April Real Estate: More Listings, Higher Prices

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April-Real-EstateThe month of April brought a surge of new listings in Verona: 42 new listings in just one month, more than we have seen in over a decade.

There were 24 homes that went under contract in April or 25% of the inventory. A very healthy level which represents a balanced market.

Thirteen closings occurred as well in April, ranging from $190,000 for a three-bedroom fixer-upper on Nassau, to $995,000 for an updated home on Crestmont. Two of the closings in April were for condos, while the rest were single-family homes. The average sale price was $408,338 for all closings, 18% higher than the closings a year ago in April 2014.

Prices are still moving up. For the most recent 12-month period (May 2014 through April 2015) prices have risen 12% versus the 12-month period prior to that (May 2013 through April 2015).

As of May 13, there are 72 listings in Verona. Of those listings, 49 are single-family homes. Eight new listings have come on in the past week with a few of them hosting open houses this weekend.

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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