Let’s see if some information about the first half will give you clues as to what your answer should be. According to Andrew Mensch, a broker and branch manager with Prudential New Jersey Properties in Verona, there were 20% fewer closings in the first half of 2013 than in the comparable 2012 period: 64, down from 80. But the average home was on the market for 11 fewer days than in 2012, and the average sale price rose 12.3%.
New construction remains rare in Verona. The newly built house at 249 Fairview went to contract in 11 days at $607,000–above its asking price of $599,000. Another new house, at 28 Cliff Street, sold for in March for $644,000, slightly below its final asking price of $649,000.
Some houses stay on the market for a while before being sold. 81 Lynwood Road–a four-bed, one-bath cape with an updated kitchen on a quiet street–was listed for sale in July 2012 at $365,000. That ask was lowered to $324,000 and it finally closed in May 2013, at $324,000. But then there are homes like 60 Fairway. The three-bed, 2 1/2 bath ranch (eat-in kitchen, four-season room) was listed on April 1, 2013 at $485,000. It was in contract 25 days later and closed at the end of May at full price. [polldaddy poll=7230589]
Verona real estate prices are no longer as low as they were in the depth of the recession. The average home sold for $354,000 in the first half, up from $315,100 in 2012, according to Mensch’s data. (High-end homes still struggle: 276 Fairview Avenue, listed at $1.1 million in June 2012, is still on the market, albeit now at $899,900.)
Buyers now are jumping much more quickly on the limited inventory available in Verona.”Interest rates have gone up considerably in the last month,” says Mensch. “A lot of people who were sitting on the fence are now getting in the game.”
So what percentage of homes went to contract over their final asking price in the first half of 2013? If you answered anything other than 31%, you’re wrong.
Here’s what’s happening as we begin the second half of real estate in Verona. There are four new listings, no open houses and only one house with a lower asking price:
New Listings
51 Cypress Avenue: 3 beds, 1 1/2 baths. Split-level on quiet street. $419,900.
80 Hillside Avenue: 4 beds, 1 1/2 baths. Eat-in kitchen, stone fireplace. $469,000.
38 Mountain Road: 4 beds, 3 1/2 baths. Finished basement, central air. $859,900.
1 Claridge Drive #PH2” 4 beds, 3 1/2 baths. Penthouse duplex condo with three balconies. $1,399,000.
Price Changes
92 Pease Avenue: 5 beds, 3 baths. Wraparound porch. Close to town center. Cut $30,900 to $549,000.
