REAL ESTATE MARKET REVIEW Local
Dear Neighbor,
As your trusted source for hyper-local real estate insights, the Sue Adler Team is thrilled to present our 2023 Local Real Estate Market Review. Since 2015, we’ve generated these reports by compiling, analyzing, and sharing real estate data to empower you to make informed decisions. We believe that knowledge is power!
2023 left an indelible mark on the real estate landscape! We witnessed historically low inventory levels in the MLS, with only 1687 new listings (nearly half of what we saw in 2019). Despite strong buyer demand, sales transactions totaled 1404, marking the second-lowest figure in MLS history, trailing only behind 2008. Notably, the Sue Adler Team transaction count increased!
Lack of inventory fueled heightened buyer demand for existing listings, leading to a surge in sale prices and a continuation of multiple-offer scenarios. The average list price in our towns reached an all-time high of $1,267,123, crossing the $1.2 million threshold for the first time. Following suit, the average sale price climbed to $1,255,725, a 6.04% increase in just one year. The average days on market remained consistent at 24 (including attorney review), while the original list-to-sale price ratio decreased slightly from 106% to 105% compared to 2022. This trend seems poised to
continue into 2024, with January and February home sales reaching record prices.
2023 MARKET DYNAMICS AT A GLANCE:
• Years of sub-4% interest rates have “locked in” many sellers: With rates not expected to return to 2020-2023 levels anytime soon, this means sustained low inventory, high buyer demand, and persistent multiple-offer scenarios on well-priced homes are here to stay until conditions change. Driving through your neighborhood, you’re likely to see at least 2-3 contractor signs in front yards. These homeowners, who would typically have sold to upsize, are now opting to keep their low interest rates and invest in home improvements to meet their needs.
• Sellers sat firmly in the driver’s seat: For move-in-ready, staged, and well-priced homes, bidding wars remained commonplace, and buyers literally lined up for the
SCOTT SHUMAN SUE ADLERFEATURED CONTENT
4: MARKET COMMENTARY
6-16: MARKET DATA BY TOWN
18: MEET THE TEAM
23: SUE ADLER TEAM EDGE IN ACTION
opportunity to buy a home. In most cases, sellers were able to dictate their optimal terms, including use and occupancy clauses allowing them to rent back their homes for up to 59 days after closing, buying them time to find their next home.
• Builders and investors were outbid: Homes sold in “as-is” condition or requiring updates, which were previously snapped up by builders and investors, experienced a shift in 2022 and 2023. Due to lack of inventory, end-users with a vision turned to building or renovating homes for themselves. Their contingency-free offers often trumped those of builders, as they didn’t need to factor in resale profit or commissions.
• Summer market was the best time to be a buyer: As in “normal market’ years, with much of the competition on vacation, buyers could negotiate with sellers and settle in before the start of the school year. We witnessed several homes that had lingered on the market sell promptly and with multiple offers post Labor Day. Buyers, take note: if you spot a home you love, make an offer before someone else does!
2023 was a year of growth for the Sue Adler Team. We helped a record number of clients buy, sell, and invest in real estate. We take pride in giving our clients the EDGE, as reflected in our average list-to-sale price ratio of 110% and days on market of 14 (including attorney review) -- both of which are outliers in the market. Simply put, we net our clients more because we do more!
We were thrilled to once again contribute in excess of $10,000 to local charities through our 100th Home Sale Program. Giving back to the communities we serve and live in remains one of the most rewarding parts of our year!
Finally, it is with great honor that I (Sue) announce that Scott Shuman, who has been my right-hand in the business for the past 12 years, is joining as my partner in the Sue Adler Team. Scott has been running the day-to-day operations and sales management of the team for many years. While my focus remains on coaching, training, and overseeing our listing side to ensure the ultimate personalized client experience, having Scott as my partner will complement our team perfectly. Together, along with our remarkable team, we’ve helped thousands of clients buy and sell homes. This is a very interesting time in our local real estate market, and we’re excited to lead the way.
We hope you find our 2023 Market Review informative. If you’d like us to add you to our email list, or receive updates on your home’s value, simply email info@sueadler.com or call/text 973-949-0306.
Yours to count on,
Sue Adler ShumanScott
Sue Adler Sco Shuman
In 2023, the average days on market stood at 24, tying with the previous year for the lowest ever in GSMLS history. The combination of historically low inventory and high buyer demand continued to create a “perfect storm.” Properly priced and wellprepared homes routinely sold within the first or second weekend on the market. Unlike in previous markets, homes lingering for over 14 days were considered “stale” by the buyer pool. The Sue Adler Team’s average days on market (including attorney review) was just 14, which is 41% lower than the market average.
ORIGINAL LIST-TO-SALE RATIO
The average original list-to-sale price ratio across the 1,404 sales in our train line towns was 105%, a slight decrease from last year. This decline is solely attributed to the rise in list prices, rather than a reduction in competition or buyer demand. This average indicates that the winning bidder for a home paid nearly $63,000 over the list price. Among the Sue Adler Team’s 103 list-side transactions, our homes sold for an average of $141,828 above the list price.
AVEREAGE SELLING PRICES
The average sale price across the Midtown Direct train line towns reached $1,255,725, claiming the highest figure on record. Appreciation levels remain unprecedented, fueled by low supply and high demand, which continues to push prices upward. This trend extends into early 2024, with homes fetching record-breaking prices across the board.
Inventory is a crucial metric for analyzing the real estate market. Throughout 2023, we consistently heard from buyers and sellers alike: “there is nothing for sale!” The statistics certainly support this sentiment. 2023 marked the year with the fewest new listings to hit the market in GSMLS history, continuing a downward trend that began in 2021. Inventory levels are now nearly half of what they were in 2019, a remarkable decline. When inventory dwindles, it inherently curbs total sales, creating the illusion that the market is slowing, when in reality, it is a matter of lack of supply.
