Hi this is Mark Slade with Keller Williams and I'm here to review the Union Real Estate Market for 2022. We will be comparing the performance in a variety of categories versus 2021.
It Was a very good year and most evidenced by the fact that average sale price rose 8.5% from the previous year’s $433,000 to $470,000 for 2022. That represents that buyers paid 4.4% over asking price, which had risen to $450,000.
As you'll notice unit sales were down. In fact, unit sales fell to 504 from the 634 units sold in 2021; that's a 20% drop in unit sales. However, it's really more reflection of the lack of inventory than anything else and there's not a town that I've tracked--we track about a dozen area towns--that have showed any increases in units sold.
Most of the towns in the area have seen even higher percentage drops in units. South Orange for instance dropped 43% in units, Maplewood dropped 34% in units. So, this is not an uncommon or unexpected statistic.
There was one measure that showed what we view as a slight deterioration and that is--Days on Market. Days on Market (DOM) were a little strange - it's one of the only towns that went up, meaning that it would take longer to sell, and Union registered an increase in DOM of 1.5 days. Still, all that being said, having a DOM of 27.8 days is not really a bad stat.
I also like to segregate the performance into three buckets: Sold For Over Asking, Sold At Asking and Sold For Less Than Asking. Union showed improvement across the board. The percentage of homes that sold under asking was 16% in 2022, while another 11% of the homes sold at asking, and better yet, 73% of the homes sold in 2022, sold for over asking. This means that 84% of the homes sold, sold for asking and above. Interestingly, the highest recorded sale price was $880,000 for a home at 113 Locust Drive. The highest percent over asking was actually for a different listing and it sold for 131 percent of asking price and was located at 388 Tower Street Conversely, the lowest price paid as it relates to asking price, registered at 79% of asking. So, overall, there was a 54% spread between the best performance and the worst performing listing in 2022.
That's a key metric and that's pretty similar to the results in the year before—2021. In 2021, the highest price for a listing in Union was $780,000 and the highest percent paid over asking was actually 42%. These are all very good stats and we expect the market to continue to be a solid one in 2023 due to the lack of inventory and of course keeping in mind that we have recently seen interest rates that have moderated. All in all, we expect to see a year very similar to 2022 with units sold. We do expect to still see over asking as the end result and while it may not be as high as the 4.4% in 2022, we still expect it to see an over asking scenario.
If you have any questions feel free to please reach out to us. You can do so via email which is listed below or at my cell phone which is 917-797-5059. You can also get a copy of my book How To Sell Your Home For More Money, once again, by calling or texting me. You should also know that if you become a client of the Slade team you can use our moving truck, free of charge, you just to fill it back up with gas when you're done; this applies only to local moves in the area or for de-cluttering your property if you are listing with us. If you have any questions please feel free to call me I look forward to hearing from you and have a great day thank you.
Mark Slade, CEO, Your Home Expert Advisor (14 years experience)
Specialties
Luxury, CLHMS
Buyer's agent, ABR
Listing agent
Foreclosure and Short-Sale, SFR
Whether you’re looking to buy or sell a house, or do both at the same time, The Slade Team is not only here to help, but proud of helping its buyers find their dream homes and helping their sellers consistently get the most money for their properties. Mark has even written a book about Selling Your Home For The Most Money and is happy to send you copy.
The Mark Slade Homes Team is proud to say we have closed over $130 Million in the past three years and we are fast approaching $500 Million in Sales, with over 750 transactions in 50 towns in NJ. We continue to provide the results our clients are looking for when selling or buying their homes.
Mark is one of Keller Williams Mid-Town Direct Realty's most passionate Real Estate Consultants and able to provide expertise in Interior Design consulting--Parson's School of Design and Harvard's Graduate School of Design. Mark has ranked #1 in his Keller Williams Mid-town Direct and has won multiple awards including the Keller Williams-Platinum and Circle of Excellence-Platinum for the past three years as well as building a full team. In turn, this has enabled the team to expand its coverage for clients throughout Essex, Union and Morris Counties; we also listed and sold homes in Hudson, Passaic, Somerset, Mercer and a few other counties.
Having served as his office's technology trainer, Mark's Online Marketing is second to none. He has the most prolific blog in the area with over 450,000 hits and his YouTube channel is on its way to 185,000 viewings. Mark uses multiple websites to feature homes for sale—including one built just for Union County--and to help buyers find homes in New Jersey. Mark has extensive Marketing experience, is a Social Media trainer, with high marks from all his clients. He has had firsthand experience being a seller of his home in Maplewood, so he can fully understand your concerns as a seller.
· www.unioncountyproperties.com
· www.bedroomcommunitiesofnyc.com
If you are selling your home, there is a lot to
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Additionally, Mark is accredited to sell both
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discretion as it is an unfortunate concern.
If you are buying a home, Mark is happy to report that his expertise in finding the right homes for his clients and providing insight into how that home can be improved upon, has consistently resulted in excellent returns on their investments in what is usually their most coveted asset--their homes.
Mark is a former nominee for a National Trust for Historic Preservation Honor Award and has been active in local design and redevelopment committees in Maplewood, a runner of the NYC Marathon, a former Executive Vice President in the fashion industry and is the father of two boys. His tech savvy background has led to several speaking engagements and is one of his offices leading trainers and mentors.
Feel free to contact Mark Slade at (917) 797-5059 or email him at sladehomes@gmail.com. You can follow Mark on his blog: http://lovetoliveinmaplewood.blogspot.com and/or on twitter @maplewoodhomey. For a quick find of listings of weekly Open Houses and a reference map of their locations, please click on any of these towns: Union, NJ, Maplewood, NJ SouthOrange, NJ Montclair, NJ Millburn, NJ Short Hills, NJ Livingston, NJ Summit, NJ Springfield, NJ Westfield, NJ Madison, NJ Chatham, NJ Berkeley Heights, NJ Cranford, NJ and many more
