2021 Maplewood & South Orange Real Estate Market Review | Sue Adler Team #1 Real Estate Team in NJ

2021 REAL ESTATE MARKET REVIEW

THE LOCAL MARKET A detailed analysis of the 2021 Market and what you can expect moving forward (Page 4) LOW INVENTORY What this means for sellers in 2022 (Page 5) 9 INSIDER TIPS A must-read if you're thinking of selling this spring (Page 6) A YEAR OF WINS A look back at our 2021 success stories! (Page 7)

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PRESENTED BY

The Sue Adler Team EDGE Empower you through consultation and education so that you can make the best decisions for your family

Deliver on our promises. We do what we say we're going to do and we are committed to providing you with the highest caliber of service

Give back to our communities. The more people we help, the more we can give back

Earn your confidence and trust by making you feel like you are our only client

WE NET OUR CLIENTS MORE BECAUSE WE DO MORE!

Dear Neighbor, I am excited to share our 2021 Real Estate Market Review, as it was quite an extraordinary year for real estate. As in previous years, we have conducted an extensive analysis of the 2021 market which will also give insight into the 2022 market trends.

The following is a comprehensive overview of the Midtown Direct Train Line real estate market, including a town by town and price range breakdown.

SU E A D L ER

We are thrilled to report that within all of the towns that we monitor, the markets were historically strong. Inventory was the name of the game in 2021, with levels dropping by 23.92% and sales rising by 5.42%. Huge demand caused prices and competition to surge at an incredible rate, stripping the 2020 market of its “best on record” title.

As sellers took advantage of the favorable 2021 market, bidding wars were commonplace and homeowners walked away from the closing table with many thousands of dollars over list price.

Throughout 2021, we continued to see low interest rates and high demand led by buyers moving from urban to suburban areas. Specifically, a sense of community, additional living space, larger or multiple home offices, and outdoor areas were key catalysts for moves. With remote work options, buyers that had long prioritized an easy commute no longer needed one.

Accordingly, towns such as Morristown, Harding, Mendham, Bernardsville, and Basking Ridge became extremely desirable as buyers’ money went further in these towns. We are already seeing this trend continue into 2022.

2021 also saw exceptionally strong performance in the upper price bracket with demand from high-end buyers from New York City and Hudson County as well as local “move up” buyers. Luxury home sales increased across all of our towns and listings that had been stagnant began receiving multiple offers. As was true in 2020 and made worse by continued supply chain issues and pricing increases, land, and new construction spec homes were harder to come by, resulting in a rise in demand and strong sales of existing luxury homes.

On a personal note, I am excited to announce that according to GSMLS rankings, the Sue Adler Team was, for the 9th year in a row, #1 in Dollar Volume in the GSMLS (covering Essex, Union, Morris Counties), with $330 million in sales production; $115 million more than in 2020 and over $90 million more than the #2 agent! Furthermore, we were ranked #5 out of 185,000 Keller Williams agents, and #7 for luxury homes sold for KW Worldwide.

We are honored to have helped 330 families buy or sell homes in 2021. By proactively working with clients to stage their homes and conduct preinspections, creating robust Digital Showcases for each listing, and tapping into our team’s wide real estate network, we successfully sold 75% of our listings at or OVER list price and brought our clients a total of $5,160,591 over list price. Simply put, we NET our clients more because we DO more!

On behalf of our entire team, we are proud to live, work, and serve in our communities, and we are grateful for the opportunity to make a difference in so many lives!

Yours to count on,

Sue Adler

Sue Adler CEO of the Sue Adler Team

Sue Adler Team’s Market Commentary on GSMLS Data* All data pertains to the Midtown Direct Train Line Towns

AVERAGE DAYS ON MARKET

ORIGINAL LIST TO SALE PRICE

60

102%

50

100%

45

45

46

43

30

48

43

98%

30

20

97

96

98

92%

0

90%

2017

2018

2019

2020

2021

2015

In 2021 we saw the lowest average “days on market” in MLS history. Low inventory levels paired with extreme buyer demand created the “perfect storm” for sellers. Homes came on and off the market so quickly that many buyers complained they never even had a chance to get in the door! While the market average was 30 days, the Sue Adler Team’s average Days on Market was only 19, including attorney review.

