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Sussex County Real Estate – November 2017 Market Review
Green Team’s Real Estate Market Overview
2017 – A Year of Growth and Success
The last Real Estate Market Review Meeting of 2017 marks a year of growth and success on both company-wide and individual levels. In both the Warwick and Vernon offices, many sales associates have met or exceeded the goals they set at the beginning of the year. Many of the agents in Warwick doubled their sales from last year, including Nancy Sardo, Vikki Garby, Tammy Scotto, Angela Murphy, Chris Kimiecik, Julianna Green and Jane Reilly. As the Vernon office opened this year, there are no numbers from 2016 to compare to. However, the New Jersey sales associates are setting the bar high for next year. Eight agents had sales exceeding $1 million – and some exceeding $4 million! Keren Goren, Charles Nagy, Barbara Tesa, Ted Van Laar, Joyce Rogers, Heidi Hyland, Stacy Springerand Kimberly Lasalandra will have to set their goals high for 2018 to compare with their sales this year.
The Importance of setting goals
The numbers from December won’t be available until next month, but projections look very good and once the final numbers are in and tallied with the year to date numbers, award winners will be determined. The excitement builds! Will Jennifer DiCostanzo, winner of 2016’s Sale Leader Award take the prize again this year for the Warwick office? Will Keren Goren, a highly motivated newcomer to real estate, take the prize for the Vernon office? Stay tuned…
The Green Team Annual Award Ceremony will take place on January 26, and Fourth Quarter Sales Leader Awards and Sales Leader Award for 2017 will be announced. All of the agents who have become Quarter Sales Leaders and Sales Leaders for the Year have been goal setters. According to Geoff Green, the importance of the Personal Action & Engagement Plan for 2018 cannot be overstated and he encourages all Green Team agents to complete and submit theirs and start the New Year on the right note!
How is the market?
It is imperative that agents understand how to analyze local real estate stats and be able to provide a clear and accurate portrait of market conditions to their clients. Fluctuations from month to month may seem minor, but tracking them throughout the year gives a good indication of where the market stands. Trends towards a sellers or buyers market will affect advice to clients, whether they are buying or selling a home. The importance of this information is why a monthly meeting is held to go over the previous month’s statistics and overall trends for the year.
Local Market Reports – Sussex County, NJ
Average Sold to Asked Ratio
The percentage a house sold for under or over the last asking price (not the original price).
Sussex County: There was an increase in the Average Sold to Asked Ratio from October to November, from 96.38% to 96.76%, continuing the trend of 2017 being higher than any of the previous four years.
Units Sold
The term units here includes single family homes, condominiums, town homes and multi-family homes with 1-4 units.
Sussex County: The stats show that the market continues to be hot, with more units being sold this year than in any of the years from 2013 to 2016. While there was a rise in units sold from September to October, there was a slight dip in units sold in November. Even with that dip, the number of units sold this November is higher than the number of units sold in the same month in each of 2013, 2014, 2015 and 2016.
Average Days on Market
The faster things are selling, the hotter the market. Look for the lowest number on the graph as opposed to the highest. The calculation was changed in New York State. It’s now from the List Date to the Contract Date, rather than the Binder Date.
Sussex County: Consistently lower than the previous four years, November stats showed an average of 86.86 days on the market.
Homes that sold at 100% or more of last asking price
Sussex County: This number rose from October. 36.42% of homes sold at 100% or more of their last asking price – more than one-third!
Average Price
Sussex County: Despite the market being hot, prices have gone down since 2013, when the average price was $243,909. In 2017, it’s $221,994. November has seen a rise in average price to $229,779 from $214,056 in October. On average, prices are lower this year than the last four years. So it is essential to look at hyper-local comparables when pricing a home for a client.
What do these stats mean for buyers and sellers?
All the of above statistics show a market where sellers are in a strong position. A quarter to over a third of homes are selling at 100% or more of the seller’s last asking price. Homes are remaining on the market for shorter periods than any of the last five years. This is not a market where buyers have a strong upper hand when it comes to negotiating. Nor do they have the luxury of time. Thinking about selling? Now is a great time to find out what your home is worth.