4 THE SUE ADLER TEAM
COMMENTARY ON GSMLS
* 43 30 24 24 20202021 20172018201920222023 0 10 20 30 40 50 60 46 43 48 AVERAGE
MARKET †
SUE ADLER TEAM’S MARKET
DATA
DAYS ON
947,615 2018 2019 896,198 2020 913,363 2021 1,056,666 1,184,229 1,255,725 20222023 871,669 2017 800K 850K 900K 950K 1.0M 1.5M 1.2M 1.25M $1.3M
DAYS ON MARKET NUMBER OF SALES LIST TO SALE PRICE RATIO PRICE RANGE 2022 2023 CHANGE 2022 2023 CHANGE 2022 2023 CHANGE $1M AND UNDER 28 32 1,011 717 105.98% 104.66% $1M TO $2M 25 30 654 481 106.73% 108.30% $2M AND OVER 34 39 170 206 99.85% 102.04%
98 94% 96% 98% 100% 102% 104% 106% 108% 2017 96 2018 2021 97 2022 102 106 105 2023 2019 99 2020 AVERAGE
InventorySales 0 500 1,000 1,500 2,000 2,500 3,000 3,500 201720182019 2,758 1,853 2020 3,062 1,793 2021 3,137 1,827 2022 3,069 2,140 2023 2,335 2,256 2,208 1,723 1,687 1,404 INVENTORY & SALES SALES BY TOWN
0 50 100 150 200 250 300 350 New Providence Maplewood 390 389 383 274 237 Millburn/Short Hills 296 369 395 327 229 Chatham BoroChatham Township 117 136 178 107 96 173 208 218 187 166 South Orange 267 292 283 186 162 Madison 161 204 198 166 152 Summit 252 363 405 307 246 171 179 196 169 116 400 450 *ALL DATA IS PER THE GARDEN STATE MLS **HOMES THAT SOLD “OFF MARKET” ARE ACCOUNTED WITH 0 DAYS ON MARKET †INCLUDES ATTORNEY REVIEW HOME SALES BY PRICE RANGE** ALL DATA PERTAINS TO THE MIDTOWN DIRECT TRAIN LINE TOWNS 2019 2020 2021 2022 2023
Outpacing the Market
SUE ADLER TEAM STATS: 2023 IN REVIEW*
#1 TEAM IN GSMLS FOR 11TH STRAIGHT YEAR
62 AVERAGE SHOWINGS PER LISTING QUALIFIED BUYERS
$325M IN VOLUME SOLD
$134M MORE THAN THE #2 AGENT
307 FAMILIES HELPED BUY & SELL HOMES
109.76% LIST TO SALE PRICE RATIO
$141,828 AVERAGE OVER LIST PRICE
14 DAYS ON MARKET†
10 DAYS LOWER THAN MARKET AVERAGE
†Includes attorney review
103
LIST-SIDE SALES
90% SOLD AT OR ABOVE LIST PRICE
$11.5M CUMULATIVE TOTAL OVER LIST PRICE
2023 2022 2021 $1,000,000 AND UNDER 48 105 144 $1,000,001 TO $1,500,000 66 96 112 $1,500,001 TO $2,000,000 69 65 65 $2,000,001 AND OVER 94 94 94 $1,000,000 AND UNDER 36 95 133 $1,000,001 TO $1,500,000 41 94 101 $1,500,001 TO $2,000,000 62 60 74 $2,000,001 AND OVER 90 78 87 $1,000,000 AND UNDER 35 28 49 $1,000,001 TO $1,500,000 46 23 41 $1,500,001 TO $2,000,000 20 24 71 $2,000,001 AND OVER 37 38 133 $1,000,000 AND UNDER 101.89% 105.65% 101.90% $1,000,001 TO $1,500,000 105.81% 105.05% 101.25% $1,500,001 TO $2,000,000 109.58% 107.73% 98.60% $2,000,001 AND OVER 103.87% 98.13% 93.61% $1,000,000 AND UNDER 24 65 82 $1,000,001 TO $1,500,000 30 72 60 $1,500,001 TO $2,000,000 53 50 37 $2,000,001 AND OVER 63 40 30 6 THE SUE ADLER TEAM *ALL DATA IS PER THE GARDEN STATE MLS †INCLUDES ATTORNEY REVIEW Millburn & Short Hills 277 TOTAL LISTED 2023 HOUSING* MARKET OVERALL* 229 TOTAL TRANSACTIONS 105.46% AVG. ORIGINAL LISTTO-SALE PRICE RATIO 33 AVG. DAYS ON MARKET† Many homes went under contract in 2022 and did not sell until early 2023, explaining why the number of transactions may exceed the number of homes listed for sale.
