Residential; Home Sale for July 1 to September 30 according to NJMLS. Information herein deemed reliable but not guaranteed.
I am sure you have heard the news about mortgage interest rates rising over the past few months. Add in inflation and it is bound to have an impact on real estate. So what impacts are we seeing in October 2022?
First let’s take a look at the numbers compared to this time last year. As you can see in the tables above we have seen less sales, less homes go under contract, and less new listings hitting the market. But homes are taking 4 days less on average to sell.
The big number people will look at is the average sales price which rise by 15% or just over $102,000. That number is deceiving though because of the amount of new homes being built over $1,000,000. In Q3 of 2022 we had 6 homes sell over $1 million which is a big number for River Edge. During the same time last year 4 sold. In 2022 we also less homes sell under $500,000 than last year (11 in 2021 vs 4 in 2022).
It means we are starting to see things slow down a bit. The homes currently on the market have been on for an average of 45 days signaling that maybe houses won’t sell quite as fast now. It does not mean that prices will start to drop, it just means that sellers will need to be more realistic with pricing. It also means buyers may have more time to choose, though their buying power has taken a hit lately if they are using mortgage financing.
|Address||Sale Price||Bedrooms||Full Baths||Half Baths||Sold Date||Days on Market||Style||Listing Office||Selling Office|
|796 Millbrook Rd||$421,000||0||0||0||9/22/2022||10||C/C||Coldwell Banker||Coldwell Banker|
|25 Madison Ave||$435,000||4||2||1||9/30/2022||53||C/C||Redfin||Outside Broker|
|226 Midland Ave||$440,000||3||1||1||9/30/2022||61||Col||C Land Realty||C Land Realty|
|926 Myrtle Ave||$465,000||3||1||1||7/18/2022||10||C/C||Mary Davis Real Estate||Berkshire Hathaway|
|280 Midland Ave||$515,000||3||2||0||7/29/2022||22||C/C||Monarch Realty||Keller Williams|
|95 Kenwood rd||$540,000||2||2||0||7/29/2022||10||Col||Weichert Realtors||Century 21|
|172 madison Ave||$549,000||4||2||0||8/12/2022||43||C/C||Mary Davis Real Estate||Prominent Properties Sotheby’s|
|227 Greenway Ter||$553,000||3||2||1||9/23/2022||6||Col||RE/MAX||Christie’s|
|243 Webb Ave||$570,000||3||2||0||8/1/2022||5||C/C||OPEN LISTING-SOLD||Coldwell Banker|
|444 5th Ave||$600,000||3||1||0||8/8/2022||6||Col||Weichert Realtors||RE/MAX|
|855 Park Ave||$610,000||5||3||0||9/22/2022||16||Col||Keller Williams Valley Realty||Keller Williams|
|125 Voorhis Ave||$618,000||3||2||0||9/12/2022||10||Col||RE/MAX||Compass|
|307 Adams Ave||$618,500||4||2||0||8/29/2022||21||C/C||RE/MAX||Vikki Healey Properties, LLC|
|188 Woodland Ave||$675,000||4||1||1||8/8/2022||11||Col||Weichert Realtors||Weichert Realtors|
|279 Van Saun Dr||$701,000||3||2||0||7/11/2022||12||Ranch||RE/MAX||Terrie O’Connor Realtors|
|646 Bogert Rd||$720,000||4||3||1||8/23/2022||15||Col||RE/MAX||RE/MAX|
|291 Woodland Ave||$725,000||4||2||1||7/22/2022||6||Col||EXP Realty||Keller Williams|
|200 Webb Ave||$730,000||4||2||2||9/9/2022||12||Col||RE/MAX||Christie’s|
|82 Bloomfield Ave||$740,000||4||3||0||7/18/2022||27||Col||Christie’s||RE/MAX|
|910 Laurel Ave||$742,000||3||2||1||8/15/2022||15||S/L||Mary Davis Real Estate||Keller Williams|
|213 Wayne Ave||$760,000||3||2||0||9/29/2022||7||Col||RE/MAX||Keller Williams|
|251 Beech Dr S||$825,000||4||2||1||7/19/2022||13||Col||Station Cities||RE/MAX|
|431 The Fenway||$890,000||4||2||1||7/17/2022||16||Col||RE/MAX||Garabedian|
|250 Jefferson Ave||$926,000||4||2||1||9/19/2022||11||Col||Eastern Realty, Inc.||RE/MAX|
|244 oak Ave||$1,150,000||5||3||1||8/15/2022||4||Col||Triplemint||Mission Realty|
|116 Wayne Ave||$1,250,000||5||4||2||9/1/2022||43||Col||RE/MAX||Coldwell Banker|
|254 Wayne Ave||$1,250,000||5||4||0||9/7/2022||12||Col||Redfin||Redfin|
|263 Woodland Ave||$1,285,000||4||4||0||7/8/2022||4||Col||Weichert Realtors||RE/MAX|
|318 Taft Rd||$1,399,999||6||4||2||9/8/2022||32||Col||Coldwell Banker||Terrie O’Connor Realtors|
|214 Zabriskie Pl||$1,400,000||6||4||2||8/17/2022||48||Col||Howard Hanna Rand Realty||Weichert Realtors|
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