The importance of a strong offer
With the shortage of inventory in today’s market combined with the above data, it has become increasingly important for buyers to come in quickly with a strong offer on the house they would like to call home! Buyers may not realize that increasing their offer by a few thousand dollars may only amount to an additional $20 or $30 in their monthly mortgage payment. Sellers may be receiving multiple offers. And other buyers may not be reticent about making a strong offer if they really want the house. It’s important to discuss your options with your real estate agent. Your agent will advise you on making that all important offer on the home that you want!
Light Up the Holidays is Making the Season Brighter for Two Local Charities!
Local businesses and individuals have joined forces with the Green Team by becoming sponsors for our Second Annual Light Up the Holidays event. To date, Orange County sponsors have raised $3,400 for Warwick Playground Dreams, and Sussex County sponsors have raised $2,350 for the Vernon Senior Center. Sponsorship donations are made directly to the charity, and you’ll find these generous community and business members featured on the Green Team’s website, where they will have a permanent place of honor! It is not too late to join our sponsors in making a lot of dreams come true.
And now the fun begins! We are looking for photos of homes that reflect the beauty of the season to feature on our website and Facebook page! Enter your own home, nominate your neighbor, or a business whose decorations you admire! Also, don’t be surprised if a Green Team member has admired your light display and left you a placard asking you to register on our website! Visit https://www.greenteamhq.com/luh2017 to register, to see the community members who have donated so generously to these two charities, and to place or see your home in the competition!
Wishing all a joyous holiday season!
Click on the images below to view homes in your area that have been entered into the Light Up The Holidays 2017 contest so far. Continue to check back as homes will continue to be added through the new year.
The Green Team Lights Up the Holidays… and Faces at the Vernon Township Senior Center
The G
reen Team celebrates the holiday season by recognizing the joy and beauty of homes and businesses whose decorations Light Up the Holidays and our communities. And it celebrates the ideals of giving and sharing that are at its core by raising money for local charities.
Meet the Vernon Recipient of Light Up the Holidays 2017 Donations
Keren Gonen of Green Team New Jersey Realty shocked Jane Damstra, Director of the Vernon Township Senior Center, when she told Jane that her organization had been selected as its designated charity. Jane’s shock, however, soon turned to excitement as she started imagining what the sponsorship donations could mean to the approximately 200 seniors who come to the Center annually. On any given day you can find between 38 and 50 seniors ages 60 and over at the Center. First of all, some come for the lunch provided by the Senior Services Nutrition Program for a $2 donation. And many are there to enjoy the activities offered by the Center. Currently these include Zumba, shuffleboard, line dancing, Wii bowling and pool, cards, watching DVD’s. Almost all of these activities involve minimal cost, and don’t provide the challenge and creativity that many seniors crave.
And now Keren has shocked Jane once again. On November 30 she presented Jane with $1,450 in donations. Furthermore, with the continued generosity of local businesses throughout Sussex County, there will be more to come.
Local Businesses Can Make a Difference
Aging does not bring an end to creativity, to curiosity, to learning, to enjoyment of life. Local businesses that sponsor the Green Team’s Second Annual Light Up the Holidays Contest can make a real difference in the lives of Vernon’s seniors. Because, now programs that Jane had only dreamed of can start to become reality.
One of her top priorities is the purchase of two laptop computers. They’ll be used as part of a training program with tech-savvy high school volunteers. The volunteers will teach the seniors to use the internet to talk to faraway family members, pay bills, and more. A group of talented knitters at the Center create items for donation to charitable causes. However, wool can be expensive. Thus, another priority is crafting supplies, including wool needed for these projects. Jane would also love to start a watercolor class. And she’d like to bring in guest speakers and instructors. Generally, fees exceed what the program budget will allow. Furthermore, there are other programs she wants to start – day trips for the many who are no longer able to drive themselves. Trips to the mall, to see local theatre productions… The list goes on.
Brighten your community through Light Up the Holidays!
Local professionals, businesses and individuals can work with the Green Team to bring exciting new programs to Vernon’s vibrant senior population. And if what comes around goes around, there will be light and joy enough for all of us! For more information about the Green Team and its Second Annual Light Up the Holidays Event, visit https://www.greenteamhq.com/luh2017/, and for more information about the Vernon Township Senior Center, visit http://www.vernontwp.com/services/senior_center/,
