SOUTH ORANGE REAL ESTATE RECAP 2021: A SIZZLING MARKET FOR SELLERS By Mark Slade, The Mark Slade Homes Team at Keller Williams
You can listen to the video if you prefer:
This past year—2021—was another amazing year for Real Estate in South Orange (SOMA/MAPSO). We saw tremendous results and successes for Sellers. Low inventories and High Buyer demand continues to rule the roost when it comes to local real estate performance.
2021 gave us some startling statistics, like the fact that our average sold price increased dramatically by 16% to a new high of $818,009 as compared to the average sale price of $703,763 in 2020. Average list price also increased, to $762,335, which was a sizeable 12% increase over 2020. How did that translate into dollars and cents for sellers? Well, Sellers sold their properties for 7.1% over asking price this past year and did so in a third less days on market—just under 24 days.
As phenomenal as those statistics are, I found some even more starling facts in the upper end of the housing market. I have been tracking the number of homes sold for over $1 million for several years and the last few years the growth has almost been geometric in proportion. Last year we saw 66 homes sell for over $1 million in South Orange. The year prior, we sold only 24 million-dollar-homes.
The highest list price came in at $1,849,000 and the highest sold price for 2021 was $1,900,000 for the property at 48 Crest Drive.
To get a true gauge of how hot the market is, I like to analyze sale price to list price performance. In 2021, we an astounding 61% of the homes listed, sold for over asking. Another 11% sold at asking price. That translates into 72% of the 2021 listings selling for asking or above, whereas, in 2020, only 53% of the homes sold for over asking, so there was yet another crazy hot result. In fact, one property that sold for a whopping $340,000 over asking this past year.
So, there is no doubt that the South Orange real estate market has become one of the hottest in New Jersey. If you are thinking of selling your property, the odds would be in your favor to continue to see similar results in the short run, so please give us a call so we can provide you with a consultation.
Here is the complete list of sales:
About the Mark Slade Homes Team
The Mark Slade Homes Team closed just shy of 320 transactions and totaling over $170 Million in the past four years, giving us over $450 million and over 750 transactions in over 48 New Jersey towns: Maplewood, South Orange, Short Hills, Millburn, Montclair, Glen Ridge, Livingston, Roseland, Hoboken, Jersey City, Essex Fells, West Orange, Roseland, North Caldwell, Caldwell, West Caldwell, Cedar Grove, Verona, Summit, Westfield, New Providence, Berkeley Heights, Cranford, Union, Scotch Plains, Fanwood, Kenilworth, Rahway, Roselle, East Hanover, Florham Park, Chatham, Madison, Morristown, Wayne, North Haledon, Lincoln Park, Basking Ridge and more.
For Buyers we are ABR certified which allows us to consistently help our buyers find the right homes while making sure the process is managed successfully to get you to the closing table where you will get the keys to your new kingdom.
For Sellers we have a cutting edge, tech savvy, strategy ( www.sladesells.com ) that enables our sellers to benefit from an average price paid for their properties that is more than the average agent from the same MLS in the same towns. This effectively “reduces” the cost of selling by slightly more than half the typical transaction cost for our clients. Not wanting our sellers to miss out on getting the most money for their home, we offer our clients a concierge service where we loan them the money to help with repairs and staging, interest free. Need to Sell and Buy at the same time? We pride ourselves on making this as smooth a move as possible for our clients! We are trained by Otteau Valuation Group to conduct an Advanced Comparable Analysis ( www.advancedcma.com ) when trying to best understand the value of a property at any given time.
Our team is comprised of premier local experts to assist you with all your real estate needs in Essex, Union, Morris counties as well as some Hudson, some Passaic and some Middlesex. Whether you are a First Time Home Buyer, a current home owner needing more space or an empty nester looking to downsize, we have successfully helped our clients with over 300 closed transactions while maintaining the highest levels of service with integrity. Due to our success are consistently awarded Circle of Excellence-Platinum (highest rating) from the NJ association of Realtors.
We own and operate 7 Websites, including one site dedicated solely to our luxury listings (we are CLHMS certified). Lastly, we own and utilize over a dozen Social Media sites and pages as well as 323 domains to provide quick-find solutions and answers for our clients. Our clients love us because we make the home buying and selling process as easy as possible and now we offer free use of our moving truck for prepping your home to sell or for local moves in the area. We are a 24/7 responsive team. We are also a Team that GIVES BACK to over a dozen charities and organizations.
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