6 | THE SUE ADLER TEAM 973.936.9129 www.sueadler.com

2014 Home Sale Statistics

NEW PROVIDENCE 2014 HOUSING OVERVIEWThe New Providence real estate market was slightly slower than the overall Mid-Town direct train line market,taking on average 57 days to sell in 2014 compared to the market average of 46. In 2014, 127 homes sold in NewProvidence, which is low in terms of transactions when compared to the other towns that we studied. NewProvidence had an average sales price of $629,296 in 2014, which is far below the Mid-Town direct train line town average. With an overall list to sale price ratio of 98%, New Providence shows a sellers market. This is a trend that we see continuing in 2015, keeping in mind that homes priced right and prepared for sale, typicallysell rather quickly.

in order to provide the most accurate statistics for the segments below, we have compiled the data for each property soldgoing back to listing date of 1/1/2013. This allows us to identify the actual original list price and true days on market whichdiffers from the market overview because the mls does not account for relisted properties. The following are our results:

UNDER $450,000TransacTions: 25  average cumulaTive Days on markeT: 72original lisT To sale Price: 93.4%The under $450,000 price bracket in New Providence accounted for 19% of all homessold in New Providence in 2014. Compared to the rest of the New Providence market,this market is slightly faster moving than the other market segments. While this market is slightly faster moving, its list to sale price ratio is the second lowest in NewProvidence at 93.4%. One reason for this is the fact that several of the transactions inthis price range are for condos and townhomes. The condo and townhome market has

not seen as large of a bounce back as the single family home. Looking at all the facts one could conclude that this price bracketis more of a buyers market. We would suggest however, that the statistics are skewed due to the high volume of condos andtownhomes in this price range, which take longer to sell than single family homes in the same range. The statistics for thismarket segment are in line with other neighboring towns, and we plan to see this trend continue in 2015.

$450,000 TO $700,000TransacTions: 65  average cumulaTive Days on markeT: 78original lisT To sale Price: 95.7%The $450,000 to $700,000 price bracket represented just over 50% of the total NewProvidence market in 2014. This is the price bracket that was clearly popular in 2014,and for good reason because this was the one segment of the New Providence marketthat always seemed to have inventory. With a strong list to sale price ratio, this marketsegment is fairly balanced. The homes that were recently updated sold more quicklywith a higher list to sale price ratio than the homes that needed updates, which sat onthe market longer.

$700,000 TO $1,000,000TransacTions: 28  average cumulaTive Days on markeT: 56original lisT To sale Price: 98.4%The $700,000 to $1,000,000 market represented about 22% of the New Providencemarket in 2014. This market segment was the best performing in New Providence thisyear. With the lowest days on market and highest list to sale price ratio, it is clear to seethat this is the sweet spot for New Providence real estate. This does not come as asurprise, as most of the New Providence buyers that we worked with in 2014 werelooking for a home in this price range.

$1,000,000 & UPTransacTions: 9  average cumulaTive Days on markeT: 152original lisT To sale Price: 87.0%The $1,000,000 and up market represented 7% of the total New Providence market.This upper bracket price range shows similar stats to other neighboring towns. Thehigh end market in 2014 was very seasonal – school year driven. Most sales closed byAugust. Overall it was a slow moving price range with an average days on market of152, and many of the homes were listed more than once before selling and often with a price reduction.

Sue Adler 2014 Summary New Providence 2/27/15 3:06 PM Page 1