The document provides a real estate market review for Mid-Town Direct Train Line towns in New Jersey. It summarizes 2014 housing market trends, including a 2% rise in average home sale price to $860,507. Homes sold faster in 2014 than in previous years, averaging 46 days on the market. The report also provides more detailed statistics on home sales broken down by individual towns and price brackets.

1. sueadler team
REAL ESTATE MARKET REVIEW
Presented by

3. Dear Neighbor,
It is a pleasure to share with you our first annual review of the Mid-Town Direct
Train Line residential real estate market. In this report, which is based on extensive
research on behalf of our current and prospective clients, you’ll have an opportunity
to examine 2014 market trends and relevant sales statistics, broken down by price
bracket and town. We hope you find this information useful. Please feel free to share
with your friends and family.
It should not come as a surprise to anyone reading the headlines that the average
home price is on the rise in our local towns. In 2014, the average sale price increased
by 2% in our Mid-Town Direct Train Line Towns (Chatham, Madison, Maplewood,
Millburn/Short Hills, South Orange, Summit) to $860,507. Prices are still down by an
average of about 5% from their peak in 2007, but in some towns and in some price
segments the prices are higher than the 2007 peak. Homes are selling faster again
with the average days on market at their lowest levels since 2005. The backlog of
unsold homes has plummeted as well.
The economy remains buoyant from inside New Jersey. By the end of 2014, the
unemployment rate was down to around 6.5%. It peaked at 9.7% in December of
2009. Adding to the good employment news, rental vacancies in New Jersey were
down to about 7.8% at the end of 2013, compared to 11.2% from just a year prior.
On a personal note, 2014 was a very special year for The Sue Adler Team, it marked
one decade as the top Keller Williams team in the New York Tri-state Region and
#12 in the entire country (out of approximately 109,000 KW agents). It also marked
the second year in a row we were the #1 agents in the Garden State MLS by dollar
volume sold (for all brands).
Our team is proud to live and serve in our beautiful communities, and we are very
grateful for the opportunity to make a difference in your life.
Yours to count on,
The Sue Adler Team

4. 4 | THE SUE ADLER TEAM
Sue Adler’s Data & Market Commentary
0
20
40
60
80
2008
60
2009
74
2010
63
2011
70
2012
65
2013
56
2014
46
AVERAGE DAYS ON MARKET
The Average days that a home spent on the market before selling
fell again in 2014 as buyers were quick to make offers given a
lack of inventory. The average home sold in 45 days in 2014, 11
days faster than in 2013. It was the shortest marketing time in
the past 7 years. The average was skewed higher by a subset of
homes that sold after remaining on the market for 100+ days.
Hot homes sold in less than two weeks in many of our Mid-Town
Direct train line towns. For more information about your town,
please see page 6.
90%
92%
94%
96%
98%
100%
2008
97
2009
96
2010
97
2011
96
2012
97
2013
98
2014
99
LIST PRICE TO SALE PRICE
The ratio of the list price to sale price is a shorthand measure of
buyer demand relative to seller supply. A ratio close to or over
100% indicates that buyers are paying close to or over list price,
and are seeing value. A ratio well under 100% means that homes
are selling well below list price and that buyers are not seeing
value. In 2014, homes on the Mid-Town Direct train line sold at
99% of list price, reaching a six-year high. For more information
about your town, please see page 6.
Inventory Sales
0
500
1,000
1,500
2,000
2,500
3,000
2008 2009 2010 2011 2012 2013 2014
2,622
1,276
2,404
1,185
2,492
1,321
2,287
1,204
2,210
1,288
2,313
1,652
2,440
1,590
INVENTORY & SALES
SALES BY TOWN
Inventory levels grew slightly in 2014 as the strong market in 2013
brought sellers to the market in 2014. 1,590 homes sold, while
2,440 homes were listed. Meaning that at any given time there is
only 1.5 months of inventory on the market, indicating a strong
seller’s market. The discrepancy between inventory and sales
grew. This is a trend we need to watch in 2015. When buyers have
more choices they are slower to make decisions and prices
become diluted. This, coupled with the slightly higher levels of
new inventory, resulted in the higher turnover ratio.
0
50
100
150
200
250
300
350
Maplewood Millburn Chatham
Boro
Chatham
Township
South Orange Madison Summit New Providence
2010 2011 2012 2013 2014
247
235
251
324
296
235
228
251
322
329
101
97
81
145
98
153
155
138
179
188
161
152
178
221
255
150
131
128
178
164
274
206
261
283
260
113
126
117
165
127
Our Mid-Town Direct Train Line
Towns are a sought after place to
live. Residents enjoy ease of access
to New York City, excellent schools,
friendly communities, and stunning
downtowns with some of the best
restaurants in the state.
Mid-Town direct train line towns are:
• Chatham Boro/Township • Maplewood
• Madison • South Orange
• Summit • Short Hills/Millburn

