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Hot February–In Real Estate

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All signs are pointing up in the Verona real estate market.
All signs are pointing up in the Verona real estate market.

The cold weather and snow didn’t force Verona homebuyers into hibernation in February. A total of 37% of the homes on the market went under contract in February 2015: We haven’t seen that kind of activity since 2008. A year ago, in February 2014, the percentage of properties going under contract was less than half, at just 16%. The higher level of properties going under contract is great for sellers since it keeps the competition low. The result is that sellers’ homes get more attention from buyers.

Prices are on the rise in Verona. There were 12 properties that closed in February 2015 with an average sale price of $436,663, up 16% from February 2014. Six of those February 2015 closings were for single-family homes whose average sale price was $525,500. That is 7% higher than the average sales price of all single-family homes in 2014.

As of March 5, 22 single-family homes were on the market in Verona. Including condos and coops, there are 42 active listings in Verona, the same amount of inventory as last month.

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In all of Essex county, Verona ranks third out of 22 towns for the absorption rate, which is the month’s supply of housing inventory or the number of months it would take to sell all inventory based on the current rate of sales. Verona has a supply of less than three months of inventory. South Orange, Maplewood and Glen Ridge are the only other towns with less than three months of inventory. Nearby towns of Caldwell, Essex Fells, Livingston, Montclair and West Caldwell also have low inventory, with a supply of less than five months.

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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