March Real Estate Strong For New Listings

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strong-houseSellers must have been busy decluttering and sprucing up their houses during the snowy winter months because in March there were 33 new listings in Verona. We haven’t seen that much seller activity since the early autumn, when there were 38 new listings that came on the market in September.

Sixteen homes, or about 22% of the inventory, went under contract in March. That figure is about average for Verona’s spring real estate market.

There were 14 closings in March, ranging from $170,000 for a one-bedroom condo at the Claridge House to $740,000 for a four-bedroom townhouse at Kips Ridge. Only five of the closings in March were for single-family homes. The average sale price was $392,000 for all closings but it was substantially higher at $477,300 for single-family homes.

Prices are up 10%, continuing the upward trend. For the most recent 12-month period (April 2014 to March 2015) prices have risen 10% versus the 12-month period prior to that (April 2013 to March 2014).

As of April 6 there were 51 listings in Verona. Of those listings, 28 are single-family homes, giving homebuyers slightly more options than they had a month ago.

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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