HOUSING
TOTAL LISTED TRANSACTIONS AVERAGE DAYS ON MARKET AVERAGE ORIGINAL LIST PRICE TO SALE PRICE RATIO SOLD AT OR ABOVE LIST PRICE
2023
OVERVIEW
319 Lupine Way List $1,265,000 | Sale $1,685,000 20 Brookside Drive List $1,695,000 | Sale $1,680,000 973.949.0306 www.sueadler.com 7 25 TOTAL TRANSACTIONS SUE ADLER TEAM* 2023 STATISTICS* $201K $ AVG. OVER LIST PRICE 110.38% SUE ADLER TEAM ORIG. LIST-TO-SALE PRICE RATIO 18 AVG. DAYS ON MARKET† SUE ADLER TEAM 2023 LIST-SIDE SALES 132 Hartshorn Drive List $3,695,000 | Sale $3,875,000 9 Deer Path List $2,095,000 | Sale $2,210,000 27 Brooklawn Drive List $1,895,000 | Sale $2,105,000 127 White Oak Ridge Road List $1,900,000 | Sale $1,960,000 65 Troy Drive List $1,700,000 | Sale $1,750,000 8 Taylor Road N. List $1,575,000 | Sale $1,750,000 24 Pine Terrace W List $1,450,000 | Sale $1,610,000 56 Parkview Drive List $1,195,000 | Sale $1,550,000 43 Cedar Street List $995,000 | Sale $995,000 SUE ADLER TEAM 2023 BUY-SIDE SALES 10 Clive Hills Road | $2,995,000 27 Canoe Brook Road | $2,925,000 54 Falmouth Street | $2,900,000 20 Quaker Road | $2,147,000 42 South Terrace | $1,935,000 30 Saratoga Way | $1,910,000 65 Troy Drive | $1,750,000 20 Midhurst Road | $1,725,000 131 Greenwood Drive | $1,480,000 45 Meadowbrook Road | $1,405,000 338 Old Short Hills Road | $1,400,000 18 Sunset Drive | $920,000 17 Ferncliff Terrace List $1,895,000 | Sale $2,250,000 27 Canoe Brook Road List $2,799,000 | Sale $2,925,000
8 THE SUE ADLER TEAM 2023 2022 2022 $500,000 AND UNDER 25 41 52 $500,001 TO $1,000,000 81 121 152 $1,000,001 TO $1,500,000 46 68 96 $1,500,001 TO $2,000,000 53 55 62 $2,000,001 AND OVER 49 58 46 $500,000 AND UNDER 25 39 54 $500,001 TO $1,000,000 82 105 147 $1,000,001 TO $1,500,000 32 65 102 $1,500,001 TO $2,000,000 58 49 58 $2,000,001 AND OVER 49 49 44 $500,000 AND UNDER 23 40 61 $500,001 TO $1,000,000 41 24 48 $1,000,001 TO $1,500,000 26 20 72 $1,500,001 TO $2,000,000 29 21 36 $2,000,001 AND OVER 36 34 91 $500,000 AND UNDER 104.77% 100.38% 99.13% $500,001 TO $1,000,000 102.10% 103.18% 99.18% $1,000,001 TO $1,500,000 108.40% 108.52% 99.67% $1,500,001 TO $2,000,000 105.92% 107.97% 100.95% $2,000,001 AND OVER 101.77% 101.49% 94.44% $500,000 AND UNDER 20 24 23 $500,001 TO $1,000,000 49 70 75 $1,000,001 TO $1,500,000 28 57 59 $1,500,001 TO $2,000,000 45 42 37 $2,000,001 AND OVER 34 30 14 Summit Many homes went under contract in 2022 and did not sell until early 2023, explaining why the number of transactions may exceed the number of homes listed for sale. 2023 HOUSING OVERVIEW TOTAL LISTED TRANSACTIONS AVERAGE DAYS ON MARKET AVERAGE ORIGINAL LIST PRICE TO SALE PRICE RATIO SOLD AT OR ABOVE LIST PRICE 254 TOTAL LISTED 2023 HOUSING* MARKET OVERALL* 246 TOTAL TRANSACTIONS 104.04% AVG. ORIGINAL LISTTO-SALE PRICE RATIO 33 AVG. DAYS ON MARKET† *ALL DATA IS PER THE GARDEN STATE MLS †INCLUDES ATTORNEY REVIEW T H ANKYOUFOR MAKINGUST H E TEAMIN SUMMIT#1
973.949.0306 www.sueadler.com 9 57 Beekman Road | $2,695,000 148 Kent Place Blvd. | $2,550,000 14 Brantwood Drive | $2,250,000 192 Summit Avenue | $2,100,000 126 W End Avenue | $1,915,000 30 Silver Lake Drive | $1,900,000 8 Winchester Road | $1,825,000 61 Gloucester Road | $1,812,500 2 Linda Lane | $1,675,000 46 Parkview Terrace | $1,560,000 20 Beekman Terrace | $1,515,000 87 Beekman Road | $1,515,000 34 Shadyside Avenue | $1,500,000 160 Canoe Brook Pkwy. | $1,450,000 3 Knob Hill Drive | $1,402,000 37 Plain Street | $1,325,000 126 Baltusrol Road | $1,205,000 22 Mount Vernon Avenue | $911,000 110 W End Avenue | $865,000 8 Cromwell Pkwy. | $778,000 412 Morris Avenue, #52 | $377,000 SUE ADLER TEAM 2023 BUY-SIDE SALES 6 Montview Road List $2,395,000 | Sale $2,600,000 30 Silver Lake Drive List $1,750,000 | Sale $1,900,000 65 Druid Hill Road List $1,495,000 | Sale $1,775,000 6 Plymouth Road List $1,550,000 | Sale $1,670,000 9 Dunnder Drive List $1,495,000 | Sale $1,615,000 46 Parkview Terrace List $1,345,000 | Sale $1,560,000 133 Blackburn Road List $1,325,000 | Sale $1,420,000 307 Summit Avenue List $1,250,000 | Sale $1,401,000 6 Sunset Drive List $1,350,000 | Sale $1,400,000 37 Plain Street List $1,249,000 | Sale $1,325,000 22 Division Avenue List $849,000 | Sale $999,999 66 Wade Drive List $899,000 | Sale $960,000 15 Valemont Way List $750,000 | Sale $833,500 18 Beauvoir Avenue List $375,000 | Sale $451,000 20 Beekman Terrace List $1,249,000 | Sale $1,515,000 133 Summit Avenue Unit 32 List $250,000 | Sale $245,000 41 Templar Way List $1,995,000 | Sale $2,332,000 38 TOTAL TRANSACTIONS SUE ADLER TEAM* 2023 STATISTICS* $152K $ AVG. OVER LIST PRICE 111.11% SUE ADLER TEAM ORIG. LIST-TO-SALE PRICE RATIO 12 AVG. DAYS ON MARKET† SUE ADLER TEAM 2023 LIST-SIDE SALES
