The spring market is in full swing and if this home sale is any indication, it’s as competitive as ever.
It’s a four-bedroom split level with two bathrooms, built in 1960, and sits on a .23 acre lot in Closter.
There was an hour-long line to get through the front door at the open house, said Jennifer Yang-Wu, the listing agent with Coldwell Banker Realty. And 18 offers.
The home was listed Feb. 1 for $945,000, what Yang-Wu and the sellers thought was a fair list price.
It closed March 29 for $1.2 million. That’s $255,000 above the asking price.
“This spring market is even more competitive for buyers than it was last year,” Yang-Wu said. “Especially in some of these towns where everyone wants their schools. Closter is definitely a town where the schools are desirable.”
Buyers go to Closter because of its schools, vibrant downtown and proximity to New York City, Yang-Wu said.
The median sales price of a home in Closter was $1,375,000 in February, according to data from New Jersey Realtors. That’s up 120% from a year ago when the median sales price was $625,000.
One-third of the offers were for more than $1 million.
“Everyone had similar terms so it came down to price,” Yang-Wu said, adding that the buyers were a young family, coming from Jersey City.
Yang-Wu said the house got so much interest because it showed really well. “Even though it was small, it was really charming, had minimal furniture, it was meticulously kept,” she said. “That’s what most young buyers are looking for. They don’t want to do work. They like when they see a house and can see themselves living in it.”
Another split level, also built in 1960 with similar square footage and lot size and in the same area of Closter, was listed Feb. 11 for $975,000 and closed March 27 for $1.03 million.
“Presentation was really a factor,” Yang-Wu said. Her listing on Maple Street “was staged and so meticulous. The other house was not furnished and didn’t give that feeling of home,” she said of why her home sold for so much more.
The lack of inventory also helped the home get so many offers.
There were nine homes for sale in Closter in February, down from 19 a year earlier, according to New Jersey Realtors’ data. Statewide, inventory has been extremely low. There were 12,216 homes for sale in February, according to New Jersey Realtors. A normal amount of homes for sale statewide would be about 50,000, real estate experts say.
Are you an agent, buyer or seller who is active in this changing market? Do you have tips about New Jersey’s real estate market? Unusual listings? Let us know.
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Allison Pries may be reached at apries@njadvancemedia.com.
