Spring Market Update

13238aa40531b2b1bb43_shannon_severin.jpg
13238aa40531b2b1bb43_shannon_severin.jpg

Despite the ups and downs with the weather, the spring housing market has started to bloom. You may have noticed the increase in For Sale and Coming Soon signs. In January there were only 34 homes on the market in Maplewood. This week the inventory has risen to 48 homes. The number of active listings in South Orange has also been hovering in the low 30s. This week South Orange now has 58 homes for sale. Still, inventory remains lower than demand, especially at the lower price points.

The real estate market in SOMA has held strong through the winter. According to the Garden State Multiple Listing Service (GSMLS)*, the days on market in January for Maplewood was less than one month. South Orange's days on market was slightly more at 41 days. 

Sale prices remain high. In 2016, the average sales price in Maplewood was $543,053. The average home price has not been that high since the bubble in 2006 when the average sales price was $543,228. For buyers who have been under water for several years, they should finally be afloat. Given that interest rates are still low, those buyers may want to consider refinancing.

Sign Up for E-News

The height of the market in South Orange was in 2007 with an average sales price of $655,966. The prices in 2016 did not come quite as close as Maplewood. The 2016 average sales prices was $648,659. 

The low inventory will continue to drive up prices as buyers find themselves in bidding wars. Although inventory should rise within the next few months, the number of buyers will most likely rise, too. Not only is spring a popular time to shop for a home, but buyers who have been waiting to see how far interest rates will fall may decide to lock in a low rate before they go up. In addition to the threat of interest rate increases, home sale prices have been steadily rising over the past 5 years. The longer a buyer waits, the more the home prices increase.

If you are thinking of buying or selling this spring, contact me to strategize on the best ways to win a bidding war or the best time to list your home at shannon.severin@kw.com

*Information compiled from the Garden State MLS is deemed reliable but not guaranteed.

Shannon Severin is a long-time resident of South Orange, mom of 3, and real estate agent for Keller Williams Mid-Town Direct.

 

The opinions expressed herein are the writer's alone, and do not reflect the opinions of TAPinto.net or anyone who works for TAPinto.net. TAPinto.net is not responsible for the accuracy of any of the information supplied by the writer.

TAP Into Another Town's News:

You May Also Be Interested In

Sign Up for E-News

SOMA

AtlantiCast

AtlantiCast: Episode 15

On this week’s AtlantiCast, learn some important tips for controlling and avoiding diabetes from an Atlantic Health System expert, see how Atlantic Health is advancing cutting-edge research, hear what’s being done to keep health care environmentally friendly and much more!

 

Maplewood Police Blotter - Thefts from Unsecured Vehicles Reported

May 25, 2018

May 14 - Theft from Auto; During the overnight hours electronics and coins were removed from two unsecured vehicles parked on Lexington Ave.

May 14 - Theft from Auto; During the overnight hours a wallet and other items were removed from two unsecured vehicles parked in a driveway on Princeton St.

May 18 - Burglary; During the daytime hours a home on the 500 block of Richmond ...

South Orange Police Blotter - Two Arrested and Charged with DWI

South Orange Police Blotter as of May 24

Theft of Bicycle - A South Orange resident reported that sometime between 5:45 a.m. and 1:20 p.m., Tuesday, May 22, actor(s) unknown stole his black & white Gary Fisher mountain bike, which had been locked and secured to the bicycle rack under the main train station.

Commercial Burglaries - Two adjacent West South Orange ...

South Orange's Spiotta Park is Renovated and Ready for Summer

May 26, 2018

SOUTH ORANGE, NJ - The community came out on Wednesday to celebrate the newly renovated and revitalized Spiotta Park, which at the corner of South Orange Avenue and Village Plaza, is in the heart of downtown South Orange.

Matt Glass, Chair of the South Orange Village Center Alliance (SOVCA) Board of Directors, welcomed all and shared his gratitude to those who worked together to ...

Maplewood and South Orange Events for Memorial Day Weekend - and What's Closed

MAPLEWOOD AND SOUTH ORANGE, NJ - There is a lot going on in the two towns this Memorial Day weekend, as well as some closures on Monday in observance of Memorial Day.