10 THE SUE ADLER TEAM 2023 2022 2021 $500,000 AND UNDER 37 52 62 $500,001 TO $1,000,000 92 113 158 $1,000,001 TO $1,500,000 44 72 102 $1,500,001 TO $2,000,000 42 57 67 $2,000,001 AND OVER 51 43 36 $500,000 AND UNDER 34 53 58 $500,001 TO $1,000,000 83 107 153 $1,000,001 TO $1,500,000 44 64 110 $1,500,001 TO $2,000,000 54 44 48 $2,000,001 AND OVER 47 26 27 $500,000 AND UNDER 25 26 35 $500,001 TO $1,000,000 35 40 52 $1,000,001 TO $1,500,000 34 30 72 $1,500,001 TO $2,000,000 43 48 102 $2,000,001 AND OVER 55 32 95 $500,000 AND UNDER 101.94% 101.86% 99.40% $500,001 TO $1,000,000 105.39% 102.64% 99.30% $1,000,001 TO $1,500,000 105.69% 104.05% 99.09% $1,500,001 TO $2,000,000 104.35% 100.80% 97.16% $2,000,001 AND OVER 98.95% 101.25% 96.43% $500,000 AND UNDER 25 39 29 $500,001 TO $1,000,000 62 69 83 $1,000,001 TO $1,500,000 30 44 60 $1,500,001 TO $2,000,000 41 31 22 $2,000,001 AND OVER 23 20 9 Chatham Many homes went under contract in 2022 and did not sell until early 2023, explaining why the number of transactions may exceed the number of homes listed for sale. 2023 HOUSING OVERVIEW TOTAL LISTED TRANSACTIONS AVERAGE DAYS ON MARKET AVERAGE ORIGINAL LIST PRICE TO SALE PRICE RATIO SOLD AT OR ABOVE LIST PRICE 266 TOTAL LISTED 2023 HOUSING* MARKET OVERALL* 262 TOTAL TRANSACTIONS 103.62% AVG. ORIGINAL LISTTO-SALE PRICE RATIO 39 AVG. DAYS ON MARKET† *ALL DATA IS PER THE GARDEN STATE MLS †INCLUDES ATTORNEY REVIEW T H ANKYOUFOR MAKINGUST H E TEAMIN CHATHAM#1
973.949.0306 www.sueadler.com 11 152 Fairmount Avenue List $2,975,000 | Sale $2,850,000 87 Longview Avenue List $2,424,900 | Sale $2,424,900 95 Longview Avenue List $2,349,000 | Sale $2,349,000 57 Dale Drive List $2,450,000 | Sale $2,200,000 35 Gates Avenue List $2,275,000 | Sale $2,315,000 131 Highland Avenue List $1,895,000 | Sale $1,895,000 73 Highland Avenue List $1,899,000 | Sale $1,800,000 243 Southern Boulevard List $1,650,000 | Sale $1,700,000 52 Johnson Drive List $1,520,000 | Sale $1,705,000 33 Hall Road List $1,425,000 | Sale $1,665,000 118 Sunset Drive List $1,399,000 | Sale $1,660,000 95 Chatham Street List $1,349,000 | Sale $1,625,000 755 Fairmount Avenue List $1,495,000 | Sale $1,626,000 10 Ramapo Trail List $1,319,000 | Sale $1,600,000 15 Carmine Street List $1,425,000 | Sale $1,551,111 19 Ramapo Trail List $1,325,000 | Sale $1,400,000 74 Rowan Road List $1,399,000 | Sale $1,533,000 67 Garden Avenue List $1,150,000 | Sale $1,150,000 109 Coleman Avenue List $899,000 | Sale $1,050,000 18 Duchamp Place List $849,000 | Sale $1,102,500 2 Cedar Lane List $1,050,000 | Sale $999,000 17 Duchamp Place List $805,000 | Sale $925,000 31 Red Road List $835,000 | Sale $960,000 14 Burgess Street List $925,000 | Sale $925,000 31 Ormont Road List $599,000 | Sale $727,000 16 Woodland Road List $819,000 | Sale $860,000 6E Avon Court List $359,000 | Sale $410,000 45 TOTAL TRANSACTIONS SUE ADLER TEAM* 2023 STATISTICS* $148K $ AVG. OVER LIST PRICE 108.14% SUE ADLER TEAM ORIG. LIST-TO-SALE PRICE RATIO 14 AVG. DAYS ON MARKET† SUE ADLER TEAM 2023 LIST-SIDE SALES 101 Highland Avenue | $3,199,000 152 Fairmount Avenue | $2,850,000 7 Maple Street | $2,750,000 18 Lenape Trail | $2,542,250 19 Chatham Street | $2,034,151 39 Robin Hood Lane | $2,000,000 15 Oak Drive | $1,850,000 17 Peppermill Road | $1,850,000 73 Highland Avenue | $1,800,000 6 Ostrander Place | $1,781,000 19 Ramapo Trail | $1,400,000 67 Garden Avenue | $1,150,000 52 Rose Terrace | $1,100,000 109 Coleman Avenue | $1,050,000 140 N. Hillside Avenue | $995,000 10 Essex Road | $910,000 35 Hedges Avenue | $900,000 711 River Road | $756,000 31 Ormont Road | $727,000 74 Chatham Street | $615,000 SUE ADLER TEAM 2023 BUY-SIDE SALES
