Comparison of South Orange NJ Home Sales
Wednesday, November 4th, 2009There seems to be quite a lot of opinion out there about the South Orange NJ Real Estate market. Much of it does not seem to be based on facts though, but rather guesses and opinion bases on the length of time they have seen the same home for sale signs on their street.
When it comes to the 2009 Home Sales Numbers For South Orange New Jersey the average and median prices are holding up just fine. The concerning thing is the large drop in the number of homes sold. In looking at the situation, it is not hard to come to the conclusion that there are a fair number of would be home sellers in South Orange who are holding out, hoping for better prices in the next year or two. Will they see better prices in a year or two? That is anyone’s guess, but the likeliehood is that if we do see better prices in the next few years, the gain will only be marginal at best. Possibly 2% or 3% against the equally likely chance that we will see prices 2% to 8% lower by then we are today.
I did see something positive in the South Orange Real Estate market yesterday. A home which I know is a real estate flip. They purchased it for 260K spent what looks to be about 100K on repairs and upgrades and put it back on the market for 515K. As of a few days ago, I noticed this property is under contract. I will report on this South Orange Home Flip once this home closes.
South Orange NJ Home Sales Numbers
First 10 months of 2009 vs first 10 months of 2008
2009 = 115 home sales
2008 = 152 home sales
A reduction of 25%
2009 = $543,527 average home sale price
2008 = $572,513 average home sale price
A reduction of 5.1%
2009 = $499,000 median home sale price
2008 = $522,500 median home sale price
A reduction of 4.5%
As you can see, prices are holding up really well in South Orange, but the number of home sales is way off from last year which was a down year as well.
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James Boyer
Essex County NJ Realtor
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