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

Free Flavors Soft Serve Ice Cream (Jr. Cup or Cone) With Coupon

May 23, 2018

Fairfield, NJ - Flavors Homemade Ice Cream is offering a FREE soft serve ice cream (jr. cup or cone) when you spend $10 or more with coupon.

Flavors Homemade Is located at 653 Rt 46 West (1.98 mi) in Fairfield, New Jersey 07004 next to Jose Tejas.

*Homemade Ice Cream

*Italian Ice

*Gelato 

*Fresh waffles 

*ice ...

Evolve Cycle And Fitness Presale Happening Now!

CALDWELL, NJ - Evolve Cycle and Fitness is now offering 10 classes for only $90. That’s only $9 a class when you purchase before its official Grand Opening on Friday, June 1, 2018. 

Only two weeks left to take advantage of this limited time offer! Call Martha at 973-979-5919 or click here to sign up.

Evolve Cycle and Fitness is a Premier Fitness Boutique ...

Upcoming Events

Carousel_image_28c899d8572458eda4f7_mini_magick20180422-110109-8dtxfl

Tue, May 29

Essex County

Primary – Vote by Mail deadline

Carousel_image_28c899d8572458eda4f7_mini_magick20180422-110109-8dtxfl

Tue, June 5

Essex County

PRIMARY ELECTION

Government

Carousel_image_a95462779786ad34c46c_swain_nicole_02_med

Wed, June 6, 7:00 PM

Livingston Public Library, Livingston

Mindfulness Approach to Stress

Health & Wellness

Montclair HS Student Reported Sexual Assault in All-Gender Bathroom, Officials Say

May 17, 2018

MONTCLAIR, NJ - According to published reports on Wednesday, Montclair Police officials are investigating allegations of sexual assault reported to have occurred in a bathroom at Montclair High School.

Montclair police officials state that officers received a report about an incident at the high school of a sexual nature that occurred around 3:18 p.m. on Monday. The ...

Still Time to Register for Livingston's Fall Intown Soccer

May 14, 2018

LIVINGSTON, NJ — Although a late fee may be applied as of May 13, registration is still open for the Fall 2018 Intown Soccer season in Livingston, including the high school co-ed program.

Livingston Soccer Club's (LSC) Intown program is all about sportsmanship, making friends, getting some exercise and learning a bit about soccer along the way. LSC provides the following ...

10-Year-Old Cancer Patient Receives Donation from Randolph Hockey Family

May 21, 2018

RANDOLPH, NJ — While the inter-town hockey battles on the ice between Randolph and Roxbury are fierce at every age level, when it comes to real-life battles off the ice, there is no hesitation to offer help to their neighbor.

Such is the case with a recent gesture of unity and support from the members of the Randolph varsity hockey team, when they came together to ...

A Royal Pain

I went to a big wedding over the weekend.  It was in England.

I like to think I was invited, but according to the Royal Guards and the Thames Valley Police I was not.  But more about that later.

You see, not too long ago I received an evite addressed to me from H&M@royalwedbot.co.uk.  Curiously, it was in my spam folder with a warning message. For an evite it was pretty ...