12 THE SUE ADLER TEAM Maplewood & South Orange 424 TOTAL LISTED 2023 HOUSING* MARKET OVERALL* 399 TOTAL TRANSACTIONS 108.19% AVG. ORIGINAL LISTTO-SALE PRICE RATIO 111.71% AVG. ORIGINAL LISTTO-SALE PRICE RATIO $140K $ AVG. OVER LIST PRICE 27 AVG. DAYS ON MARKET† 2023 HOUSING OVERVIEW 2023 2022 2021 $350,000 AND UNDER 30 36 46 $350,001 TO $650,000 140 159 265 $650,001 TO $1,000,000 165 223 265 $1,000,001 AND OVER 89 94 79 $350,000 AND UNDER 26 43 42 $350,001 TO $650,000 110 132 258 $650,001 TO $1,000,000 139 153 288 $1,000,001 AND OVER 124 132 78 $350,000 AND UNDER 30 50 52 $350,001 TO $650,000 35 30 35 $650,001 TO $1,000,000 24 20 23 $1,000,001 AND OVER 24 15 20 $350,000 AND UNDER 106.14% 99.04% 101.81% $350,001 TO $650,000 101.80% 108.78% 104.01% $650,001 TO $1,000,000 109.64% 111.45% 109.53% $1,000,001 AND OVER 112.49% 114.35% 118.73% $350,000 AND UNDER 18 26 24 $350,001 TO $650,000 69 100 182 $650,001 TO $1,000,000 115 131 246 $1,000,001 AND OVER 98 124 62 Many homes went under contract in 2022 and did not sell until early 2023, explaining why the number of transactions may exceed the number of homes listed for sale. TOTAL LISTED TRANSACTIONS AVERAGE DAYS ON MARKET AVERAGE ORIGINAL LIST PRICE TO SALE PRICE RATIO SOLD AT OR ABOVE LIST PRICE SUE ADLER TEAM* *ALL DATA IS PER THE GARDEN STATE MLS †INCLUDES ATTORNEY REVIEW
973.949.0306 www.sueadler.com 13 170 TOTAL LISTED 2023 HOUSING* MARKET OVERALL* 152 TOTAL TRANSACTIONS 104.30% AVG. ORIGINAL LISTTO-SALE PRICE RATIO 36 AVG. DAYS ON MARKET† 2023 HOUSING OVERVIEW 2023 2022 2021 $600,000 AND UNDER 36 46 59 $600,001 TO $1,000,000 69 72 84 $1,000,001 TO $1,500,000 29 34 49 $1,500,001 AND OVER 36 34 21 $600,000 AND UNDER 29 35 53 $600,001 TO $1,000,000 60 66 74 $1,000,001 TO $1,500,000 27 34 50 $1,500,001 AND OVER 36 31 21 $600,000 AND UNDER 55 27 39 $600,001 TO $1,000,000 31 33 38 $1,000,001 TO $1,500,000 23 39 48 $1,500,001 AND OVER 40 17 90 $600,000 AND UNDER 101.16% 101.81% 97.94% $600,001 TO $1,000,000 105.48% 103.27% 99.32% $1,000,001 TO $1,500,000 106.76% 102.84$ 96.79% $1,500,001 AND OVER 102.95% 103.06% 96.41% $600,000 AND UNDER 10 21 27 $600,001 TO $1,000,000 44 47 45 $1,000,001 TO $1,500,000 22 22 22 $1,500,001 AND OVER 30 26 8 Many homes went under contract in 2022 and did not sell until early 2023, explaining why the number of transactions may exceed the number of homes listed for sale. Madison TOTAL LISTED TRANSACTIONS AVERAGE DAYS ON MARKET AVERAGE ORIGINAL LIST PRICE TO SALE PRICE RATIO SOLD AT OR ABOVE LIST PRICE 109.13% AVG. ORIGINAL LISTTO-SALE PRICE RATIO $117K $ AVG. OVER LIST PRICE SUE ADLER TEAM*
14 THE SUE ADLER TEAM
Providence 119 TOTAL LISTED 2023 HOUSING* MARKET OVERALL* 116 TOTAL TRANSACTIONS 105.60% AVG. ORIGINAL LISTTO-SALE PRICE RATIO 28 AVG. DAYS ON MARKET† 2023 HOUSING OVERVIEW 2023 2022 2021 $450,000 AND UNDER 1 5 14 $450,001 TO $700,000 50 73 106 $700,001 TO $900,000 35 52 69 $900,001 AND OVER 33 45 30 $450,000 AND UNDER 2 5 12 $450,001 TO $700,000 35 75 96 $700,001 TO $900,000 36 50 60 $900,001 AND OVER 43 39 28 $450,000 AND UNDER 93 35 79 $450,001 TO $700,000 30 25 47 $700,001 TO $900,000 26 21 47 $900,001 AND OVER 25 24 67 $450,000 AND UNDER 101.25% 101.85% 110.10% $450,001 TO $700,000 103.40% 105.04% 100.76% $700,001 TO $900,000 105.49% 106.12% 102.12% $900,001 AND OVER 107.62% 106.67% 100.15% $450,000 AND UNDER 2 3 6 $450,001 TO $700,000 22 55 58 $700,001 TO $900,000 32 35 43 $900,001 AND OVER 33 29 17 Many homes went under contract in 2022 and did not sell until early 2023, explaining why the number of transactions may exceed the number of homes listed for sale. AVG. ORIGINAL LISTTO-SALE PRICE RATIO TOTAL LISTED TRANSACTIONS AVERAGE DAYS ON MARKET AVERAGE ORIGINAL LIST PRICE TO SALE PRICE RATIO SOLD AT OR ABOVE LIST PRICE 105.80% $112K $ AVG. OVER LIST PRICE *ALL DATA IS PER THE GARDEN STATE MLS †INCLUDES ATTORNEY REVIEW SUE ADLER TEAM*
New
973.949.0306 www.sueadler.com 15 Westfield 340 TOTAL LISTED 2023 HOUSING* MARKET OVERALL* 300 TOTAL TRANSACTIONS 104.42% AVG. ORIGINAL LISTTO-SALE PRICE RATIO 28 AVG. DAYS ON MARKET† 2023 HOUSING OVERVIEW 2023 2022 2021 $600,000 AND UNDER 35 69 90 $600,001 TO $1,000,000 135 160 252 $1,000,001 TO $1,500,000 86 112 109 $1,500,001 AND OVER 84 54 57 $600,000 AND UNDER 24 66 95 $600,001 TO $1,000,000 116 157 254 $1,000,001 TO $1,500,000 77 108 109 $1,500,001 AND OVER 83 48 54 $600,000 AND UNDER 40 33 63 $600,001 TO $1,000,000 27 31 34 $1,000,001 TO $1,500,000 23 26 44 $1,500,001 AND OVER 29 37 725 $600,000 AND UNDER 100.77% 100.70% 95.86% $600,001 TO $1,000,000 103.77% 102.21% 100.23% $1,000,001 TO $1,500,000 106.76% 105.14% 100.68% $1,500,001 AND OVER 104.15% 101.31% 95.86% $600,000 AND UNDER 14 42 32 $600,001 TO $1,000,000 85 104 154 $1,000,001 TO $1,500,000 58 76 718 $1,500,001 AND OVER 65 27 22 Many homes went under contract in 2022 and did not sell until early 2023, explaining why the number of transactions may exceed the number of homes listed for sale. TOTAL LISTED TRANSACTIONS AVERAGE DAYS ON MARKET AVERAGE ORIGINAL LIST PRICE TO SALE PRICE RATIO SOLD AT OR ABOVE LIST PRICE AVG. ORIGINAL LISTTO-SALE PRICE RATIO 106.82% $56K $ AVG. OVER LIST PRICE SUE ADLER TEAM*
