Happy Almost Spring. Recently, a fellow realtor from a local branch office of a large real estate chain asked me when my next real estate report is coming out. He confessed that he looks forward to reading my report and does not have the kind of data I provide available elsewhere and finds the market data extremely valuable and interesting. So...here it is:
So without further delay, welcome to the March 2017 JB West Orange Real Estate Report. Real estate prices have remained steady throughout the winter. With the mild winter weather (even with the recent storm), buyers started looking early this spring. Many properties have gone under contract quickly. The following data and analysis is from our Exclusive JB Advantage Analytics. This is Jordan Baris, Inc’s Exclusive In-House Real Estate Analytic Tool available for our Team, Clients and Friends:
● Overall, in the past 12 months, real estate activity in the Mt Pleasant School District has been very strong. The average sales price has increase by 12% which is the highest of all the school districts in West Orange. Homes go quickly in the Mt Pleasant School District with an average days on the market of 71 days from listing to contract.
● The average sales price in the Gregory School District has increased by 7% to $398,000. In addition, the average list price to sales price ratio is 96% meaning homes in Gregory are selling within 4% of list price. This speaks to strong buyer demand. In fact, 28% of the homes in the Gregory school District have sold in 30 days or less and of those that sold fast...48% went for over list price. This means we are seeing bidding wars.
● The Woodlands, is a large condominium development by Pleasantdale that has had great recent success. In the past 12 months, 62% of townhomes listed have sold or are pending. They sell fast as the average time to contract is only 40 days. The average sales price in The Woodlands is $393,000.
● The Upper Gregory Neighborhood has very impressive numbers. In the past 12 months, the average sales price is $455,000 which is a 13% increase. The Upper Gregory’s average list price to sales price ratio is 97%. Almost no negotiating on price!!! Furthermore, over a quarter of the Upper Gregory homes that sell are sold in 30 days or less.
Please let me know what School District, Neighborhood or Development you are interested in and I will provide you a custom report for West Orange or elsewhere in Northern New Jersey.
Jordan Baris, inc. Realtors -
Established in 1952, Jordan Baris Inc. Realtors is one of the oldest and most respected full-service real estate brokerages in New Jersey. The firm operates offices in West Orange, South
Orange and Livingston, and provides real estate brokerage services to buyers and sellers of residential
and commercial properties, tenants and landlords as well as developers. A member of
Leading Real Estate Companies of the World, the firm provides national relocation
services. Jordan Baris Inc. is renowned for both superior customer service and leading-
edge technology. Visit the firm’s Web site at www.jordanbaris.com.
Dennis Byun is a West Orange home owner and is enjoying raising his family in the town. Interested in the community, Dennis is active as a volunteer. If you are interested in discussing the analytics discussed or if you want to determine the accurate market value of your property and are considering selling, Dennis will craft a complete market analysis and strategic marketing proposal. Dennis is easily reached by phone or text at 973-583-1926 or via email at firstname.lastname@example.org.