The 2015 Real Estate Market

5f9f77ced5769ee9a5f9_2012-09-16_17.15.15.jpg
Dennis Byun Credits: Dennis Byun
5f9f77ced5769ee9a5f9_2012-09-16_17.15.15.jpg

Dear Friends:

I would like to start by wishing everyone a Happy New Year! 

As we close the door on 2014, many of us have started to think about the housing market for 2015. I am often asked questions about the real estate market in West Orange like, “How is the West Orange market? Is it getting better?  Are prices going up? Is this a good time to buy or sell?”

Sign Up for E-News

I am excited to answer these questions and to share some information about the West Orange real estate market in this column.

First, here is some market data that I have obtained through JB Advantage, which is our Exclusive In-House Real Estate Analytics Program. If our data from the past 12 months is any indication, West Orange should expect to continue a steady increase in sales price. Overall, the average sales price for the Township increased three percent in the last 12 months.  Specifically, Hazel and St Cloud Elementary School areas experienced the greatest rise in average sales price; 13 percent and 10 percent, respectively.

Furthermore, on average sales prices for listings in Hazel Elementary School area were at 100 percent of the original list price, with 22 percent selling within the first 30 days. Of those homes selling within the first 30 days, 31 percent sold over list price.

The St Cloud Elementary School district also experienced similar success. The average sales price in St Cloud, at $402,000, is one of the highest in West Orange.  17 percent of the homes were sold within the first 30 days, of which 22 percent sold over list price.

Over the last 12 months, certain neighborhoods have also seen great increases in average sales price. Vizcaya has had the highest average sales price in West Orange at $1,121,000.This is an increase of 26 percent.  The average days-to-sale in The Grande is 22 days, which is the lowest in West Orange. The average sales price in this development is $755,000—an increase of 25 percent.

As our data indicates, this is a terrific time to sell. One big reason to sell now is that there still is a strong demand. During this time of the year, the inventory is tight and is unable to satisfy the number of buyers in the market. This means that there is less competition for homeowners selling today, as opposed to next spring when many homeowners will decide to put their homes on the market.

If you’re considering moving up to a larger, more expensive home, there will never be a better time. With interest rates in the low four’s right now, it will cost you more in raw dollars (both in down payment and mortgage payment), if you decide to wait. Interest rates are projected to go over five percent by this time next year.

If you are interested in discussing this information further for West Orange or any other town, I would be happy to meet with you.  Please call or text me at 973-583-1926 or email me at dbyun@jordanbaris.com to schedule an appointment. 

I look forward to hearing from you.

Dennis Byun,
Realtor Associate,
Jordan Baris, Inc. Realtors
50 Mt. Pleasant Avenue
West Orange, NJ 07052
(973) 583-1926 Cell
(973) 736-1600 Phone
 

In this column you will find information about real estate presented in an interesting and fun manner. Jordan Baris, Inc. Realtors is known for it's environment where every member of the team is provided the tools, technology and support to offer clients an outstanding experience.

Jordan Baris Associates are well-educated, professional, service-oriented and caring. The company offers high quality real estate brokerage services to sellers and buyers of residential, commercial and investment properties throughout Northern New Jersey.

As members of the Leading Real Estate Companies of the World, Jordan Baris, Inc. can provide relocation services to those who are buying and selling real estate globally. Click here to visit jordabaris.com and view thousands of Northern NJ homes for sale and lease.

The opinions expressed herein are the writer's alone, and do not reflect the opinions of TAPinto.net or anyone who works for TAPinto.net. TAPinto.net is not responsible for the accuracy of any of the information supplied by the writer.

TAP Into Another Town's News:

You May Also Be Interested In

Sign Up for E-News

Livingston

James Caldwell High School Locks Down Following Threatening Message

February 24, 2018

WEST CALDWELL, NJ — Police confirmed that James Caldwell High School was under lockdown on Saturday afternoon during an all-day “Music Marathon” event after concern was raised about a threatening post. The West Caldwell Police Department is currently handling the investigation.

"West Caldwell Police was notified of a potential threat at the high school," said ...

How Do I Decide Which College to Attend?

Now that college acceptances are rolling in, how do I decide which to attend?

Your hard work in high school has paid off. You took your SAT/ACT exams, got the best grades you could, and filled out as many applications as you needed to. Acceptance letters are starting to come in and you need to make a decision on where you will go in the fall. It's hard to decide!! Here are some tips and ...

Shouts of Racial Slurs During "Black Panther" Bring Police to Sparta Theatre

February 21, 2018

SPARTA, NJ – Sparta police were called to the New Vision Sparta Theater on Sunday night because of a woman shouting slurs in a screening of Black Panther.

Former New Jersey Assembly candidate Michael Grace was in the theater when two people started yelling racial slurs including “look at these ‘n-word’” and “can you believe these ...

Upcoming Events

Carousel_image_198d9d8e60fbe2b63cf4_be01635f448f7ee17d10_flyred_photo1

Sun, February 25, 1:00 PM

CycleBar, Livingston

Cycle Red for Heart Disease to Benefit Heart ...

Giving Back

Mon, February 26, 1:30 PM

Livingston Public Library, Livingston

Monday at the Movies: WILD OATS

Arts & Entertainment

Carousel_image_b02004887cc8ae4fc9e6_35608_125981954105061_273496_n-1

Mon, February 26, 2:00 PM

Burnet Hill Elementary School, Livingston

Livingston Public Schools Presents: PRIDE Open ...

Education

NJ Acting Health Commissioner Cites Inglemoor as Example of Best Practices in Flu Prevention

February 22, 2018

LIVINGSTON, NJ — With one of the worst flu seasons in recent history taking a daily toll across the nation, New Jersey Acting Health Commissioner Dr. Shereef Elnahal visited Inglemoor Rehabilitation and Care Center this week to meet residents and praise clinical staff for their success at keeping the flu at bay.

"There are best practices that Inglemoor has already implemented ...

Let the Games Begin

I am truly awed by the Olympics.  Watching these superb young athletes on TV inspires me to renew my membership to the gym and pursue my lifelong dream of taking home the gold.  

 

The problem is that in my deluded head, I can see actually see myself standing atop the podium.  I am wrapped in a puffy designer ski coat with a huge piece of bling slung around my neck ...