Essex Fells: 2014 Real Estate Market Recap and Forecast

Home sales in Essex Fells declined slightly from 38 homes sold in 2013 to 34 in 2014. Take these numbers with a grain of salt because small swings in a small town like Essex Fells can appear more significant than they really are.

Of greater importance is the four year sales trend, along with the relationship between sales and inventories. With regard to the latter, it is considered to be a sellers’ market when there is less than a six month supply of homes for sale. Essex Fells has been in a sellers’ market since 2012.

Active Listings

Home Sales Average Sold/Month

Months of Supply

2014

12

34 2.83

4.2

2013

8

37 3.08

2.6

2012

10

31 2.58

3.9

2011

16

20 1.67

9.6

Source: Garden State Multiple Listing Service

However, as of this writing, Essex Fell’s inventory of homes for sale stands at 15 and it’s likely to increase as the ice age we are in gives way to spring. So, for both active sellers (a home is currently listed for sale) and potential sellers (owners are thinking about listing) here’s a question worth asking: Are there enough buyers in the market to absorb a higher inventory of homes for sale in 2015? In general the answer is yes, because buyer demand far exceeds available inventory all over suburban north Jersey. Leading the charge for high-quality homes are high-demand towns like Montclair, South Orange, Summit and Millburn.

However, it is also true that many buyers are simply not aware of Essex Fells and what it has to offer. To counter this, I used the following tactic with great success, while representing the owner in the sale of 49 Arden Lane in Essex Fells. I aggressively reached out to Montclair Realtors. Here’s a paragraph from one of my letters, which announced an upcoming open house:

With current inventories being so low, you and I will likely expand our search areas on behalf of our high-end clients. That being said, I encourage you to include Essex Fell’s listings in your search process, three of which have open houses tomorrow: 49 Arden Lane (MLS 3147466), 25 Fellswood Drive (MLS 3145592) and 199 Forest Way (MLS 3136459). I have the listing on the Arden Lane property, the asking price of which is $1.3 million. Hope to see you there.

The result was a deal brokered with a Montclair Realtor. The seller of 49 Arden Lane was nice enough to give me a wonderful testimonial. It will give you a good idea of how I approach my business.

If you are thinking about selling your home in 2015, let’s chat. I think you will find my approach a refreshing change from what has become a commodity-way-of-thinking about the sale of a most important asset, your home.

Contact me at 973-865-1863 or email me at brianmccabe@njproperty.net.



Categories: All Posts, Essex Fells, Selling a Home

Tags: , , , ,

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: