16
Q1 2020 Market Report Essex County, New Jersey
Q1 2020 Market ReportEssex County, New Jersey
Halstead 2
Q1 2020 Highlights
Like all areas of the metro New York and New
Jersey regions, the Essex County real estate
market has been impacted by the COVID-19
pandemic. Prior to the coronavirus leading to a
statewide shutdown of real estate activity, the
market was generally improving.
First quarter statistics, which largely reflect
pre-pandemic activity, showed signs of
positive market momentum. Once
normal market activity resumes, there will be
more clarity about the effect on price and sales
volume for these housing markets.Halstead.com WEB# 19864719
Halstead.com WEB# 18984919 Halstead.com WEB# 20069247 Halstead.com WEB# 20047183
$550,000
$600,000
$650,000
$700,000
$750,000
$800,000
$850,000
1Q20 4Q19 3Q19 2Q19 1Q19
MontclairSINGLE FAMILY HOMES
The average sale price was $823,000, a 9% gain over prior year average of $754,000. The median price also rose 9% ending at $754,000 as compared to $690,000 from the same period last year.
There were only 41 closed sales this period, a 33% decline from the same period last year which had 61 sales. Single Family Homes spent an average of 58 days on market with sellers gaining an average of 101% of their offering price.
AVERAGE AND MEDIAN SALES PRICE NUMBER OF SALES
DAYS ON THE MARKET ASKING VS. SELLING PRICE
Average Sales Price Median Sales Price
Halstead 3
20
40
60
80
100
120
140
1Q20 4Q19 3Q19 2Q19 1Q19
136 611328541
0
20
40
60
1Q20 4Q19 3Q19 2Q19 1Q19
30 48293958
$811,000 $760,000
$754,000 $690,000
$831,000 $780,000
$784,000 $687,000
$823,000 $754,000
95%
100%
105%
110%
1Q20 4Q19 3Q19 2Q19 1Q19
106.0% 104.0%108.0%105.0%101.0%
$300,000
$400,000
$500,000
$600,000
$700,000
$800,000
$900,000
1Q20 4Q19 3Q19 2Q19 1Q19
Glen RidgeSINGLE FAMILY HOMES
The average sale price of Single-Family Homes increased 8% ending at $706,000. The median sale price had a more significant 15% increase when compared with the same period last year reaching $683,000.
There were a total of 15 closed sales versus only 9 closed sales on the 1st quarter of 2019. Single Family Homes spent an average of 68 days on market. Sellers gained an average of 104% of asking price.
NUMBER OF SALES
DAYS ON THE MARKET ASKING VS. SELLING PRICE
Halstead 4
AVERAGE AND MEDIAN SALES PRICE
Average Sales Price Median Sales Price
32 9312315
0
10
20
30
40
1Q20 4Q19 3Q19 2Q19 1Q19
26 41233168
0
20
40
60
80
1Q20 4Q19 3Q19 2Q19 1Q1995%
100%
105%
110%
1Q20 4Q19 3Q19 2Q19 1Q19
$863,000 $800,000
$654,000 $595,000
$740,000 $681,000
$663,000 $706,000 $650,000 $683,000
108.0% 105.0%109.0%109.0%104.0%
$200,000
$250,000
$300,000
$350,000
$400,000
$450,000
$500,000
1Q20 4Q19 3Q19 2Q19 1Q19
West OrangeSINGLE FAMILY HOMES
The average sale price was $438,000, a 5% gain over prior year average of $418,000. The median sale price was $420,000, an 8% increase from prior year’s $389,000 figure.
There were 113 closed sales this period, a 10% rise from the same period last year which had 103 sales. Single Family Homes spent an average of 60 days on market with sellers gaining an average of 100% of offering price.
