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?”
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 email@example.com to schedule an appointment.
I look forward to hearing from you.