  For the same period is 2017, that number is 27.  A number of factors go into determining if you need to sell before you buy.  These factors include financial package, optimum timing, preparing your home, and pricing.

The Shannon Aronson team would be happy to meet with you to walk through what is best for you and your situation.  You can contact us by phone at 973-637-0004 or via email at Shannon@ShannonAronson.com.  To learn more about current Millburn Short Hills NJ real estate trends, click here.  For more real estate information, please visit my website at www.NJRealEstateDirect.com.

 

Buying Manhattan Real Estate – A Special Presentation from Shannon Aronson

Are you or someone you know THINKING OF MOVING TO MANHATTAN?


SHANNON ARONSON hosts a special presentation on

BUYING MANHATTAN REAL ESTATE

Purchasing a Home in New York City

with special guest presenter, top NYC agent, Julia Hoagland

February 7 from 7:30pm to 9pm at Common Lot

Join Shannon and Julia for a delightful and informative evening at Millburn’s in-demand new restaurant, Common Lot.

The prospect of moving to New York City is exciting but the process of buying a home there is complex. Make yourself an expert before you get started in your search.  Julia Hoagland is one of the Top Real Estate Agents in NYC.  Join us to learn about the buying process, the values of different neighborhoods, nuances of condos, co-ops and how to get started.

Complimentary appetizers and drinks will be served.

Seating is Limited. RSVP a MUST. Follow this link:

https://www.eventbrite.com/e/buying-manhattan-real-estate-purchasing-a-home-in-new-york-city-tickets-31683080948

 


NYC Neighborhoods

Livingston NJ Real Estate Trends

real-estate-trends4

Livingston NJ Real Estate Trends – Listing vs. Sold Prices

If you are considering making a move to or from Livingston NJ, please take a look at the information that follows regarding the most recent Livingston NJ Real Estate Trends. Before we delve into the statistics for Livingston NJ, let’s first make sure we understand the difference between a listing price and a sold price. A listing price refers to the dollar amount a seller is asking a buyer to pay for their home. Conversely, a sold price is how much a buyer is willing to pay for the seller’s home. Taking a look at the graph below, we can see that average listing prices peaked between February and March of 2016, with a high around $903,000. The listing prices then began to decline between March and April. Listing prices remained steady between $650,000 and $715,000 between April and September of 2016. Listing prices then began seeing an increase again between September and October and have been declining again between October and now. When we take a look at the sold prices, we see they were at a low of approximately $479,000 in February of 2016. Median sold prices have been increasing each month since then, hitting its peak of about $665,000 this month. If you are thinking of selling your home and are curious what it is worth, click here.

Livingston NJ Real Estate Trends

Livingston NJ Real Estate Trends

Livingston NJ Real Estate Trends – Market Inventory Trends

As we continue to check out the most recent Livingston NJ Real Estate Trends, the graph below shows us the number of active listings that were on the market in Livingston NJ and how long they have been on the market. The number of active listings in Livingston NJ increased by 9.9% from the previous month.   The median number of days active properties have been listed is 79 which is significantly shorter than the national average.

Livingston NJ Real Estate Trends - Inventory Trends

Livingston NJ Real Estate Trends – Inventory Trends

Livingston NJ Real Estate Trends – Learn More!

In conclusion of our look at the most recent Livingston NJ Real Estate Trends, some other statistics to consider are: $807,040 is the median listing price, 79 is the median days on market, and the number of active listings is 98.

Please be sure to contact me if you are interested in purchasing a home in Livingston NJ. It would be my pleasure to set up a showing for you at any of the wonderful homes for sale in Livingston NJ. If you would like to learn more about Livingston NJ, please be sure to contact me for a FREE copy of our town snapshots. I can be reached by phone at 973.637.0004 or by email at Shannon@ShannonAronson.com. Please be sure to check out my website for more great real estate information, or for insider tips.

Summit NJ Real Estate Trends

real-estate-trends2

Summit Real Estate Trends – Listing vs. Sold Prices

Are you considering buying a home or selling a home in Summit NJ? If so, you might want to check out the most recent Summit NJ Real Estate Trends. Comparing the listing price and sold prices gives us a good idea of where the real estate market is heading. Before we look at the trends, let’s first talk about the difference between a listing price and a sold price. The listing price is what the sellers are asking for their home, while the sold price is what a buyer is willing to pay for the home. Looking at the following chart, we can see that over the past 12 months, the median listing price was at its lowest in December of last year, and then it reached its peak in March of 2016. It has been declining since with the exception of a spike again in the Spring market in May of 2016. The sold prices saw a sharp decline when the listing prices saw their peak in March of 2016. Sold prices reached their peak in June of this year and then began to decline slightly through September. However, listing prices have been on the rise over the last couple of months. Thinking of selling? Click here to find out what your home is worth.