16 THE SUE ADLER TEAM Livingston 353 TOTAL LISTED 2023 HOUSING* MARKET OVERALL* 332 TOTAL TRANSACTIONS 102.08% AVG. ORIGINAL LISTTO-SALE PRICE RATIO 48 AVG. DAYS ON MARKET† 2023 HOUSING OVERVIEW 2023 2022 2021 $500,000 AND UNDER 14 42 60 $500,001 TO $750,000 106 158 236 $750,001 TO $1,250,000 108 166 156 $1,250,001 AND OVER 125 129 106 $500,000 AND UNDER 10 38 69 $500,001 TO $750,000 96 149 208 $750,001 TO $1,250,000 103 146 156 $1,250,001 AND OVER 123 92 67 $500,000 AND UNDER 40 44 67 $500,001 TO $750,000 37 41 42 $750,001 TO $1,250,000 33 30 54 $1,250,001 AND OVER 71 75 83 $500,000 AND UNDER 107.39% 101.07% 100.60% $500,001 TO $750,000 103.82% 102.00% 100.85% $750,001 TO $1,250,000 103.27% 103.86% 100.34% $1,250,001 AND OVER 99.39% 101.52% 97.38% $500,000 AND UNDER 6 20 42 $500,001 TO $750,000 67 100 132 $750,001 TO $1,250,000 73 107 98 $1,250,001 AND OVER 64 60 29 Many homes went under contract in 2022 and did not sell until early 2023, explaining why the number of transactions may exceed the number of homes listed for sale. AVG. ORIGINAL LISTTO-SALE PRICE RATIO TOTAL LISTED TRANSACTIONS AVERAGE DAYS ON MARKET AVERAGE ORIGINAL LIST PRICE TO SALE PRICE RATIO SOLD AT OR ABOVE LIST PRICE 113.29% $91K $ AVG. OVER LIST PRICE *ALL DATA IS PER THE GARDEN STATE MLS †INCLUDES ATTORNEY REVIEW SUE ADLER TEAM*
Let’s Discuss Interest Rates!
C’mon already! The real estate community has been disappointed that the Federal Reserve hasn’t yet started its highly anticipated rate cuts. They’re coming…it’s just taking a cautious Chairman Powell and Team a little more time to confirm that their rate hikes have accomplished the mission. Affirmation of this came this week with Fed Vice Chair Jefferson stating that the Fed is “cautiously optimistic” about the central bank’s progress in bringing inflation back down to the 2% target. The Fed also believes they will achieve an economic “soft landing”. That’s good news all around! After ten rate hikes that began in March 2022 (driving the Fed Funds rate from near 0% to over 5%), they are now done. Phew!
Do You Know Your Buying Power?
Understandably, many homebuyers don’t fully understand “how much home” they can afford. Mortgage lending criteria does change, especially with new loan program offerings. Do you have questions regarding your assets and how to best utilize these assets for a down payment? I specialize in helping homebuyers understand their entire financial picture to recommend how to best deploy these assets in a home purchase. By completing a free, no-hassle application through my website, I will be able to analyze your finances and give you the confidence you need to make the offer on that special home!
Be a Power Buyer with Guaranteed Rate!
Put Power behind your offer! My company, Guaranteed Rate is a “Top-Ten” national mortgage lender now offering today’s homebuyers the exclusive Power Bid program. Giving you full underwriting and credit approval, Power Bid allows you to put in an offer with confidence enabling you to compete directly with cash offers. And this program works fast! Get pre-approved with me today and within 24 hours of a complete application, you will have your Power Bid Approval!
No Cost Refinance Opportunities!
Many buyers are sitting on the sidelines waiting for interest rates to come down. If you can afford that special home today, don’t wait! As rates drop (the Fed will be cutting soon), home values will increase and the real estate market will become more competitive – we’ve seen it before! If you qualify for a mortgage but feel a little nervous about the payment, we can help! Today, Guaranteed Rate is offering ARMS (adjustable-rate mortgages) which offer lower rates (lower payments!) compared to a 30-year fixed. The interest rate on a 5-year ARM can be up to 1% less than a 30-year fixed, reducing monthly housing costs. When rates do come back down, we will be refinancing these customers into a traditional fixed rate mortgage. Guaranteed rate even offers a “no-cost” refinance that will eliminate your refinance costs!
Call me today at 848-203-2272 or visit my website @ cathyhaddad.com to learn more on how you can compete with cash buyers, lock into an affordable, low-rate mortgage with the opportunity of doing a no-cost refinance when interest rates inevitably drop. Buy the home of your dreams without the concern of long-term higher payments. I look forward to speaking with you!
