As we reported from a previous article, Verona home prices have come down about 14% from peak. Our opinion is that it is unfair to relate to peak prices anytime soon, so instead of giving end over end real estate numbers from last year this time (which was when our financial markets were in a tail spin), I am going to take the most recent 3 months, the majority of summer, and see where Verona homes have fared.
For the sake of this article, I am going to reference the time between June 1, and now. All information gathered is pulled from the NJMLS and GSMLS systems that you can actually access yourself in our exclusive MLS searching tool over there----->> Let's get started!
As of today, September 15, 2009, there are currently 94 homes for sale in Verona, NJ. Of those 94 homes, 41 of the active listings are from a highrise off of Pompton Avenue. There are only 34 single family homes for sale in Verona. Of the single family homes for sale, the average listing price is $558,128 and the median listing price is $494,000 with a total average of 84 Days On Market.
From June 1 through September 15, 2009, a total of 94 homes have sold in Verona. The median home price of houses sold was $364,000, with an average price of $427,772. The average Days on Market for homes sold throughout this period was 80 days.
During the month of August, 2009, a total of 28 homes sold. As of today, and as stated above, there are 94 homes currently on the market for sale in Verona. The absorption rate of the Verona housing market is 3.35 months. This means that if no other homes came on the market for sale, it would take 3.35 months at August's home sale pace to eliminate all of its inventory. This statistic is under the national average and is indicative of a housing market staging a recovery. (Absorption rate is calculated by the number of homes on the market for sale divided by total homes sold the previous month)
We feel that Verona real estate presents a great opportunity for homebuyers to take advantage of historically low prices and indicators that the Verona real estate market is gearing up for positive growth.
If you are interested in Verona real estate and homes for sale, please do not hesitate to contact Scott, founder of New Jersey Real Estate Guys and local product of Essex County. We would value an opportunity to earn your business.
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