Average Days on Market 2020 2021 Change

Price Range

Number of Sales 2020 2021 Change

2021

Average List to Sale 2020 2021 Change

1,485

1,433

99.83% 103.92%

$1M-$2M

47

58

534

656

96.76% 101.37%

$2M and over

83

117

121

167

94.79%

97.61%

INVENTORY & SALES

871,669

1,500

800K 2017

2018

2019

2020

1,000

2021

The average sale price along the Midtown Direct towns was $1,056,666, an 11.51% increase from 2020 and the first time the average sale price surpassed $1,000,000 in GSMLS history. In 2001 (as far back as the MLS allows) the average sale price was $518,792. Consequently, if you bought a home in 2001, your home value, on average, has doubled in the past 20 years.

500

2015

2016

2,335 2,256

2,000

3,069 2,140

913,363

3,137

2,500

947,615 896,198

Sales

2,447 1,692

950K

Inventory

1,827

3,500 3,000

1,056,666

2016

2020

40

1.0M

2015

2019

39

$1.15M

887,263

2018

$1M and under

SELLING PRICES

898,437

2017

3,062

HOME SALES

BY PRICE RANGE

2016

From 2020 to 2021, based on 2,261 home sales in our towns, we saw a 4% increase in average original list-to-sale price ratio to 102%, indicating multiple offer situations in which buyers needed to pay above list price to get their dream home. 75% of Sue Adler Team listings sold at or over list price in 2021.

1,793

2016

2,758 1,853

2015

850K

99

94%

10

900K

99

98

96%

2,527 1,688

40

102

2020

2021

0 2017

2018

2019

In 2021, active inventory levels were lower than in recent years, with typically only one month or less of supply at any given time, yet the number of sales was the highest in recent history, causing buyers to sumise “there is nothing for sale.” Roughly 88% of all listed homes sold, and as indicated by the average days on the market, sold quickly, with multiple offers. The homes that remained on the market longer were overpriced, and/or not prepared or presented effectively.

SALES BY TOWN 450

2017

2018

2019

2020

2021

400 350 300 250 200 150

Millburn/ Short Hills

Summit

4 | THE SUE ADLER TEAM

Chatham Boro

Chatham Township

Maplewood

South Orange

Madison

196

179

171

151

162

198

204

161

197

149

283

292

267

237

246

383

389

390

352

364

218

208

173

177

183

178

136

117

129

136

405

363

252

281

294

395

369

296

0

269

50

319

100

New Providence

*ALL DATA IS PER THE GARDEN STATE MLS

2021 Home Sale Statistics MAPLEWOOD & SOUTH ORANGE 2021 HOUSING OVERVIEW TOTAL LISTED: 655

TOTAL TRANSACTIONS: 666

AVERAGE DAYS ON MARKET: 33

Arrows indicate difference from 2020.

AVERAGE ORIG. LIST TO SALE PRICE: 107.98%

Total Listed: 46 2020: 73 2019: 111

$350,000 AND UNDER

Transactions: 42 2020: 75 2019: 101

Average Days on Market: 52 2020: 99 2019: 85

Original List to Sale Price: 101.81% 2020: 96.91% 2019: 96.71%

Sold At or Over List Price: 24 2020: 32 2019: 37

Total Listed: 265 2020: 300 2019: 476

$350,001 TO $650,000

Transactions: 258 2020: 283 2019: 290

Average Days on Market: 35 2020: 56 2019: 58

Original List to Sale Price: 104.01% 2020: 100.95% 2019: 98.10%

Sold At or Over List Price: 182 2020: 173 2019: 153

Total Listed: 265 2020: 336 2019: 325

$650,001 TO $1,000,000

Transactions: 288 2020: 280 2019: 228

Average Days on Market: 23 2020: 34 2019: 48

Original List to Sale Price: 109.53% 2020: 104.43% 2019: 98.41%

Sold At or Over List Price: 246 2020: 217 2019: 116

Total Listed: 79 2020: 60 2019: 53

$1,000,001 AND OVER

Transactions: 78 2020: 43 2019: 39

Average Days on Market: 20 2020: 32 2019: 58

Original List to Sale Price: 118.73% 2020: 99.80% 2019: 95.29%

Sold At or Over List Price: 62 2020: 26 2019: 16 *ALL DATA IS PER THE GARDEN STATE MLS Many homes went under contract in 2020 and did not sell until early 2021, thus explaining why the number of transactions may exceed the number of homes listed for sale.

