Real Estate For December 7-8: Higher Prices, Faster Sales

By on December 7, 2013

blue_arrowIf you’re a prospective home seller in Verona, this may be your Hanukah or Christmas gift: The average sale price of a home in Verona rose 9.2% in the first eleven months of this year.

According to new statistics from Andrew Mensch, branch manager for the Prudential New Jersey Properties office in Verona, the average sale price of a Verona home was just under $360,000 for the January to November 2013 period, up from $328,000 for the same period last year. And the homes that have been listed are selling much faster than last year. The average number of days on market was 72 for the January to November 2013 period, down from 84 for the like year-earlier period or a drop of 14.3%.

Home prices in Verona improved more than those in Cedar Grove, Fairfield, Livingston, Maplewood, Nutley, Roseland, South Orange, West Caldwell and West Orange, and were only a touch below the results in Montclair. What’s more the sale price to final listing price ratio in Verona was 98% for the first 11 months.

There is some bad news, but very little. There were only 158 closings in the first 11 months, down from 160 for the same period in 2012. That’s largely because there are still not as many homes being listed in Verona as there were before the recession. For this weekend, for example, there are only two new homes on the market:

New Listings

8 Birch Lane: 4 beds, 1 bath. Hardwood floors. $369,900.

4 Brookside Terrace: 3 beds, 2 baths. Open plan cape, newer bathrooms. $409,000. Open house Sunday, 2 to 4 p.m.

Open Houses

349 Bloomfield Avenue:1 bed, 1 bath condo. Hardwood floors. $159,000. Open house Sunday noon to 4 p.m.

25 Park Court: 2 bed, 1 bath condo. Large unit, hardwood floors, close to Verona Park. $185,000. Open house Sunday 1 to 4 p.m.

5 Wedgewood Drive Unit 102: 2 bed, 1 bath condo. Pets OK. $199,900. Open house Sunday 2 to 4 p.m.

56 Lynwood Road: 3 bed, 2 bath. Enclosed porch, hardwood floors. $314,900.

4 Brookside Terrace: 3 beds, 2 baths.  Open plan ranch, newer bathrooms. $409,000. Open house Sunday, 2 to 4 p.m.

149 Hillside Avenue : 4 beds, 2 1/2 baths. Large rooms, high ceilings, owner relocating. $489,900. Open house Sunday 2 to 4 p.m.

Price Changes

44 Afterglow Avenue: 5 beds, 3 full and one half baths. Updated kitchen, hardwood floors, large landscaped yard. Cut again to $599,000.

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