Cathy Haddad Senior Producing Branch Sales Manager
SVP of Mortgage Lending
O: (848) 203-2272 C: (848) 203-2272
rate.com/cathyhaddad cathy.haddad@rate.com
1750 North University Drive, Suite 234 Coral Springs, FL 33071
973.949.0306 www.sueadler.com 17
Cathy Haddad NMLS #51156 Guaranteed Rate Inc.; NMLS #2611; For licensing information visit nmlsconsumeraccess.org. Equal Housing Lender. Conditions may apply. NJ - Licensed in NJ: Licensed Mortgage Banker - NJ Department of Banking & Insurance
Meet Your Team
We are a team of specialists, strategists, and consultants that work tirelessly for our clients to ensure that each accomplishes their real estate goals. As your trusted advisors, we provide you with the highest caliber of service in the industry.
EXECUTIVE
Sue Adler sue@sueadler.com
Sue Adler sue@sueadler.com
Scott Shuman scott@sueadler.com
Melissa Bulwith melissa@sueadler.com
Abby Tanzer abby@sueadler.com
Amy Olsen Esposito amye@sueadler.com
Michele Matsikoudis michele@sueadler.com
Scott Shuman scott@sueadler.com
AGENT PARTNERS
Jennifer Miller jennifer@sueadler.com
Larry Chiger larry@sueadler.com
Amy Deuchler amyd@sueadler.com
Laura Norwalk Bendelius laura@sueadler.com
Kathleen Lamendola kathleen@sueadler.com
Heidi
Shawna Morgan-Smith shawna@sueadler.com
Vikas Poddar vikas@sueadler.com
Lee Smith lee@sueadler.com
Terry Orr terry@sueadler.com
Christine Hunter christine@sueadler.com
Jeffrey Petrella jeffrey@sueadler.com
Alana
Chris
Soomi Cho soomi@sueadler.com
Kyle Kovats kyle@sueadler.com
Justin Braverman justin@sueadler.com
Amy Mascarina mascarina@sueadler.com
Nicolle Vieira
Bobbie Madugula
Paola Palacios
Sandra Silbaugh
Peter Jacoby
Kat Brask
Michele Barre
TEAM
18 THE SUE ADLER TEAM
THE SUE ADLER TEAM HAS BEEN THE #1 KELLER WILLIAMS TEAM IN NEW JERSEY SINCE 2005, AND THE #1 TEAM FOR DOLLAR VOLUME PRODUCTION IN THE GSMLS SINCE 2013. COMMUNITY OUTREACH SUPPORT TEAM
Zuber
Arcadia
Santiago
Reem Malik Kelsey
Ferro heidi@sueadler.com
SCAN TO DISCOVER THE FACES AND STORIES BEHIND THE NAMES 973.949.0306 sueadler.com
OUR RESULTS ARE NOT ACCIDENTAL
‘‘This is an extremely well-resourced, experienced and professional team. They didn’t miss a beat in pricing, staging and buyer selection. I wanted the best, and I found it in Sue and her team.— BLYTHE R., SELLER
WE NE T OUR CLIENTS MORE BECAUSE WE DO MORE!
With one of the nation’s top agents championing your cause and a dedicated team, including a listing success manager, transaction manager, marketing manager, client care coordinator, photographer, and more by your side, you’ll truly experience the distinctive service of the Sue Adler Team.
‘‘I wanted the best, and I found it in Sue and her team.
’’
— BLYTHE R., SELLER‘‘After interviewing top local agents, we decided to list with the Sue Adler Team and I can say they are hands down the best real estate team we have ever worked with. They had gotten a record breaking price for the custom newer home down the street and we had a unique updated character home with a carriage house and pool which we anticipated might be a tougher sale, but Sue and her team came through for us! They not only market to the buyers looking in town, but because they dominate the Summit/Short Hills market, they reach those buyers and agents with their email marketing as well.
’’
‘‘We had lived in our home 30 years and had several challenging situations. The Sue Adler team had sound advice and great referrals for service work. They each knew their special area of expertise very well and had ideas and solutions for problems that made sense.
’’— FRANK C., SELLER
‘‘They took a process that often includes significant hurdles and may appear somewhat complicated and simplified it for us from beginning to end.
— JOYCE W., SELLER ’’ — MINDY W., SELLER ’’973.949.0306 www.sueadler.com 19
’’
The Sue Adler
IT’S WHAT WE STAND FOR
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 are going to do and 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.
OUR EXCLUSIVE EDGE MARKETING PROGRAM
CREATING A BRAND FOR YOUR HOME
We professionally curate content, in-house, to paint a unique picture of your home.
State of the Art Photography Creates a powerful first impression
Professionally Curated Narrative Showcases your home’s features and lifestyle through creative storytelling
Beautiful Property Brochure
Matterport 3D Virtual Tour Brings buyers “from click to closing in less time”
973.949.0306
sueadler.com
Floor Plan with Room Dimensions
Interactive Floor Plan
4K Cinematography*
Community Tour Videos
Provides buyers with an exclusive look into your town and lifestyle
*If applicable
Connecting your
CASTING THE WIDEST NET
We combine traditional and innovative ma attract the most qualified buyers.
“Sneak Peek” Email Campaigns Creates the “coming soon buzz,” and reaches 35,000+ consumers and 7,800+ Realtors
Weekly Email Campaigns
Reaches 35,000+ consumers and 7,800+ Realtors
Your Home’s Very Own “Digital Showcase” Hosts all curated content in one place on sueadler.com
Community Outreach
Makes 800+ calls per day to generate buyers’ interest in your home
Instagram Posts, Stories, Reels & Paid Ads
Facebook Campaigns Attracts active buyers in your area
20 THE SUE ADLER TEAM
Team EDGE
home to buyers’ hearts.
rketing techniques to
Keller Williams Intranet Email Campaigns
Google Advertisements & Paid Retargeting
Inside Sales Team
Prospects to generate buyers’ interest in your home
Garden State Multiple Listing Service (GSMLS)
Third-Party Sites
Syndicates listing to 100+ sites (Zillow, Realtor, Trulia, etc.)