Halstead 5
AVERAGE AND MEDIAN SALES PRICE NUMBER OF SALES
DAYS ON THE MARKET ASKING VS. SELLING PRICE
Average Sales Price Median Sales Price
191 103178147113
49 64567260
$426,000 $400,000
$418,000 $389,000
$455,000 $445,000
$444,000 $400,000
$438,000 $420,000
100.0% 97.0%100.0%99.0%100.0%
80
100
120
140
160
180
200
1Q20 4Q19 3Q19 2Q19 1Q19
0
20
40
60
80
1Q20 4Q19 3Q19 2Q19 1Q1990%
95%
100%
105%
1Q20 4Q19 3Q19 2Q19 1Q19
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
$1,600,000
1Q20 4Q19 3Q19 2Q19 1Q19
Short HillsMillburnTownship SINGLE FAMILY HOMES
The average sale price was $1,328,000, a 28% gain over prior year average of $1,041,000. The median sale had a larger increase of 34% ending at $1,160,000.
There were 50 closed sales or 16% more than the same period last year. Single Family Homes spent an average of 83 days on market with sellers gaining 99% of offering price.
Halstead 6
NUMBER OF SALES
DAYS ON THE MARKET ASKING VS. SELLING PRICE
AVERAGE AND MEDIAN SALES PRICE
Average Sales Price Median Sales Price
$1,421,000 $1,260,000
$1,041,000 $865,000
$1,325,000 $1,128,000
$1,276,000 $1,328,000 $1,000,000 $1,160,000 105 43885250
61 64496483 97.0% 95.0%97.0%97.0%99.0%
20
40
60
80
100
120
1Q20 4Q19 3Q19 2Q18 1Q19
20
40
60
80
100
1Q20 4Q19 3Q19 2Q19 1Q1985%
90%
95%
100%
1Q20 4Q19 3Q19 2Q19 1Q19
LivingstonSINGLE FAMILY HOMES
The average sale price improved 18% ending at $745,000. Similarly, the median sale price rose ending at $675,000 or 16% more that the same period last year.
Closed sales had a minor 4% increase with 55 transactions. Single Family Homes spent an average of 57 days on the market. Sellers gained an average of 99% of asking price.
Halstead 7
AVERAGE AND MEDIAN SALES PRICE NUMBER OF SALES
DAYS ON THE MARKET ASKING VS. SELLING PRICE
Average Sales Price Median Sales Price
121 531098555
46 5049
$720,000 $640,000
$630,000 $580,000
$725,000 $615,000
$815,000 $650,000
$745,000 $675,000
98.0% 98.0%97.0%97.0%99.0%
$550,000
$600,000
$650,000
$700,000
$750,000
$800,000
$850,000
1Q20 4Q19 3Q19 2Q19 1Q1940
60
80
100
120
140
1Q20 4Q19 3Q19 2Q19 1Q19
0
20
40
60
1Q20 4Q19 3Q19 2Q19 1Q19
4657
85%
90%
95%
100%
1Q20 4Q19 3Q19 2Q19 1Q19
MaplewoodSINGLE FAMILY HOMES
The average sale price was $616,000, a 7% gain over prior year average of $576,000. The median sale price increased 11% ending at $598,000.
Closed sales were just 57 sales comparing to 63 closed sales the same period last year. Single Family Homes spent an average of 41 days with sellers gaining an average of 102% of offering price.
Halstead 8
NUMBER OF SALES
DAYS ON THE MARKET ASKING VS. SELLING PRICE
AVERAGE AND MEDIAN SALES PRICE
Average Sales Price Median Sales Price
$647,000 $630,000
$576,000 $537,000
$626,000 $622,000
$608,000 $616,000 $600,000 $598,000 113 631147457
32 45363241 102.0% 100.0%101.0%100.0%102.0%
$400,000
$450,000
$500,000
$550,000
$600,000
$650,000
$700,000
1Q20 4Q19 3Q19 2Q19 1Q1940
60
80
100
120
1Q20 4Q19 3Q19 2Q19 1Q19
0
20
40
60
1Q20 4Q19 3Q19 2Q19 1Q1990%
95%
100%
105%
1Q20 4Q19 3Q19 2Q19 1Q19
Verona SINGLE FAMILY HOMES
The average sale price was $573,000, a 10% gain over prior year average of $523,000. Conversely, the median sale price declined 4% ending at $505,000.
