A Bit of Spring in South Orange Home Sales?

Business Week has a story out saying there are signs of life emerging in the housing sector, citing a surge in sales last month in places like Florida and California that have been particularly hard hit by the housing collapse.

So how is South Orange doing?

Perri Feldman, a broker with Keller Williams, sent us the latest on March single-family home sales, taken from the Garden State MLS:

264 Tichenor Ave.; Colonial;  7 rooms; 4 bedrooms; $310,000
491 W. South Orange Ave.; Colonial; 9 rooms; 3 bedrooms; $449,000
360 Cumberland Road; Colonial; 7 rooms; 4 bedrooms; $485,000
300 N. Ridgewood Road; Colonial; 10 rooms; 5 bedrooms; $490,000
86 Jessica Way; Colonial; 8 rooms; 3 bedrooms; $490,000
155 Glenview Road; Contemporary, Custom Home; 8 rooms; 3 bedrooms; $551,500
432 Hillside Place Colonial; 10 rooms; 5 bedrooms; $695,000
390 Charlton Ave.; Colonial; 17 rooms; 7 bedrooms; $750,000
701 Longview Road; Contemporary; 8 rooms; 3 bedrooms; $910,000

Feldman points out that South Orange's location, with easy access to Manhattan, Hoboken and Jersey City via Midtown Direct, has helped keep a bottom under prices.

She notes that there are more homes on the market now versus last year (122 in 2009 compared to 109 in 2008) and half the number homes under contract in the first three months of the year (29 compared to 58). But Feldman says many open houses were crowded this past weekend, not just in South Orange but elsewhere in the area. 

Feldman credits the beautiful weather, buyers' realization that home prices and mortgage rates have historically never been this low, and the new $8,000 first-time homebuyer credit.

"We have seen homes with multiple bids and over-asking, agreed-upon sales prices these past few weeks," she said.

For some more historical perspective, the average list price in South Orange in the first quarter of 2008 was $564,359; in 2009, it was $549,363. The average sale price in 2008 was $547,562; in 2009, it was $528,707.