Exclusive Zillow
Showcase Partner
Elevates your home's visibility (68% more views)
PROVIDING LUXURY SERVICE AT ALL PRICE POINTS
We pride ourselves on seamless communication, doing what it takes for our clients, and delivering on our promises every step of the way, making you feel like our only client.
Team of Specialists
Works with and for you, providing expertise at every stage
Home Preparation
Advises you on everything from pre-inspection and decluttering, to repairs
Proactive Advocacy
Bulletproofs the transaction up front and prices to create maximum interest
Seamless Communication
Is our superpower
Market Expert
Positions your home competitively for market to create the most interest
Home Inspection Negotiator
Advocates on your behalf, handling every aspect from contract to close
Service Professionals
Connects you with trusted contractors, stagers, movers, attorneys, inspectors etc.
Daily Update on Comparable Homes
Lets you know where your home fits in at all times
In-Person & Virtual Showings
Realtor & Public Open Houses
To make it convenient for potential buyers to see your home without bothering their realtor
Compiled List of Feedback
Gives you unfiltered, comprehensive context surrounding interest in your home
Marketing Reports
Keeps you up-to-date on marketing reach and response
973.949.0306 www.sueadler.com 21
WE ARE HERE TO HELP!
You will have your own dedicated consultant — who understands you, your home, and your timeline — present throughout the process. We will provide you with:
DETAILED PLAN
Specify tasks and projects to prepare your home based on necessity, budget, and priority level. We will work to track your progress throughout the home prep phase.
STAGING CONSULTATION
Position your home for photos and showings to attract today's buyers, maximize your sale price, and minimize your time on the market.
LIST OF REPUTABLE VENDORS
Share skilled, reasonably priced, and responsive vendors to address any necessary work to handle preemptively, rather than waiting for buyer demands once Under Contract.
PRE-INSPECTION
Connect you with a licensed home inspector for a consultation, which we will attend, review findings of, and generate a list of action items to handle before going to market.
DECLUTTERING & DESIGN TIPS
Provide assistance with decluttering to optimize your space. With our market expertise and your budget in mind, we can recommend paint colors, light fixture and accessories upgrades, and much more!
GET STARTED TODAY! CALL 973.949.0306 22 THE SUE ADLER TEAM THE SUE ADLER TEAM IS PROUD TO BE ZILLOW’S LOCAL EXCLUSIVE LISTING PARTNER, FEATURING SHOWINGTIME+, GETTING YOUR HOME 68% MORE EXPOSURE! With Showcase your listing will be: • Prioritized exposure when buyers search for properties on Zillow • Dedicated, branded “new property alert emails” sent to interested buyers • One of a limited number of listings per town, helping your home stand out with best-in-class media to impress potential buyers
319 Lupine Way, Short Hills
The seller of 319 Lupine reached out based on recommendations from friends who had used our services. Together, we thoroughly devised a plan to meet our seller’s needs, ensuring she could stay in her home through the summer while taking advantage of the hot spring market. To maximize her price and bulletproof the transaction, we coordinated a pre-inspection, contractors, painters, and staging.
As part of our EDGE marketing program, outlined on pages 20-21, we crafted detailed floor plans, professional photography, a 3-D Matterport tour, and a gorgeous brochure. To cast the widest net, we marketed the home directly to our database of over 35,000 potential buyers and 7,800 local realtors. Our reach brought in buyers from NYC, Hudson County, and across the country. Coupled with our competitive pricing strategy, this resulted in an impressive 173 showings and 34 offers after the first weekend of listing. We carefully analyzed each offer, presenting them to our seller in a structured spreadsheet for easy comparison of price and terms. With backup offers in hand, we kept our seller in the driver’s seat throughout the transaction. The result? A record sale, all on the seller’s terms!
973.949.0306 www.sueadler.com 23
SUE ADLER TEAM EDGE IN ACTION! Ready for YOUR property to become our next success story? Call us today at 973.949.0306 SOLD IN 6 DAYS FOR 33% ($420,000) OVER LIST PRICE $1,265,000 LIST PRICE | $1,685,000 SALE PRICE | 34 OFFERS | 173 GROUPS THROUGH JANUARY 20 INITIAL MEE TING PRE-INSPECTION, PAINTING, STAGING, PHOTOGRAPHY, MARKETING PREP SATURDAY SHOWINGS & OPEN HOUSE ••• 61 prospective buyers SUNDAY SHOWINGS & OPEN HOUSE ••• 66 prospective buyers OFFER GUIDELINES CIRCULATED OFFERS RECEIVED, ANALYZED, & REVIEWED WITH SELLER ••• 34 offers OFFER ACCEPTED ATTORNEY REVIEW COMPLETE ••• Officially under contract SOLD ••• Seller’s preferred closing date JANUARY 25MARCH 10 MARCH 18 MARCH 19 MARCH 20 MARCH 21 MARCH 21 MARCH 23 JULY 11 MARCH 15 HOME LISTED FOR SALE BROKER PREVIEW MARCH 16 OFFER
488 Springfield Avenue, Summit, NJ 07901 info@sueadler.com 973.949.0306 sueadler.com KELLER WILLIAMS REALTY PREMIER PROPERTIES Each Keller Williams office is individually owned and operated. If your property is currently listed this is not intended as a solicitation. Reserve your spot today at SueAdler.com/HSW BOTH IN-PERSON & VIRTUAL WORKSHOP OPTIONS SUE ADLER TEAM’S HOME SELLING, PREP & STAGING WORKSHOP Call 973.949.0306 for your complimentary consultation Learn what over 3,400 other local homeowners already have by attending