5. In 2014, the average sale price in the Mid-Town Direct train line towns
increased $14,307 from 2013 or a 2% growth in just one year!
973.936.9129 www.sueadler.com | 5
2008 2009 2010 2011 2012 2013 2014
700K
750K
800K
850K
$900K
838,321
775,301
813,233
768,112
785,274
846,200
860,507
SELLING PRICES
MARKET SUMMARY
2014 will be remembered as being a great year to be a
Seller in the Mid-Town Direct train line towns. Prices on
average continued to rise and most homes sold at a very
rapid pace.
Sellers: Your home is likely gaining equity. The Sellers who
net the most amount of money with the least amount of
hassle spend time up front preparing their house for the
market. Their homes are strategically priced to get top
dollar, and showcased beautifully online with professional
photography -the perfect recipe for creating the most
interest, which keeps the seller in the driver’s seat. The
strongest Realtors will bulletproof the transaction up front,
so that your transaction is as stress-free as possible.
Consider consulting with a local realtor who specializes in
working with Sellers for advice on your specific home.
Buyers: It was a tough year to be a buyer in the “sweet
spot” of this marketplace. We saw fewer homes come to the
market than we expected and “the good homes” always
seemed to go with multiple offers leaving many buyers
feeling frustrated. Buyers needed to be in a position and
have the context to move quickly. Those that met with a
Buyer Specialist who was able to consult with them on the
current market situation for their price point and towns,
prepare them with a multiple offer strategy (if necessary),
and discuss resale value, often came out on top. On
average, only one of four offers written was accepted.
Trends by Price Point: The upper bracket homes have not
bounced back and if inventory rises, we will continue to see
a Buyers market in this segment, especially for those that
have not been updated; the midrange market is quite
balanced where well priced homes that are ready for sale
are selling quite quickly. The entry-level market continued
to be a strong Seller’s market where homes were selling
quickly. With mortgage money being so inexpensive, it has
been more cost effective for buyers to purchase homes with
updated kitchens and baths, so we should continue to see
demand for this in all price ranges.
FINANCING
Although a 20% down-payment is the industry norm, in
the Mid-Town train communities we saw 50% of new
homeowners putting down 20% to 30% in 2014.
The low interest rate environment in 2014 resulted in 70%
of the financing obtained to be fixed rate mortgages with
only 30% of buyers selecting an adjustable rate mortgage.
90% selected conventional financing with 10% opting for
government loans. Over 95% of the loans cast were 30 year
mortgages versus shorter terms like 10 or 15 years. This is
likely to be due to the favorable fixed rate environment, but
may also suggest that homeowners electing to live in these
communities are planning on staying put for the long haul.
Down Payments:
Average down payment for market is 23%
HOME SALES BY PRICE RANGE
Price Range Average Days Average
in Dollars on Market Number of Sales Sales to List
1M or less 56 1,175 96.4%
1M-2M 70 323 96.1%
2M or more 119 83 93.4%
Selling prices continued to climb, as they have been for the
past four years. Compared to 2011, prices in 2014 are up 12% to
$860,507. Prices in the Mid-Town Direct train line towns reached
a record high for the past seven years, but are still down on
average 5% from the previous high in 2007 of $909,418. While
this is the general market trend, we still see that prices in the
luxury market have not bounced back to the levels of the rest
of the market and some segments in the entry level market are
higher than the previous peak. For more detailed information
about your town, please see page 6.
5% to 20% down
93%
<5% down
.07%
20% to <30% down
4.93%
30% down 2%