There were 20 closed sales or 5% more transactions than the same period last year. Single Family Homes spent an average of 39 days on market with sellers gaining 101% of offering price.
Halstead 9
AVERAGE AND MEDIAN SALES PRICE NUMBER OF SALES
DAYS ON THE MARKET ASKING VS. SELLING PRICE
Average Sales Price Median Sales Price
58 19393920
44 4438
$582,000 $530,000
$523,000 $527,000
$584,000 $515,000
101.0% 99.0%100.0%100.0%101.0%
$519,000 $510,000
$573,000 $505,000
4839
$300,000
$350,000
$400,000
$450,000
$500,000
$550,000
$600,000
1Q20 4Q19 3Q19 2Q19 1Q190
20
40
60
1Q20 4Q19 3Q19 2Q19 1Q19
0
20
40
60
1Q20 4Q19 3Q19 2Q19 1Q1990%
95%
100%
105%
1Q20 4Q19 3Q19 2Q19 1Q19
$450,000
$500,000
$550,000
$600,000
$650,000
$700,000
$750,000
1Q20 4Q19 3Q19 2Q19 1Q19
South OrangeSINGLE FAMILY HOMES
The average sale price was $601,000, a 5% drop over prior year average of $632,000. The median was also lower this period ending 13% lower at $564,000 as compared to median of $648,000 from the same period last year.
There were 47 closed sales this period or 4% fewer transactions. Single Family Homes spent an average of 44 days on market. Sellers gained 100% of offering price.
Halstead 10
NUMBER OF SALES
DAYS ON THE MARKET ASKING VS. SELLING PRICE
AVERAGE AND MEDIAN SALES PRICE
Average Sales Price Median Sales Price
$718,000 $665,000
$632,000 $648,000
$676,000 $633,000
$683,000 $601,000 $690,000 $564,000 72 49913947
27 33265444 101.0% 100.0%102.0%100.0%100.0%
20
40
60
80
100
1Q20 4Q19 3Q19 2Q19 1Q19
20
30
40
50
60
1Q20 4Q19 3Q19 2Q19 1Q1990%
95%
100%
105%
1Q20 4Q19 3Q19 2Q19 1Q19
20
30
40
50
60
1Q20 4Q19 3Q19 2Q19 1Q19
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
1Q20 4Q19 3Q19 2Q19 1Q19
BloomfieldSINGLE FAMILY HOMES
The average sale price was $354,000, a 5% gain over prior year average of $338,000. However, the median sale price fell 3%, ending at $330,000.
Closed sales decreased 5% with 72 closed transactions. Single Family Homes spent more time on the market this quarter with an average of 59 days on market. Sellers gained 98% of offering price.
Halstead 11
AVERAGE AND MEDIAN SALES PRICE NUMBER OF SALES
DAYS ON THE MARKET ASKING VS. SELLING PRICE
Average Sales Price Median Sales Price
110 76948772
44 4846
$382,000 $366,000
$338,000 $340,000
$386,000 $385,000
103.0% 100.0%104.0%103.0%98.0%
$379,000 $384,000
$354,000 $330,000
3259
40
60
80
100
120
1Q20 4Q19 3Q19 2Q19 1Q19
90%
95%
100%
105%
1Q20 4Q19 3Q19 2Q19 1Q19
$250,000
$300,000
$350,000
$400,000
$450,000
$500,000
$550,000
1Q20 4Q19 3Q19 2Q19 1Q19
RoselandSINGLE FAMILY HOMES
The average sale price remained virtually unchanged reaching $499,000. The median price remained stable at $485,000.
