Real Estate
Glen Ridge Real Estate Sales in 2022 versus 2021 by Mark Slade
Glen Ridge Real Estate Sales in 2022 versus 2021 by Mark Slade
Hi, this is Mark Slade from Keller Williams, and this is your Glen Ridge 2022 real estate recap. As you can see from the graphic or from listening to our You Tube Video, it was a great year for real estate in Glen Ridge as it similarly was in neighboring towns like Montclair and South Orange and Maplewood.
Let's get right to the facts, starting with total units sold—with 108 units closed in 2022, representing an almost 18% drop in units from the 131 units sold in 2021, but this is not cause for alarm. In fact and relatively speaking, Glen Ridge is one of the markets that witnessed a much smaller drop in units sold when compared to neighboring towns that saw a drop in units sales by as much as 43%. This drop in unit sales due to a lack of inventory and not because there's a lack of buyers, as you will soon see.
Find out what's happening in Montclairwith free, real-time updates from Patch.
You can also listen to the video if you prefer, by clicking on this image:
Find out what's happening in Montclairwith free, real-time updates from Patch.
The average list price rose from $766,000 to $805,000, which is a 5.2% in list price average. At the same time, the average sale price climbed to $1,007,000, that's a 12.5% increase from the average list price in 2021. Furthermore, it’s interesting to note that the average sale price in Glen Ridge was about $30,000 less than the average sale price that was achieved in Montclair. In 2021 Glen Ridge homes sold for 16.8 percent over asking, but, in 2022, they sold for a whopping 25% Over Asking, which is one of the healthiest increases over asking in the area; Montclair’s results were 23.8% for 2022.
Given that seeing home sales with a “one in front of them—“meaning $ Million Dollar Sales—is becoming so commonplace given the growth in area real estate values, I like to evaluate these sales and so, the number of homes that sold for over a million in 2022, topped the charts at 48 homes sold for over $1 million and that represented 36.6% of the total units sold. This also represents an increase by one-third over the number of homes that sold for over a million in 2021 which registered at 36 units and correlated into 27.5% of the inventory sold.
Another reflection on the health of the real estate market in Glen Ridge is that the Days on Market (DOM)--a statistic that when it goes down shows that it's an even stronger market--were shaved by two days off from the Market in 2021; in 2021 DOM were 21.1 and dropped to 19.3 in 2022.
I also like to breakout sales performance into three buckets: 1. homes sold for under asking, 2 homes sold at asking and 3. homes sold for over asking. As you'll see here there was a pretty significant increase in performance, which you would expect having seen the previous stats I've presented. As it turns out, 4.6% of Glen Ridge homes sales in 2022, sold for less than asking, that is less than half than what they did in the previous year. Another 3.7% of the homes sold at Asking, which was also a drop, coming in at a touch less half as much as what we experienced in 2021. Most exciting is that we saw a significant increase by 10 points to 91.7% of the homes selling for over asking. The highest price paid in 2022 was $3.1 million for a house at 412 Ridgewood Ave, this represents a $400,000 drop from the highest price paid in 2021 which is three and a half million also on Ridgewood Ave.
412 Ridgewood Ave, Glen Ridge
The highest percent paid for over asking in 2021 was 53% but climbed in 2022 to 65%; at the same time there were several homes that sold for between 60% to 65% over asking.
So far this year, out of the box in 2023, we're expecting a jump start to what we witnessed in 2022. Our current forecast for 2023 is expected to provide similar results in terms of number of units sold. With inventory continuing to be at all-time lows, we also expect to see strong performance with prices continuing to rise.
If you have any interest in learning a little more about what your house might be worth please let me know my contact information is below. Also, if you're interested in my book: How To Sell Your Home For More Money, feel free to call or text me and that also goes if you have any questions my number is 917-797-5059. Thank you so much for your time and have a great day.
Mark Slade | ABR, CLHMS, SFAR
Realtor, Keller Williams Midtown Direct Realty | The Slade Homes Team
Office: 973-762-5400 | Cell: 917-797-5059
www.sladeteamhomes.com | [email protected]
181 Maplewood Ave., Maplewood, NJ 07040
Circle of Excellence 2012-2021 | Keller Williams Platinum Award Winner 2015-2021
Specializes in Luxury Homes & KW Sports + Entertainment Member
Selling a Montclair/Glen Ridge area home involves many steps and having an experienced Maplewood New Jersey Real Estate Agent and Realtor®, specializing in the Bedroom Communities of New York City in Essex/Union County—Montclair, Glen Ridge, West Orange, South Orange, Livingston, Maplewood, Millburn, Short Hills, Springfield, Summit, Madison, Chatham, Scotch Plains, Fanwood, Cranford and Westfield--by your side will make the transaction run a lot smoother. I would love to be your Montclair/Glen Ridge New Jersey Area Real Estate Professional! I assist both buyers and sellers in the Bedroom Communities of New York City, mostly served by NJ Transit’s Mid-Town Direct Train Lines, offering commutes of 45minute or less to NY Penn Station, with either the purchase and or sale of residential real estate.
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