973.949.0306 www.sueadler.com | 5

Best Bang For Your Buck

9 HOME PREP HACKS TO GET YOU TOP DOLLAR THIS SPRING! 1. Elevate Curb Appeal First impressions matter. Fresh paint and maintained landscaping will go a long way in attracting buyers to your home.

2. Invest in a Kitchen Refresh The modern-day buyer prefers move-in-ready homes.

Repurposing kitchen hardware and lightening your cabinetry can have a big impact at a low cost.

6. Let There Be Light

Before

A sun-lit space is a welcoming one. Do away with heavy drapery and say hello to natural light.

7. Upgrade Your Light Fixtures & Area Rugs After

3. Take Center “Stage” Staging your home can help sell it faster and for maximum dollar, as it allows buyers to envision themselves living in each room, thus evoking an emotional connection. Call us for your complimentary staging consultation!

4. Acquaint Yourself with Paint Paint does wonders for your home. Finishing your walls with light neutral tones helps update, unify, refine, and lighten the space. Our stagers can help you pick paint colors.

Before

After

5. Ask Us About a Pre-Inspection Looking to save thousands of dollars and headaches during the inspection process? A pre-inspection might be right for you. Our team’s Home Inspection Negotiators will work with you to pre-emptively address any potential issues with your home.

6 | THE SUE ADLER TEAM

973.949.0306

www.sueadler.com

Are your fixtures and rugs a bit outdated? Not to worry! Wayfair, Target, and Overstock.com will be your new best friends for finding attainable, yet attractive pieces without breaking the bank. Our stagers can help you pick these out.

8. Remove the “Me” from Home Depersonalizing your space creates a more personal experience for potential buyers. Start by removing fridge magnets, storing away photos, and decluttering your home of items that deflect from the buyers’ vision of making it their own.

9. Turn Outdoor Spaces into Entertaining Places Now, more than ever buyers value open spaces where relaxing day or night is made easy. Consider revamping your decks and patios, investing in furniture, and incorporating different sources of lighting to create the perfect backyard oasis.

CELEBRATING Celebrating OurOUR Wins!

WINS! OUTPACING THE MARKET THE SUE ADLER TEAM LED THE WAY IN 2021!

#1

#1 Team in the GSMLS FOR THE 9TH YEAR IN A ROW

326 Families Helped Buy & Sell Homes

(dollar volume)

$330M in Volume Sold $91M MORE THAN THE #2 AGENT

$

$5,160,591 Total Over List Price FOR OUR 134 LIST SIDE CLIENTS

102.4% Average List to Sale Price Ratio

19 Average Days on Market

75% OF OUR LISTINGS SOLD AT OR ABOVE LIST PRICE

FROM LIST DATE TO END OF ATTORNEY REVIEW

357+ Five Star Reviews

$35,000 Donated to

from Happy Clients

Local Charities & Organizations

SUEADLER.COM RATED BEST REAL ESTATE WEBSITE IN THE NATION

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2021

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2021

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Call 973.949.0306 or email info@sueadler.com for your complimentary consultation.

973.949.0306

www.sueadler.com | 7

Keller Williams Realty Premier Properties

488 Springfield Avenue, Summit, NJ 07901 info@sueadler.com

973.949.0306 sueadler.com

Each Keller Williams office is individually owned and operated.

If your property is currently listed this is not intended as a solicitation.

THINKING OF SELLING BUT NOT SURE WHERE TO START? You're not alone!

ATTEND OUR S U E

A D L E R

T E A M

HOME SELLING, PREP & STAGING WORKSHOP AND WALK AWAY WITH A PLAN! Register at SueAdler.com/HSW We found the Sue Adler Team’s Home Selling “Workshop valuable, with a great deal of information.

We actually attended several sessions!

We haven’t sold a home in 20 years. Sue and her “team understood this and explained everything, alleviating our concerns about repairs, decluttering, market timing, staging, and so much more. Sue ultimately listed and sold our home with multiple offers over the asking price. We feel certain we had the EDGE with the Sue Adler Team on our side.

”

— KATIE & TED, WORKSHOP ATTENDEES

Call 973.949.0306 for your complimentary consultation There’s a Sue Adler Team location near you:

SUMMIT 488 Springfield Avenue

SHORT HILLS 518 Millburn Avenue

CHATHAM 127 Main Street

WESTFIELD 188 Elm Street