Verona NJ Real Estate Report | Monthly Updates

Verona NJ Real Estate Report – Homes sold – Inventory – Rate of Absorption

June 2010

This report is for Single Family Homes only.  For a full condo report, please contact us and we will get you one.  Typically a quiet real estate market, Verona maintains its reputation as being so. You can view all condos for sale in Verona HERE.  View all Single Family Homes for sale in Verona HERE

As stated previously, Verona is down about 14% since its peak, but average sales prices in 2010 have pretty much mirrored the 2009  as shown in the charts below. The average monthly sales volume is currently down from 2009, however Verona’s peak months are during the summer so we anticipate this to balance out by September.  Typically real estate activity in Northern NJ is higher during summer months just before the start of a new school year.

So in 2009, the average amount of sales per month in Verona was 9.25.  To date, in 2010, average monthly sales is 5.8 homes.  As stated above, we expect this to balance out after the summer with expected activity.  May was the first month this year that there were double digit sales.  We expect that to continue and get higher over the summer months.

In 2009, the average price of a home sold in Verona was $483,960.  To date in 2010, the average price of sold homes is $478,065.  I don’t even think my calculator can give a percentage difference

Absorption Rate:  An absorption rate indicates the number of months it takes to sell the current inventory at the present rate of sales. There are currently 59 homes for sale in Verona.  During the month of May, 11 homes sold.  This puts the rate of absorption for single family homes in Verona at 5.36 months.  Verona!  This is not bad!  Typically builders do not start building speculation until the ROA drops to 4%.  The national average is 8 months, so we are far below the national average.

If you would like to view the entire month over month and year over year housing report for Verona, we have those as well as charts right HERE. You will get a very good read on how the market is playing out.

If you are looking to buy or sell a home in Verona, we are the local experts.  As you can see, we do more research than anyone else and would value an opportunity to meet and discuss.  We do free phone or personal consultations at your convenience and can offer a Comparative Market Analysis for your home.  You can contact us by e-mail or by calling us direct at 877-688-7582.  We look forward to meeting you.

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2010 Q1 Verona Real Estate Report

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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