SATURDAY, MAY 26

The Maplewood Community Pool opens at noon for the 2018 season. (The South Orange Community Pool is opening June 2, details here.)

Downtown After Sundown presents "Jazz on ...

Upcoming Events

Sun, May 27, 11:00 AM

The Ethical Culture Society of Essex County, Maplewood

Memorial Day Colloquy: What We Honor and How We ...

Other

Thu, May 31, 5:30 PM

Arden Courts, West Orange

Living with Alzheimer's for the Middle Stage ...

Education Health & Wellness

Carousel_image_e5ddf284460ff3299189_rocky__002_

Thu, May 31, 7:00 PM

Par 440 Restaurant & Lounge, Millburn

Rocky Marciano, Jr. Unveils Rocky Marciano Wine ...

Arts & Entertainment Food & Drink

Carousel_image_982bc8344531b1a37c85_par_440

Fri, June 1, 7:00 PM

Par 440 Restaurant & Lounge, Short Hills

The Extra Rich In Class Dinner Show with E.R.I.C.

Arts & Entertainment Food & Drink

Marines Land at Millburn High School

May 26, 2018

MILLBURN, NJ – After getting rained out last year, United States Marines successfully landed four military aircraft on the Millburn High School football field on Friday under sunny skies. At 10:00 am an MV-22 Osprey, a CH53 Super Stallion Helicopter, a UH-1 Huey Helicopter and an AH-1 Super Cobra Helicopter touched down to create static displays for the students to explore and interact with ...

Domestic Violence Prevention Advocates SOFIA Honors Local Leaders During Annual Gala

WEST ORANGE, NJ - More than 200 supporters gathered at the Wilshire Grand Hotel in West Orange on Sunday to celebrate 9 years since the founding of S.O.F.I.A (Start out Fresh Intervention Advocates).

Founder Cynthia Walker and the gala committee of Chaz Moore, Kelly Moore, Lisa Boyd and Ida Walker pulled out all stops incorporating the color of purple throughout the venue for ...

A.J. Perri Helping Veterans in Need - Again

May 24, 2018

TINTON FALLS, NJ – A.J. Perri is back helping veterans in need – this time launching a search for veterans and their families through a partnership with ABC-TV.

As part of the A.J. Perri Cares Program, a lucky New Jersey veteran and their family will receive air conditioning/heating relief this summer.

"They fought for our country, and their families sacrificed," said ...

Vehicular Homicide Charges for Driver of Paramus School Bus

MORRISTOWN, NJ - The driver of a school bus involved in a crash on Route 80 last week that killed two people faces two counts of second-degree vehicular homicide/death by auto, it was announced today.

The driver, Hudy Muldrow, 77, of Woodland Park, attempted to make an illegal U-Turn on the highway in an attempt to find his way to Waterloo Village, the planned destination of the bus that was ...

SOMA Two Towns for All Ages to Host Transportation Summit on June 6

May 26, 2018

On June 6, SOMA Two Towns for All Ages will host a Transportation Summit with speakers and vendors focused on transportation options for older residents.Come and hear about the important role transportation plays in an individual’s independence and health.  

Learn more about the South Orange and Maplewood Senior Bus services. Sign up for classes by AAA, NJTIP, and more.  alk to ...

Free Adult Health Screenings at the Maplewood Library on Wednesday, June 6

Free Adult Health Screenings    

Wednesday, June 6           

10:30 am-noon at Main Library 

Blood pressure and carotid bruit screening, medication, weight & health counseling, Open to Maplewood residents 18 and older. Staffed by Maplewood Health Dept. nurses. Drop in.

Weekly Specials at Ashley Marketplace - and a Memorial Day Coupon

Shop Ashley Marketplace & Cafe for your everyday needs!

This week's specials are:          

Wheatgrass Shot  $2.99 (Bakery)
Corn 4/$2.99
Roasted Vegetables $7.99lb(Prep Food)
Boar’s Head Beef Pastrami  10.99lb(Deli)
Cooked Shrimp $17.99(Ashley Fish Market)
Cave Aged Gruyere $16.99lb ...