Summit NJ Real Estate Trends

Summit NJ Real Estate Trends

Summit NJ Real Estate Trends – Market Inventory Trends

Looking further into the Summit NJ Real Estate Trends, the graph below shows us the number of active listings that have been on the market in Summit NJ and how long they have been on the market. The number of active listings in Summit NJ dropped by 2% from the previous month.   The median number of days active properties have been listed is 43 which is significantly shorter than the national average. The number of sales in August dropped by 95.5% from the previous month.

Summit NJ Market Inventory Trends

Summit NJ Market Inventory Trends

Summit NJ Real Estate Trends – Learn More!

As we conclude our look into the Summit NJ Real Estate Trends, some other interesting statistics to note are: $1,219,390 is the median listing price, 43 is the median days on market, and the number of active listings is 84.

If I can provide you with additional information regarding Summit NJ real estate trends, or if I can show you any of the fantastic properties for sale, please contact me. I can be reached by phone at 973.637.0004 or via email at Shannon@ShannonAronson.com. For more information about Summit NJ and our surrounding communities, please be sure to visit my website at www.NJRealEstateDirect.com.

Millburn Short Hills NJ Real Estate Trends

Real Estate Trends

Millburn Short Hills, NJ Real Estate Trends – Listing vs. Sold Prices

If a move to or from the Millburn Short Hills NJ area is in your furture, you may be wondering about the most recent Millburn Short Hills NJ Real Estate Trends. When we compare listing price and sold prices, it gives us a good indication of where the real estate market is heading. First, let’s understand the difference between a listing price and a sold price. The listing price is what the sellers are asking for their home, while the sold price is the amount a buyer is willing to pay. When we look at the chart below, we can see that over the past 12 months, the median listing price reached its highest point in January of 2016 and then began to decline. Listing prices rose slightly again in May and September but haven’t yet come near to the peak they saw in January. Median sold prices, on the other hand, have been much lower than the median listing prices for much of 2016; However, median sold prices saw a large spike in September of this year and continue to rise. Thinking of selling? Click here to find out what your home is worth.

Millburn Short Hills NJ Real Estate Trends

Millburn Short Hills NJ Real Estate Trends

Millburn Short Hills NJ Real Estate Trends – Market Inventory Trends

As we continue to examine the most Millburn Short Hills NJ Real Estate Trends, the chart below shows us how many active listings have been on the market in Millburn Short Hills NJ and how long those active listings have been on the market. The number of active listings in Millburn Short Hills NJ increased by 2.7% from the previous month.   The median number of days active properties have been listed is 53. This is significantly shorter than the national average. The number of sales in June dropped by 54.2% from the previous month.

Milburn Short Hills NJ Market Inventory Trends

Milburn Short Hills NJ Market Inventory Trends

Millburn Short Hills NJ Real Estate Trends – Learn More!

As we wrap up our look into the Millburn Short Hills NJ Real Estate Trends, some other interesting statistics to note are: $1,981,870 is the median listing price, 53 is the median days on market, and the number of active listings is 80.

If you find you still have questions regarding Millburn Short Hills NJ real estate trends, or you would like to see any of the homes for sale, please be sure to contact me. I can be reached by phone at 973.214.0691 or via email at Shannon@ShannonAronson.com. For more information about Millburn Short Hills NJ and our surrounding communities, please be sure to visit my website at www.NJRealEstateDirect.com.

When is the Right Time to Sell My Home?

When is the Right Time to Sell My Home

Many times people want to know,”When is the Right Time to Sell My Home”. I am struck by how many times people ask me how the local real estate market is doing.

Let me give you a recap of the first 6 months of 2016. We had a very robust Spring. Most homes sold at 88-89% of their list price. Homes in good condition and priced accordingly sold very quickly, and most were in multiple offer situations.

When is the Right Time to Sell My Home?

The second most frequent question I get is, “If I want to sell my house and I missed the Spring Market, I have to wait until next year, right”?  Interestingly, about 60% of homes on the market locally go under contract in the first half of the year, but 40% go under contract in the second half, and, truthfully, there are less homes on the market in the 2nd half of the year.  If you feel now is the right time for you to sell your home, there is still a large number of buyers out there every month throughout the year.

