You may recall that last week I mentioned that the average year-to-date home sales price in Maplewood is up to the 2006-07 levels. So what exactly can you get for the average price of $499,852*?
In Maplewood, there are currently 61 homes for sale as of Thursday, May 5, 2016. Of them, only 2 homes are for sale in the $450,000-$550,000 range. If you were to stretch out the average range further, there are 8 available homes priced between $400,000-$600,000. The 8 homes consist of the following:
- 4 3-bedroom homes with at least 2 baths
- 1 4-bedroom home with 1 bath
- 3 5-bedroom homes with at least 2 baths
Location is the biggest factor in determining the number of bedrooms that you can get in that price range. Given that spring is prime buying time for those who want to be settled before the next school year, and 4-bedroom homes are popular with families, you can understand buyers' frustration when they only have a few homes from which to choose. Low inventory like we're experiencing now creates the environment for bidding wars which ultimately drive up the price. This situation is good news for current homeowners and sellers.
In South Orange, the average year-to-date home sales price is higher at $600,535*. There are 69 homes for sale as of Thursday, May 5, 2016. Of them, 9 homes are within the $550,000-$650,000 range. Given the higher price point, there are more 4-bedroom homes from which to choose. Here's how they breakdown.
- 3 3-bedroom homes with at least 2 baths
- 5 4-bedroom homes ranging from 1-3 baths
- 1 5-bedroom home with 3.1 baths
On the plus side for buyers, interest rates for a 30-year fixed rate mortgage hover around 3.75%**.
If you'd like to talk with me further about the market, please come see me at the open house on 1 Glen Rd. in West Orange this Sunday, May 8, from 2 p.m. to 4 p.m.
If you'd like to see the latest inventory in South Orange and Maplewood, please check out these open houses this weekend. The complete list from the Garden State Multiple Listing Service as of Thursday, May 5th., 2016, is available here
*Based on January-March 2016 data from the Garden State Multiple Listing Service. Information compiled from the Garden State MLS is deemed reliable but not guaranteed.
**Based on Wells Fargo interest rate as of 5/5/2016.