Hi, this is Mark Slade with Keller Williams Midtown Direct in Maplewood New Jersey. As I do every year, here is the 2023 Maplewood Real Estate Recap. The most part of what's been happening in the market, which I'm sure most Maplewood residents are likely to be awar, is that there's virtually no listing inventory to sell. As you can see from the chart, sellers have dramatically retreated from the market, especially when you go back to 2019 where we sold 390 homes in Maplewood. In comparison in 2023 we sold only 209 homes; going back to 2020 there was a gradual decline in units available which has then evolved into a more significant decline in units sold.
This is because people are not putting their houses on the market; yet, as you should all be aware, there continue to be more buyers than there are Sellers. If know basic economic theory, this buyer weighted market usually ends well for sellers.*
And so it did in 2023 with sellers selling their properties for 11.2% over asking and that's a clearly a significant result for Sellers. If you are looking to sell your property anytime soon, we would expect similar results, on average.
While you may notice that there was a obviously a decline in average list price and a decline in average sold price, you should know that the number of units closed declined and, as a result, the statistics will be more varied and skewed. So, from my perspective, it’s not a concern that the average list and sale prices declined.
To best understand the market, I like to track a number of other types of information to really help us best understand how the market has performed. With that in mind, we found that in 2023 is that we had 58 homes that sold for over a $ million, which was a drop of from the 86 $ million dollar plus units sold in 2022; but, again, I attribute this to the drop in inventory.
I think the most important statistic to analyze is to compare how the properties sold: Those that Sold for Over Asking, Sold at Asking and then sold for Under Asking. In 2023, 77%, or about ¾’s of the homes listed for sale sold for more than their final asking price. The percentage of homes selling for their final asking price registered at 8%. Lastly, the percentage of properties that sold for under their final asking price represented 16% of the units that sold.
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From my perspective, this means that Maplewood Real Estate is very much an incredibly healthy market for sellers. There is one important caveat, homes listed for sale have to be properly prepared for the market, marketed property and priced accordingly for the value they equate too.
Continuing with some of the statistics, the highest list price for a property in 2023 was $2.1 million and the highest sale price came in at exactly $2,025,000 million. The greatest price paid over asking--as a percentage of asking price--was 155% of asking; whereas, the lowest price paid for a Maplewood property, as a percentage of asking price in 2023, was 82% of its asking price.
I'm proud to announce that our consistent successes working for Sellers has led to us newly “minting” our listing system—Smart RE-sults©™--which is both Copyright and Trademark pending. If you are someone you know is looking or considering selling their Maplewood home, I’d love to meet with them to see how I can best help them accomplish their 2024 real estate goals.
I hope you found this blog post informative, and I would love to hear from you. If you have any questions, you can reach me at 917-797-5059. Once again, thank you for reading this post, Mark Slade from Keller Williams Midtown Direct.
Mark Slade
CEO of The Mark Slade Homes Team at Keller Williams Mid-Town Direct Realty.
*when we say it usually and provides great results, that is due to our Smart RE-sults listing system and includes taking advantage of our experienced advice when it comes to prepping your property for market.
Mark Slade Keller Williams 917.797.5059 Good Homes Selling a Maplewood/South Orange/West Orange 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— Millburn, Short Hills, Montclair, West Orange, South Orange, Livingston, Maplewood, 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 Maplewood/South Orange 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 Maplewood/South Orange/ West Orange New Jersey listing agent I am well versed on as your local expert in all things in the West Orange, Maplewood and South Orange 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:
www.goodhomesforgoodpeople.com
Let's work together to find you find your Dream Home!
A picturesque town in Essex County, Maplewood is located on the
East Branch of the Rahway River. Originally consisting of farms, mills and
orchards, Maplewood is now a great mix of residential and commercial areas,
culminating in the jewel of a downtown village and coming together to create a
charming, tight-knit and diversified community. Maplewood has predominantly
Colonial and Tudor style homes with sprawling porches and ample greenery, but
you can also find some Victorians and a range of more modern style construction
on its beautiful tree lined streets. Maplewood is a diverse town with 6
elementary schools and prominent municipal building designed by famous
architects, Guilbert and Betelle. In the center of town, famed landscape
architects, the Olmstead Brothers, created the breathtaking Memorial Park; not
to be overlooked is Ricalton Square, nestled between the train station and the
downtown shopping; this area is frequently used for events including a
Halloween Parade with hayrides and petting zoos, as well as featuring replica homes
during the Winter Holiday Season. The town offers many activities to its
residents from camps in the summer, arts and crafts classes, a public pool
(with 4 pools ranging from a “baby” pool to toddler pool to large lap pool and
a diving tank) and a farmers market when in season. There is even an annual
musicalpalooza--Maplewoodstock—featuring a variety of bands and musical styles,
showcasing local and national bands with booths for local businesses to set up.
The Village, also known as Maplewood Center, is a quaint, downtown shopping
district with everything from restaurants with foods from all over the world,
bakeries, dance studios, gyms, bookstores, a movie theater and bookstores. With
its large variety of cuisines to choose from, Maplewood recently started a
yearly town-wide Restaurant Week with over 30 eateries participating. Easily
accessible by its throughways and the New Jersey Transit, it's no surprise
Maplewood has been ranked several times as one of the most desirable places to
live in America by a number of surveys. Let's work together to find you your
Dream Home!
HOME.COMMUNITY.GIVING.GRATITUDE
