Sue adler 2014 summary livingston

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2014 Home Sale Statistics
LIVINGSTON 2014 HOUSING OVERVIEW
In 2014 Livingston homes took on average of 47 days to sell. There were a total of 372 homes sold, with an
average sale price of $628,784. The list to sale price ratio of 98% falls in line with other neighboring communities
studied, and is quite strong, indicating a Seller's market. Livingston's sales volume was high, with much lower
prices than the neighboring Mid-Town direct towns. The upper-bracket market was very weak, with only
7 transactions in 2014. We expect to see this trend continue in 2015, keeping in mind that updated or newer
homes priced attractively in great locations and prepared for sale, typically sell rather quickly.
in order to provide the most accurate statistics for the segments below, we have compiled the data for each property sold
going back to listing date of 1/1/2013. This allows us to identify the actual original list price and true days on market which
differs from the market overview because the mls does not account for relisted properties. The following are our results:
UNDER $500,000
TransacTions: 143 average cumulaTive Days on markeT: 59
original lisT To sale Price:94.7%
The under $500,000 market represented 38% of all homes sold in Livingston in 2014.
Compared to the rest of Livingston, this price bracket is the second fastest moving and
has one of the highest original list to sale price ratios. This is interesting, because in the
neighboring Mid-Town direct train line communities, this price bracket is one of the
weakest performers. One reason for the strong performance in Livingston versus other
towns is due to the single-family inventory in this price range.
$500,000 TO $TO 1,000,000
TransacTions: 199 average cumulaTive Days on markeT: 61
original lisT To sale Price: 90.8%
The $500,000 to $1,000,000 market represented about 53% of the Livingston market
in 2014. This market segment was the biggest in Livingston. This does not come as a
surprise, as most of the Livingston buyers we worked with in 2014 were looking for a
home in this price range. We found that buyers had many choices, as inventory was high
in this price range. This is why the overall days on market was higher than average and
original list to sale price ratio was lower than average. Several homes within this price
range did sell within the first weekend of being on the market if they were updated, in
great locations and priced right.
$1,000,000 TO $1,500,000
TransacTions: 28 average cumulaTive Days on markeT: 45
original lisT To sale Price: 97.2%
The $1,000,000 to $1,500,000 represented only 7% of the Livingston market in 2014.
This market had the best list to sale price ratio, indicating a strong Seller's market. Buyers
in the price range paid on average very close to the list price when they found a home
that they liked, as inventory has been low in this price range. The homes that were
recently updated sold faster, with a higher list to sale price ratio than the homes that
needed updates, which sat on the market longer.
$1,500,000 & UP
TransacTions: 7 average cumulaTive Days on markeT: 113
original lisT To sale Price: 89.7%
The $1,500,000 and up market represented just under 2% of the total Livingston market.
This upper-bracket price range was weaker than surrounding Mid-Town Direct high-end
markets. Like other high-end markets, most sales went under contract by Memorial Day
and closed by Labor Day. Overall it was a slow moving price range with an average of 113
days on market, and many of the homes were listed more than once before selling, often
with a price reduction. Most homes in this price range have not sold and are still sitting
on the market. Most of the homes sold in this price range were located in the Bel Air,
Coventry or Chestnut Hill sections of town. With so few homes being sold in 2014 at this
price point, we plan to continue to see this trend of low volume, high days on market,
and a push down in pricing.
Sue Adler 2014 Summary Livingston 2/27/15 3:10 PM Page 1