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Business & Tech

Warren Real Estate Market Recap for March

A monthly view of how the Warren market is moving.

The market continues to be challenging—some homes are moving quickly and others are sitting. Reports of  deals stalled or derailed due to issues with financing are not uncommon.  

Here's the wrinkle: buyers are out there and eager to take advantage of the great buying opportunity created by the convergence of relaxed home prices and low interest rates, but the tougher credit requirements and underwriting criteria are reducing the qualified buyer pool. 

The market is sending two clear messages: Sellers are wise to price to market and to hold on tightly to well qualified buyers.

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So how did Warren do for the month of March?  New inventory was on the rise with 33 new listings added—that compares to 21 for the month before.  This makes sense and reflects the predictable influx of new inventory during the spring market, now in full swing.  The average listing price for the new inventory is over $1 million mark, up 27 percent from February.

The rise in inventory over a steady under contract rate caused the Market Absorption Rate which measures time to sell, to increase to 13 months.

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The average sale price for closed sales during March jumped  41 percent  from the prior month,  signaling an increase in sales in the higher price points.  Of the nine sales that closed during the month of March, five were over $900,000, as compared to the month before, when only two of the eight closed sales exceeded $900,000.

Warren Home Sales that Closed in March

(Source: Garden State MLS)

  • Address List Price Sale Price List-to-sell price Ratio 3 Skyline Dr. $435,000 $455,000 104% 6 Debby Lane $499,000 $490,000 98% 44 Mountainview Road $548,800 $525,000 96% 22 Flintlock Dr. $699,900 $685,000 98% 4 Emily Terrace $923,515 $785,000 85% 21 Briarwood Dr. E. $949,900 $910,000 96% 2 Skyline Dr. $1,129,000 $1,129,000 100% 3 Tulip Court $1,395,000 $1,350,000 97% 29 Strawberry Lane $1,749,000 $1,560,000 89%

*Note:  List Price at time of Sale, price may have been adjusted previously during this listing period or prior ones.

The Ratio of Sale Price to Asking Price was a healthy 95 percent, up from 91 percent in February.  In my experience, homes tend to sell within a range of 1-5 percnt of asking when the price hits the properties "strike" price as judged by the buying public.  This holds true with amazing consistency across price points and communities.  In the mix are homes that were priced well from the start and others that moved through a correction.  Generally, sellers will net more - not less - if they price correctly right out of the gate.

March Market at a Glance:

  • Market Absorption Rate, ie, Time to Sell: 13 months
  • Active Listings: 138
  • Average List Price - Active Listings: $981,490
  • New Listings: 33
  • Average List Price - New Listings: $1,036,145
  • Under Contract: 13
  • Average List Price - Under Contract: $779,761
  • Sold: 9
  • Average Sale Price: $876,556
  • Sale Price/List Price: 95 percent
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