Thursday, February 16, 2023

The Year In Real Estate for Union, NJ 2022 by Mark Slade



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)


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.sladeteamhomes.com

·         www.unioncountyproperties.com

·         www.sladehomesteam.com

·         www.bedroomcommunitiesofnyc.com

·         www.njluxhomes.com

If you are selling your home, there is a lot to goes into a true success.  For us, it starts with a thorough walk through and then a full report as to the steps you can take to dramatically increase your eventual sale price.  Of course, marketing and pricing are key, like icing on the cake:

Here is a preview: www.sladesells.com

Additionally, Mark is accredited to sell both your Luxury Home CLHMS, your
traditional home, and even your Short Sale home--which will be handled with
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

Thursday, February 9, 2023

Glen Ridge Real Estate Sales in 2022 versus 2021 by Mark Slade


Hi, this is Mark Slade from Keller Williams, and this is your Glen Ridge 2022 real estate recap.  As you can see from the graphic or from listening to our You Tube Video, it was a great year for real estate in Glen Ridge as it similarly was in neighboring towns like Montclair and South Orange and Maplewood.


Let's get right to the facts, starting with total units sold—with 108 units closed in 2022, representing an almost 18% drop in units from the 131 units sold in 2021, but this is not cause for alarm. In fact and relatively speaking, Glen Ridge is one of the markets that witnessed a much smaller drop in units sold when compared to neighboring towns that saw a drop in units sales by as much as 43%.  This drop in unit sales due to a lack of inventory and not because there's a lack of buyers, as you will soon see.

 You can also listen to the video if you prefer, by clicking on this image:

The average list price rose from $766,000 to $805,000, which is a 5.2% in list price average.  At the same time, the average sale price climbed to $1,007,000, that's a 12.5% increase from the average list price in 2021.  Furthermore, it’s interesting to note that the average sale price in Glen Ridge was about $30,000 less than the average sale price that was achieved in Montclair.    In 2021 Glen Ridge homes sold for 16.8 percent over asking, but, in 2022, they sold for a whopping 25% Over Asking, which is one of the healthiest increases over asking in the area; Montclair’s results were 23.8% for 2022. 


Given that seeing home sales with a “one in front of them—“meaning $ Million Dollar Sales—is becoming so commonplace given the growth in area real estate values, I like to evaluate these sales and so, the number of homes that sold for over a million in 2022, topped the charts at 48 homes sold for over $1 million and that represented 36.6% of the total units sold.  This also represents an increase by one-third over the number of homes that sold for over a million in 2021 which registered at 36 units and correlated into 27.5% of the inventory sold.


Another reflection on the health of the real estate market in Glen Ridge is that the Days on Market (DOM)--a statistic that when it goes down shows that it's an even stronger market--were shaved by two days off from the Market in 2021; in 2021 DOM were 21.1 and dropped to 19.3 in 2022.


I also like to breakout sales performance into three buckets: 1. homes sold for under asking, 2 homes sold at asking and 3. homes sold for over asking.  As you'll see here there was a pretty significant increase in performance, which you would expect having seen the previous stats I've presented.  As it turns out, 4.6% of Glen Ridge homes sales in 2022, sold for less than asking, that is less than half than what they did in the previous year.  Another 3.7% of the homes sold at Asking, which was also a drop, coming in at a touch less half as much as what we experienced in 2021.  Most exciting is that we saw a significant increase by 10 points to 91.7% of the homes selling for over asking.  The highest price paid in 2022 was $3.1 million for a house at 412 Ridgewood Ave, this represents a $400,000 drop from the highest price paid in 2021 which is three and a half million also on Ridgewood Ave.


                                                       412 Ridgewood Ave, Glen Ridge

The highest percent paid for over asking in 2021 was 53% but climbed in 2022 to 65%; at the same time there were several homes that sold for between 60% to 65% over asking. 


So far this year, out of the box in 2023, we're expecting a jump start to what we witnessed in 2022.  Our current forecast for 2023 is expected to provide similar results in terms of number of units sold.  With inventory continuing to be at all-time lows, we also expect to see strong performance with prices continuing to rise.


If you have any interest in learning a little more about what your house might be worth please let me know my contact information is below.  Also, if you're interested in my book:  How To Sell Your Home For More Money, feel free to call or text me and that also goes if you have any questions my number is 917-797-5059.  Thank you so much for your time and have a great day.


Mark Slade | ABR, CLHMS, SFAR

Realtor, Keller Williams Midtown Direct Realty | The Slade Homes Team

Office: 973-762-5400 | Cell: 917-797-5059

www.sladeteamhomes.com | sladehomes@gmail.com

181 Maplewood Ave., Maplewood, NJ 07040

Circle of Excellence 2012-2021 | Keller Williams Platinum Award Winner 2015-2021

Specializes in Luxury Homes & KW Sports + Entertainment Member



Selling a Montclair/Glen Ridge area home involves many steps and having an experienced Maplewood New Jersey Real Estate Agent and Realtor®, specializing in the Bedroom Communities of New York City in Essex/Union County—Montclair, Glen Ridge, West Orange, South Orange, Livingston, Maplewood, Millburn, Short Hills, Springfield, Summit, Madison, Chatham, Scotch Plains, Fanwood, Cranford and Westfield--by your side will make the transaction run a lot smoother. I would love to be your Montclair/Glen Ridge New Jersey Area Real Estate Professional! I assist both buyers and sellers in the Bedroom Communities of New York City, mostly served by NJ Transit’s Mid-Town Direct Train Lines, offering commutes of 45minute or less to NY Penn Station, with either the purchase and or sale of residential real estate.

As an Accredited Buyer’s Agent (ABR), I have received special training to guide and educate you through the entire home buying process. From start to finish, I listen to your needs and desires in what you would like and take the information you give me to find you home. My GO-TO team can provide you the best in Real Estate advice with regard to attorney choices, Home Inspectors and Mortgage Loan Officers

I am also a Luxury specialist (CLHMS), I have received special training to guide and educate you through the entire home buying and selling process. Not only does this extra training help me better understand this upper echelon in real estate, its benefit include a special luxury website: www.njluxhomes.com and a corresponding worldwide luxury network that helps to put luxury buyers and sellers together.

As your Montclair/Glen Ridge New Jersey listing agent I am well versed on as your local expert in all things in the Montclair/Glen Ridge area Real Estate Market. You can expect personalized service that includes a detailed consultation on how to best position your Mid-Town Direct home to be competitive in today’s market with training to provide my clients with an in-depth Advanced Comparative Market analysis, and advice on staging. As my office’s technology officer as well as both a Zillow Platinum Premier and Trulia Premier agent, I use the latest and most up-to-date marketing methods to get your home in front of as many buyers as possible. Being your New Jersey Real Estate Agent and Realtor ® not only involves just finding the home or selling the home, but being your guide, negotiator, advisor and advocate and making sure that your needs and goals are met. Being your New Jersey Essex/Union County area Realtor® (with a little bit of Morris County thrown in for good measure) is one of my truest passions, and “Helping You Find Your Dream Home” is my number one priority. Don’t forget These Helpful Sites: