It is a pleasure to share with you our second annual review of the Mid-Town Direct Train Line residential real estate market. We have done extensive research on the 2015 market to give you, the local homeowner, an opportunity to examine the trends and sales statistics from 2015. We have broken down each town by price bracket to give you a true sense of the real estate market for your community. We also provide our insight into what we expect to see in 2016. We hope you find this information useful!
2015 was a year of growth for the Mid-Town Direct Train Line Towns (Chatham, Madison, Maplewood, Millburn/Short Hills, South Orange, Summit) with the average price point rising to $887,263 a 3.11% or $26,756 increase from 2014. This is a modest uptick in growth from the 2% increase we saw between 2013 and 2014. However, as was the case in 2014, average sale prices are still not at the level we saw in 2007 where they peaked at $909,418. In addition, homes sold slightly faster in 2015 than in 2014, with an average of 44 days on market, which is 2 days less than 2014.
The New Jersey economy in 2015 remained in growth mode assisted by New York City job and wealth creation. By the end of 2015, the unemployment rate had further declined to its current rate of about 5.7%. Adding to the improved employment statistics, the growth of jobs and wealth in New York City has fueled an increase in demand in our Mid-Town Direct Train Line Towns. Where New Jersey has seen a 68% post recession job recovery rate, New York City has seen a 269% recovery rate. We found no better statistic to show how New York City’s wealth is affecting the Mid-Town Direct Train Line Towns more than this one, NJ Rail Towns account for 52% of all building permits approved in the state of New Jersey. Building is often used to determine the overall economic health of an area, we would argue that this statistic bodes very well for the Mid-Town Direct train line communities.
2015 was an award winning year for The Sue Adler Team, it marked our third consecutive year being ranked #1 in the Garden State MLS for the most dollar production with $165 million in sales volume. This was a banner year for us, as we out-produced the next highest producer by over $45 million. We were also thrilled to be named #8 for groups (defined as 3+ agents) worldwide for Keller Williams Realty out of 134,000 agents! Best of all, we were able to help 185 families reach their real estate dreams, and for that we will be forever thankful! Our entire team is proud to live, work and serve in our beautiful communities each day. We are extremely grateful for the opportunity to make a difference in your life and to help you and your family.
Yours to count on,
The Sue Adler Team