As the nation gears up for an exciting Super Bowl weekend, the nation of real estate agents covering this area is gearing up for Super Real Estate Monday. I call it that because homes begin to come on the market more the 30 days after Super Bowl as long as the weather is mild and the demand simmering.
Both of these conditions exist right now so I predict next week to begin the early Spring selling season once again. Just like in towns like South Orange, Livingston and Montclair, home buyers are excited about buying again. I also see more people getting back into the mortgage lending business again, which means they smell sales in the air.
Sales not just from the typical home buyer, but home sales from the investor looking to either flip a property or to rent it out. The latter is big and this home for sale at 255 Elmwood Avenue in town will fit the bill for investors or any home buyer looking for a bargain. Why? Because the asking price is the price of a luxury car at $75,000 -- which makes it a great deal any way you slice it -- the rental market is short on inventory, and home buyers want a deal.
They will be entering a real estate market that has shown sustainability in price and demand, which should make any home buyer comfortable in purchasing in town. You see the sustainability in the fact the median sales price remained constant in 2009 and 2011 at $475,000 and improving to $480,500 in 2012. I skipped the median sales price of $505,000 in 2010 because (if you remember) this was the year when all the markets were buoyed by the government programs like the big home buyer tax credit.
Maplewood NJ 2012 Home Sales: Stat Summary
Click here to compare these 2012 stats to the Maplewood NJ home sale stats of 2011, 2010 and 2009.
Not only does the median sales price show sustainability, but so do the number of residential homes sold. In 2009 and 2011, 235 residential homes sold; in 2010, 247. Even with the extra help from the government, the 2010 home buyer demand did not beat the 2012 demand of 251 residential homes sold. It may be only a couple of extra homes but without any extra program assistance, 2012 eeked out more residential home sales.
Maplewood NJ 2012 Home Sales: Addresses & Sale Prices
DOM 11 Clinton Ave $1,170,000 $1,175,000 14 71-73 Durand Rd $1,150,000 $1,199,000 38 75 Woodland Rd $1,095,000 $1,095,000 8 16 Warner Rd $999,000 $1,100,000 34 3 Woodland Rd $998,000 $998,000 38 9 Quentin Ct $990,000 $1,039,000 14 22 South Crescent $877,500 $899,000 22 11 Mountain View Ter $830,000 $825,000 30
*Data from the Garden State Multiple Listing Service (GSMLS).