Health & Fitness
Maplewood October Real Estate Sales: Fighting to Make the Grade
Maplewood had 9 residential homes sell in October with an average price of $535,444 and a median price of $475,000. See how the town stacked up against other area towns and pictures of the homes sold.
Maplewood had 9 residential home sales in October with an average price of $535,444 and a median price of $475,000. Of these 9 homes, 3 sold over asking price, 1 sold at asking price and 0 sold within $10,000 of asking price. Sellers never changed the asking price on 4 of the 9 homes before accepting an offer. Two of the 3 homes that sold over asking price dropped their asking price before generating an offer. Click here to see pictures and a list of the 9 residential homes sold in Maplewood last month. The chart below shows how these sales stack up against other area towns. Click on any of the town hotlinks in the chart to see the pictures and a list of the homes sold last month.
Town-by-Town Sales Comparison
Find out what's happening in Maplewoodfor free with the latest updates from Patch.
October 2011
TOWN
Find out what's happening in Maplewoodfor free with the latest updates from Patch.
TOTAL SOLD
AVG SALES PRICE
MED SALES PRICE
AVG
SP/LP %
Millburn/Short Hills
9
$968,944
$1,040,000
96.1%
For Maplewood, the year-over-year comparison shows October has seen a slight drop. Bob and I know it sounds odd because the $478,708 average sales price for October 2010 was less than the $535,444 average sales price for October 2011. But it’s the median that really counts. The median sales price in October 2010 was $533,500, which means an 11% drop has occurred year-over-year when comparing this number to the $475,000 median sales price from last month.
Why are we putting more weight on the median than the average sales price? It’s because we prescribe to the same logic of the National Association of Realtors, which states the median pricing says more about a marketplace than the average pricing does. The average(avg) sales price number is the total price of all the properties divided by the total number of properties. The median(med) sales price number is the midpoint of all the properties. Although most people are used to asking about average sale price the median sale price takes out the bias created when either a low cost or expensive home is sold during a specific time period. These anomalies are easily explained during the one-on-one discussions we have with our clients.
The year-to-year comparison below gives a review of Maplewood sale prices trends since 2005. Some would say during this timeframe Maplewood peaked in 2006 with an average sales price of $544,590. Bob and I say Maplewood actually peaked in 2008 with a median sales price of $521,000; again giving more weight to the median sales price. Following this logic Maplewood actually hit bottom in 2005 with a median sales price of $465,000, not in 2009 with an average sales price of $475,000.
Maplewood Residential Home Sales
Year-to-Year Comparison
YEAR-TO -YEAR
TOTAL SOLD
AVG LIST PRICE
AVG SALES PRICE
AVG SP/LP%
MED LIST PRICE
MED SALES PRICE
MED SP/LP%
2010
247
$499,355
$485,596
97.1%
$509,000
$505,000
97.5%
2009
235
$488,195
$475,385
97.3%
$495,000
$475,000
97.6%
2008
235
$530,487
$516,785
97.3%
$539,000
$521,000
97.7%
2007
296
$540,455
$536,430
99.3%
$509,000
$505,000
98.7%
2006
344
$551,228
$544,590
98.9%
$499,700
$495,000
98.9%
2005
361
$477,612
$494,334
103.3%
$458,900
$465,000
100.9%
The market is fighting hard to end the year at least meeting the numbers of 2009, if not 2010, as you can see from our last two reports covering the and . In the first 9 months of the year, 197 Maplewood residential homes have sold for a median sales price of $479,000 and an average sales price of $482,562.
Click here to see the Maplewood homes that have gone under contract lately. And, don’t forget to ask yourself that $64,000 real estate question before you choose a time to list your home for sale.
All of this data has been compiled using information from the Garden State Multiple Listing Service (GSMLS) as of November 27, 2011; if changes were made in GSMLS after November 27, 2011 it is not reflected here. The MLS is used by Real Estate agents selling properties in Essex County and other areas. This data does not include private sales or new construction not listed through a Real Estate agent and is deemed reliable but not guaranteed. Towne Realty Group, LLC. Independently Owned and Operated. Beverly and Robert Meaux, Salespersons, Towne Realty Group.