6. 6 | THE SUE ADLER TEAM 973.936.9129 www.sueadler.com
2014 Home Sale Statistics
THE CHATHAMS 2014 HOUSING REVIEW
In 2014 Chatham homes took on average 48 days to sell compared to the Mid-Town Direct train line town average
of 46. 286 homes sold in Chatham, with an average sale price of $912,819. The list to sale price ratio of 98% is in
line with the rest of the train line towns and is quite strong, showing an overall sellers’ market. Due to the higher
average price point, the slightly longer days on market are not a surprise to us, as the higher the price bracket,
the fewer buyers, the slower the market. We expect to see this trend continue in 2015, keeping in mind that
homes priced right 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: 70 AVERAGE CUMULATIVE DAYS ON MARKET: 72
ORIGINAL LIST TO SALE PRICE: 95.2%
The under $500,000 market in Chatham represented roughly 25% of all Chatham
homes sold in 2014. Compared to the rest of the Chatham market, this market is
slightly slower than normal with a lower list to sales price ratio than any other market
segment in Chatham. One reason for this is the fact that several of the transactions
in this price range were condo and townhouse sales. Glancing at these statistics,
one could conclude that this price bracket is more of a buyers market. We would
suggest however, that the statistics are skewed due to the high volume of condos and
townhouses in this price range, which take longer to sell than single-family homes in
the same range. The single-family homes in this price range sold fast and often with multiple offers. The statistics for this market
segment are in line with other neighboring towns, and we plan to see this trend continue in 2015.
$500,000 TO $1,000,000
TRANSACTIONS: 131 AVERAGE CUMULATIVE DAYS ON MARKET: 60
ORIGINAL LIST TO SALE PRICE: 96.1%
The $500,000 to $1,000,000 market represented about 45% of the Chatham market
in 2014. With the lowest days on market and second highest list to sale price ratio, it
is clear that this is the sweet spot for Chatham real estate. This does not come to a
surprise, as most of the Chatham buyers who contacted us to purchase a home in 2014
were looking for a home in this price range.
$1,000,000 TO $1,500,000
TRANSACTIONS: 64 AVERAGE CUMULATIVE DAYS ON MARKET: 78
ORIGINAL LIST TO SALE PRICE: 96.2%
The $1,000,000 to $1,500,000 represented 18% of the Chatham market in 2014. This
market had the highest list to sale price ratio, indicating a strong Seller's market with
low inventory. The homes that were recently updated or had a nice size property in
great location sold faster, and with a higher list to sale price ratio than the homes
that needed updates, or had location issues such as main road or power lines.
$1,500,000 & UP
TRANSACTIONS: 32 AVERAGE CUMULATIVE DAYS ON MARKET: 113
ORIGINAL LIST TO SALE PRICE: 95.5%
The $1,500,000 and up market represented 12% of the total Chatham market. This
upper bracket price range shows similar stats to other neighboring towns. The
high-end market in 2014 was very seasonal – school year driven. Most sales closed
by August. Overall it was a slow moving price range with an average days on market
of 113, and many of the homes were listed more than once before selling and often
with a price reduction. On a positive note, if you take the full year into account, the
overall average list to sale price ratio was strong, balancing out the slower months.