In terms of “When is the Right Time to Sell My Home”, I’d also like to point out that where we live, so close to NYC, our Spring market is driven by Wall Street bonuses, which typically get paid in December and January.  This means our buyers have money in their pockets in January, February, March, and April.  It’s an earlier Spring market than we see in other parts of the country.

The problem is, when someone calls me in February or March, thnking of putting their home on the market, it’s very hard to put the home in its best light with exterior pictures and landscaping, etc.  My advice to you is, if you’re thinking about selling your home at any point over the year, please call me now. I am very happy to hire a photographer to take photos while things still look pretty from the summer months and as we head into the pretty colors of Fall.  Please feel free to contact me any time.  I can be reached by phone at 973-214-0691 or by email at Shannon@ShannonAronson.com. For more great real estate information, please be sure to visit my website at www.NJRealEstateDirect.com.

New Providence, NJ Real Estate Market Trends

New Providence, NJ

New Providence, NJ

New Providence, NJ Real Estate Market Trends – Listing vs. Sold Prices

As we take a look at the New Providence, NJ Real Estate Market Trends, let’s first understand the difference between “listing prices” and “sold prices”. The listing price is the price the sellers are asking for their home. The sold price is what the buyers are willing to pay. When we compare these price trends, we begin to understand where the market is heading. The median listing and sold property prices are calculated based on the market activity each month.  From the chart below, we can see that the median listing prices have remained rather consistent in New Providence, NJ over the course of the past year; However, the median sold prices saw a peak in mid February 2016 and then dropped in late April.  Median sold prices began to rise in the New Providence, NJ Real Estate Market in  late May early June 2016 and seem to be remaining steady over the most recent quarter.  Click here to find out what your home is worth.

New Providence, NJ Price Stats October 2015-September 2016

New Providence, NJ Price Stats October 2015-September 2016

New Providence, NJ Real Estate Market Trends – Market Inventory Trends

As we continue to explore recent New Providence, NJ, Real Estate Market Trends, we can see from the chart below that the number of active listings in New Providence, NJ dropped by 19.2% from the previous month.  The median number of days active properties have been listed is 69.
The number of sales increased by 900% from the previous month.

New Providence, NJ Market Inventory Trends

New Providence, NJ Market Inventory Trends

New Providence, NJ Real Estate Market Trends – Additional Statistics

Looking further into the most recent New Providence, N Real Estate Market Trends, some additional helpful statistics for Single Family Homes and Condos in New Providence, NJ are as follows:  The median listing price is:  $588,060.  The Median Days on Market is:  69.  The number of Active Listings are:  32.

If I can arrange a showing for you at any of the wonderful properties for sale in New Providence, NJ, or if I can provide you with additional real estate information, please don’t hesitate to contact me. You can reach me by phone at 973-214-0691 or by email at Shannon@ShannonAronson.com.

West Orange, NJ Home Sale Activity

Perhaps you are considering selling a home or buying a home in West Orange, NJ. If so, I think you will find the information that follows regarding the most recent West Orange, NJ Home Sale Activity of value. It is my goal, as your trusted Real Estate Agent, to keep you abreast of real estate market trends in our area.

West Orange, NJ Homes for Sale

The graph below shows us how many active listings were on the market, in West Orange, NJ, each month, between August 2015 and July 2016.

West Orange, NJ Active Real Estate Listings August 2015-July 2016

West Orange, NJ Active Real Estate Listings August 2015-July 2016

The second graph highlights how many listings went under contract, in West Orange, NJ, each month, between August 2015 and July 2016.

West Orange, NJ Listings Under Contract August 2015-July 2016

West Orange, NJ Listings Under Contract August 2015-July 2016

West Orange, NJ Home Sale Activity

The last graph nicely summarizes the most recent West Orange, NJ home sale activity. Specifically, the graph highlights how many listings came on the market, how many listings went under contract, how many listings had price reductions, and how many properties settled, each week, in West Orange, NJ, between 6/24-8/18/16.

West Orange, NJ Home Sale Activity 6.24-8.18.16

West Orange, NJ Home Sale Activity 6.24-8.18.16

Please contact me if you would like to see any of the wonderful properties for sale in West Orange, NJ, or if I can answer any real estate questions you may have. I can be reached by phone at 973-214-0691 or by email at Shannon@ShannonAronson.com. Don’t forget to visit my website at www.NJRealEstateDirect.com for great real estate information, to learn more about West Orange, NJ and surrounding towns, or to learn about the West Orange School District.