Verona Real Estate Market Strengthens

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StrongBlocksHomes in Verona are selling faster than a year ago. In January 2015, homes that went under contract took an average of 54 days. For the same period of 2014, the average days on the market was more than double, at 112 days. The shorter period of time a home is on the market is a sign of a strengthening market.

In January 2015 there were a total of 67 active listings on the market. Of those 67 listings, 12 went under contract. That is about on par with a year ago where there were 64 listings and 11 went under contract.

There were 16 homes that closed in January 2015. The average sale price was $352,012, which is up 4% from January 2014, another positive indicator of market strength.

As of February 11, there were 23 single-family homes on the market in Verona. When condos and coops are included, there are 42 active listings in Verona. Prices range from $145,999 for a one-bedroom condo to $1,295,000 for a four-bedroom, three-and-a-half bath home on Oakridge Road.

Nearby, Montclair and Cedar Grove have fewer homes on the market than they had a year ago. “Low inventory levels continue to drive the stronger real estate market in our area,” says Rhodes Van Note & Co.’s broker/owner, Brigitte Van Note. “And with inventory being at such low levels, buyers will often expand their home search to include neighboring towns.”

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.

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