7. 973.936.9129 www.sueadler.com | 7
About the Sue Adler Team
• Ranked #1 for Dollar Volume Production in GSMLS and all of New Jersey for 2013 and 2014
• #1 producing Keller Williams Team in the Tri-State Region for 10 straight years
• REAL Trends top 250 Agents Nationwide (past 3 years)
• Listed on Inman’s 100 Most Influential Real Estate Leaders 2012 and 2013
• Listed on Inman’s 33 People Changing The Real Estate Industry 2014
We are proud to say that we helped 155 clients in 2014 get to the closing table.
WHO WERE THE BUYERS IN 2014?
In the entry to mid range price brackets, the typical buyer moved from NYC, Hoboken, Jersey City or Brooklyn, and
were in there 30’s or early 40’s. There were also quite a few downsizers in this price bracket.
The higher price brackets brought in relocation from New York City/Hoboken/Jersey City, but there were also more
relocation buyers from other parts of the country than in the lower price brackets.
We experienced a small increase in “Move-Up Buyers” compared to previous years. If inventory continues to grow in
2015, we expect to see this trend continue, especially the first half of the year before interest rates rise. One of the
reasons the “Move Up Buyer” market has been slow in recent years is because if the buyers needed to sell first, the
lack of good inventory made them nervous. Buyers in the highest two brackets tend to be school year driven and
most close by Labor Day. The exception to this are the buyers moving within the same town.
There were two SELLER TRENDS we experienced in 2014 that we expect to continue in 2015.
1. Empty nesters are selling and leaving town.
Many are leaving NJ. They often take up to five
years to make the decision to move. Why? They say
they are overwhelmed with the thought of getting
their homes ready, and they aren’t sure where they
want to go. A reputable real estate team of
specialists has the capability to help homeowners
through this transition including advising on
necessary repairs, staging, and the entire process
from pre-market through closing. Our network
includes contractors, professional organizers who
can donate, sell or haul away “stuff,” and top
Realtors in other parts of the country where you
may be considering exploring.
2. Sellers are weighing renovating vs. moving.
We have received many more consultation calls this
past year than previous years from homeowners
wanting to know if they will recoup their investment
if they renovate/expand. I work with excellent
architects and am happy to consult with you on this
at no cost, and help you weigh your options.
“You were like moving counselors. Your
team’s value is so much more than just
selling houses – people need to know that.”
— SANDY KIRSCHENBAUM, Short Hills Seller
and former Millburn teacher

8. 518 Milburn Avenue, Short Hills, NJ 07078
sueadler.com
info@sueadler.com
973.936.9129 sueadler.com
Why work with a team of specialists
instead of a generalist?
If you needed hand surgery, you’d most likely go to a specialist, not a
generalist, right? It is no different in real estate. It is very difficult for
a solo agent to do it all today, or at least to do it all well.
When you work with the Sue Adler Team, you are
paying the same price for a team of specialists.
Sue only works with Sellers and has sold more homes than any of her
local competitors last year. There are five talented Buyer Specialists
on the team who work with our buyer clients, previewing homes, and
making sure they are well prepared to be competitive in this market.
Unlike other agents who are generalists, Sue is 100% focused only on
her listings. Melissa, Sue’s Listing Success Manager, choreographs the
marketing and behind the scenes process. Peter is our Professional
Photographer, Vicky writes the copy for our beautiful brochures and
Scott, our Director of Operations, sees your online marketing strategy
to fruition and insures that all inquiries on your home are responded
to immediately and professionally. Dawn has a construction
background and is amazing at inspection negotiations and the
contract to close process.
Every team member is exceptional in their role, and I am proud to say
that we helped 155 clients in 2014 get to the closing table.
Read what Sue Adler Team clients say to understand why the Team
Approach is so effective: sueadler.com/testimonials/
Is your home worth more than you think?
Visit PriceMyNJHome.com or call 973.936.9129
for your complimentary moving consultation.
If your property is currently listed this is not intended as a solicitation.
Keller Williams Realty Premier Properites