2014 was a big year in real estate for Verona. On average, 17 homes went under contract each month. That is more activity than we have seen since 2005, when the average was 19 homes per month. Buyers seem to be taking advantage of the interest rates that continue to be very attractive.
As of January 21, there are only 23 single-family homes on the market in Verona. Including condos and coops, there are 49 active listings in Verona. That is the lowest level of inventory we have seen since 2006.
In terms of prices, the market is continuing to rebound. The average sale price in Verona in 2014 was $406,204. That is up 11% from 2013. Verona is down just 9% from the peak of the market in 2006 where the average sale price was $447,449. Looking at just single-family homes, the average price in 2014 was $489,806, which is down just 5% from the average price of $513,070 in 2006.
The average listing for a single-family home stayed on the market for about 7 weeks in 2014. Condo listings tend to stay on the market longer with an average of 12 weeks on the market.
Montclair and some of the other surrounding towns are seeing similar trends with inventory at low levels. “Because of the low inventory and still low interest rates, it’s a great time to market your home,” says Brigitte Van Note, broker/owner of Rhodes Van Note & Co., Realtors in Upper Montclair. “The spring market is just ahead and we are looking forward to a busy season.”
This article was researched and written by Catherine Hicklin, a sales agent at Rhodes Van Note & Co. She can be reached at [email protected] or 973-945-6754.