There were 12 closed sales this period as compared to just 8 closed transactions in 1st quarter 2019. Houses spent an average of 83 days on market. Sellers received an average of 97% of asking price which was same as prior year.
Halstead 12
NUMBER OF SALES
DAYS ON THE MARKET ASKING VS. SELLING PRICE
AVERAGE AND MEDIAN SALES PRICE
Average Sales Price Median Sales Price
$541,000 $495,000
$494,000 $486,000
$532,000 $519,000
$525,000 $499,000 $493,000 $485,000 25 8281212
25 53534283 97.0% 97.0%97.0%97.0%97.0%
0
10
20
30
1Q20 4Q19 3Q19 2Q19 1Q19
20
40
60
80
100
1Q20 4Q19 3Q19 2Q19 1Q1985%
90%
95%
100%
1Q20 4Q19 3Q19 2Q19 1Q19
Caldwell and West CaldwellSINGLE FAMILY HOMES
The average sale price ended at $517,000, a 6% rise when compared to the same period last year. On the other hand, the median sale price dropped 9%, ending at $455,000 versus $500,000 for the 1Q 2019.
There were just 17 closed sales this period. Single Family Homes spent an average of 78 days on the market with sellers gaining an average of 98% of asking price.
Halstead 13
AVERAGE AND MEDIAN SALES PRICE NUMBER OF SALES
DAYS ON THE MARKET ASKING VS. SELLING PRICE
Average Sales Price Median Sales Price
27 27194817
58 6244
$507,000 $500,000
$486,000 $500,000
$500,000 $476,000
99.0% 99.0%98.0%99.0%98.0%
$455,000 $441,000
$517,000 $455,000
4978
$250,000
$300,000
$350,000
$400,000
$450,000
$500,000
$550,000
1Q20 4Q19 3Q19 2Q19 1Q19
0
20
40
60
1Q20 4Q19 3Q19 2Q19 1Q19
0
20
40
60
80
1Q20 4Q19 3Q19 2Q19 1Q1985%
90%
95%
100%
1Q20 4Q19 3Q19 2Q19 1Q19
Cedar Grove SINGLE FAMILY HOMES
The average sale price showed no change ending at an average $500,000. Similarly, the median sale price was nearly unchanged ending at $455,000.
The number of closed sales fell 10% with just 26 transactions. Single Family Homes spent considerably more time in the market with an average of 48 days. Sellers gained an average of 101% of asking price.
Halstead 14
NUMBER OF SALES
DAYS ON THE MARKET ASKING VS. SELLING PRICE
AVERAGE AND MEDIAN SALES PRICE
Average Sales Price Median Sales Price
$514,000 $492,000
$501,000 $460,000
$484,000 $460,000
$608,000 $500,000 $473,000 $455,000 49 29374026
38 102394148 99.0% 100.0%100.0%99.0%101.0%
$350,000
$400,000
$450,000
$500,000
$550,000
$600,000
$650,000
1Q20 4Q19 3Q19 2Q19 1Q19
0
20
40
60
1Q20 4Q19 3Q19 2Q19 1Q19
20
40
60
80
100
120
1Q20 4Q19 3Q19 2Q19 1Q1990%
95%
100%
105%
1Q20 4Q19 3Q19 2Q19 1Q19
Nutley SINGLE FAMILY HOMES
The average sale had a notable increase reaching $444,000 or 14% gain over prior year average of $388,000. The median sale price also rose 9% reaching $425,000.
There was a rise in the number of closed sales during this period with 59 sales versus 47 closed sales on 1Q 2019. Single Family Homes spent an average of 62 days on market. Sellers gained 99% of offering price.
