Verona Home Prices Continue To Improve

By on October 5, 2013

MoneybagIf you liked the first half of the year in Verona real estate, you’re going to like what happened in the third quarter even better: Average sale prices rose 11.1%, making Verona one of the strongest real estate markets in western Essex County.

According to new data from Andrew Mensch, the branch manager of Prudential New Jersey Properties in Verona, the average sale price in Verona was $364,100 for the first three quarters of the year, up from $327,600 for the same period in 2012. While there was a sharper rebound in prices in towns like Essex Fells (up 44.7% from $666,900 for 2012 to $964,800 for 2013), Verona remains firmly positioned in the market that buyers seem to want most, which is houses priced at less than $500,000.

Houses in Verona continued to move quickly in the third quarter, with the average number of days on market falling to 71 days from 85 days for the third quarter of 2012, a drop of 16.5%. And while total closings were down–because there still aren’t as many houses being listed in Verona as there were before the recession–closing prices here continued the improvement they made in the first half. Ninety-eight percent of all houses closed at their final listing price, up from 96% for the third quarter of 2012.

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As for this weekend, there are five new listings, six open houses and three homes with lower prices.

New Listings
5 Wedgewood Drive #101: 2 bed, 1 bath condo. Washer/dryer. $220,000.
2 Claridge Drive #11FW: 1 bed, 1 1/2 baths. Updated kitchen, private terrace. $220,000.
46 Park Avenue: 3 beds, 3 baths. Legal two-family near center of town. $299,000.
29 Grove Avenue: 3 beds, 1/2 baths. Walk-up attic, walk-out basement. $399,000.
89 Woodland Avenue: 3 beds, 2 baths. Renovated split-level, in-ground pool. $574,900. Open house 1 to 5 p.m.

Open Houses
141 Grove Avenue: 4 beds, 3 baths. Split-level with eat-in kitchen near F.N. Brown. $489,000. Open house 1 to 5 p.m.
3 Old Farm Road: 4 beds, 3 baths. Eat-in kitchen. Bedroom, bath on main floor. Price cut again by $20,900 to $499,000. Open house Sunday, 1 to 4 p.m.
17 Hathaway Lane: 4 beds, 1 1/2 baths. Hardwood floors, quiet dead-end street. $510,000. Open house 2 to 4 p.m.
89 Woodland Avenue: 3 beds, 2 baths. Renovated split-level, in-ground pool. $574,900. Open house 1 to 5 p.m.
93 Mount Prospect Avenue: 6 beds, 3 full and 2 half baths. Large living, dining rooms. $579,900. Open house 2 to 4 p.m.
45 Sunset Avenue: 3 beds, 3 baths. Renovated colonial, gourmet kitchen, central air. Cut another $10,000 to $649,000. Open house 2 to 4 p.m.

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Price Changes
40 Elmwood Road: 4 beds, 3 baths. Updated kitchen, baths, finished basement. Cut $15,000 to $524,900.
45 Sunset Avenue: 3 beds, 3 baths. Renovated colonial, gourmet kitchen, central air. Cut another $10,000 to $649,000. Open house 2 to 4 p.m.
35 Mountain Road: 5 beds, 3 1/2 baths. Tudor with original woodwork. Master suite, screened porch. Cut another $31,000 to $759,000.

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