How’s the SOMA market? In a nutshell, this market is nuts! Here are our two latest market reports for the towns:
When comparing closed sales for Jan. 2020 to Jan 2021, Maplewood’s average sales price is up by 39% and S. Oranges is up by 84%. There is less than 1 month of inventory available in the market which is extremely tight by any standards. A “balanced” market would have 4-6 mos of supply. There are just not enough houses to go around for the number of interested buyers creating multiple bids on most homes for sale. The average “days on market” for Maplewood homes that closed in Jan. was 29 days (down 24% from last year) and 16 days in S. Orange (down 59% from last year). The average Maplewood home closed for 106% of list price and the average S. Orange home for 104.75%. If you have questions on the local market or buying and selling in 2o21 please reach out to us!
The Allison Ziefert Real Estate Group is a top producing real estate team based at Compass in Short Hills, NJ. We are local market experts, specializing in real estate and homes in Maplewood, South Orange, Millburn/Short Hills, Montclair, West Orange, NJ and the surrounding towns. We are driven by earning great testimonials and referral business from happy clients. You can read our testimonials here.