Halstead 15
AVERAGE AND MEDIAN SALES PRICE NUMBER OF SALES
DAYS ON THE MARKET ASKING VS. SELLING PRICE
Average Sales Price Median Sales Price
90 47838059
38 8353
$410,000 $400,000
$388,000 $390,000
$402,000 $395,000
99.0% 98.0%99.0%100.0%99.0%
$418,000 $444,000 $394,000 $425,000
5262
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
$450,000
1Q20 4Q19 3Q19 2Q19 1Q19
20
40
60
80
100
1Q20 4Q19 3Q19 2Q19 1Q19
20
40
60
80
100
1Q20 4Q19 3Q19 2Q19 1Q1990%
95%
100%
105%
1Q20 4Q19 3Q19 2Q19 1Q19
Cover Property Web# 20096555
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Halstead New Jersey, LLC.
Data is sourced from
Liberty/Hudson County MLS.
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not be copied, commercially used or distributed without Halstead New Jersey’s
prior consent. While information is believed true, no guaranty is made
of accuracy.
OFFICES
MANHATTANPARK AVENUE499 Park AvenueNew York, NY 10022212.734.0010
EAST SIDE770 Lexington AvenueNew York, NY 10065212.317.7800
WEST SIDE408 Columbus AvenueNew York, NY 10024212.769.3000
VILLAGE831 BroadwayNew York, NY 10003212.381.6500
SOHO451 West BroadwayNew York, NY 10012212.381.4200
HARLEM2169 Frederick Douglass BoulevardNew York, NY 10026212.381.2570
WASHINGTON HEIGHTS819 West 187th StreetNew York, NY 10033212.381.2452
BRONXRIVERDALE JOHNSON3531 Johnson AvenueRiverdale, NY 10463718.878.1700
BROOKLYNBROOKLYN HEIGHTS122 Montague StreetBrooklyn, NY 11201718.613.2000
PARK SLOPE160 7th AvenueBrooklyn, NY 11215718.878.1960
COBBLE HILL162 Court StreetBrooklyn, NY 11201718.613.2020
BEDFORD STUYVESANT1191 Bedford Avenue, Brooklyn, NY 11216718.878.1750 SOUTH SLOPE1214 8th AvenueBrooklyn, NY 11215718.878.1888
FORT GREENE725 Fulton StreetBrooklyn, NY 1127718.613.2800
BAY RIDGE8324 4th AvenueBrooklyn, NY 11209718.878.1880
QUEENSLONG ISLAND CITY47-12 Vernon BoulevardQueens, NY 1110718.878.1800
FOREST HILLS108-23 Ascan AvenueForest Hills, NY 11375718.520.0303
HUDSON VALLEYHUDSON526 Warren StreetHudson, NY 12534518.828.0181
CONNECTICUTDARIEN671 Boston Post RoadDarien, CT 06820203.655.1418
NEW CANAAN - ELM STREET183 Elm StreetNew Canaan, CT 06840203.966.7800
NEW CANAAN - SOUTH AVENUE6 South AvenueNew Canaan, CT 06840203.966.7772
ROWAYTON140 Rowayton AvenueRowayton, CT 06853203.655.1418
GREENWICH125 Mason StreetGreenwich, CT 06830203.869.8100
STAMFORD1099 High Ridge RoadStamford, CT 06905203.329.8801
WESTPORT379 Post Road EastWestport, CT 06880203.221.0666
WILTON21 River RoadWilton, CT 06897203.762.8118
NEW JERSEYHOBOKEN200 Washington StreetHoboken, NJ 07030201.478.6700
MONTCLAIR635 Valley Road, Montclair, NJ 07030973.744.6033
HAMPTONSEAST HAMPTON2 Newtown LaneEast Hampton, NY 11937 631.324.6100
CORPORATECOMMERCIAL SALES770 Lexington AvenueNew York, NY 10065212.381.3208
DEVELOPMENT MARKETING445 Park AvenueNew York, NY 10022212.521.5703
GLOBAL SERVICES770 Lexington AvenueNew York, NY 10065212. 381.6521
MANAGEMENT COMPANY770 Lexington Avenue, 7th floorNew York, NY, 10065212.508.7272
