Health & Fitness
Is it Half-Time in West Orange Real Estate? January Sales Double Nearby Towns
West Orange began 2012 posting big quantity sales numbers compared to nearby towns. What about everything else?
"Confidence is the cheapest form of stimulus," Larry Summers, former treasury secretary and currently a Harvard University Professor comments on the latest jobs report.
In the past 3 weeks my real estate partner Bob Meaux and I have heard or experienced short sales getting offers quicker and multiple offers coming in on homes for sale in Montclair, Maplewood, South Orange, Short Hills and West Orange. It wasn't unusual for us to hear about multiple offers over asking price a few months ago in Short Hills, but to see it spread repeatedly across other towns and price ranges is good news. This isn't one or two offers on a home coming in under asking price. These are 3 or 4 offers presumably exceeding the asking price; and, in the case of one home, almost a dozen offers.
Find out what's happening in West Orangefor free with the latest updates from Patch.
Well, as Clint Eastwood recently said in a Super Bowl commercial, "it's half-time America and our second half is about to begin." Why? It's all in the mind. On February 3, The New York Times article Job Gains Reflect Hope a Recovery Is Blooming, noted the unemployment rate and the number of jobless fell in January to the lowest levels since early 2009. The Wall Street Journal January 28 article US Economy Picks Up Steam stated the U.S. economy grew at its fastest pace in 18 months. Some can argue the numbers, citing the many who just stopped looking or seasonal employment, or are we selling and growing fast enough or the right way. What one can't argue is the mood in the air; the fact that the words "growing" and "selling" weren't even bantered about much in the recent past. The newly minted agreement between the banks and government doesn't hurt either.
It began with the success of last year's Black Friday, that led to Cyber Monday and continued with . We have seen a difference lately where home buyers are finally grabbing hold of the low home prices and the even lower interest rates and actually jumping off the fence into making an offer. Homes priced right are making the best of it right now.
Find out what's happening in West Orangefor free with the latest updates from Patch.
We've met investors who have gotten back into the game, too, buying homes in the area with the thought of flipping to make a profit. They are catering to all those home buyers who want a move-in ready home without any headaches, and who can blame them.
This doesn't mean a homeowner can price her home unrealistically. It does mean, this could be a good time for you to sell right now.
Selling is happening, too, with West Orange continuing to post big quantity sales numbers compared to nearby towns. Hopefully this year, the prices will also build some with the momentum in the air. The prices did not come in as strong last month compared to January 2011 when 24 residential homes sold. The January 2012 median sales price was $286,250 while the average sales price was $344,374 vs $363,250 and $399,521 respectively in January 2011. The slide is not as bad when you compare the January 2012 numbers with that came in with a $320,000 median sales price and a $367,732 average sales price.
Click here to see the pictures of the West Orange homes sold in January 2012 along with the list of prices and details.
The chart below shows how these sales compared to other area towns.
Town-by-Town Sales Comparison
January 2012
TOWN
TOTAL SOLD
$344,374
$286,250
93.7%
As of February 8, there were 80 West Orange residential homes under contract that will hopefully be sold, along with 316 West Orange homes on the market for sale. Referring back to Larry Summer's quote, let the confidence continue and the home selling race forward because (using the sentiment from Clint Eastwood) West Orange can pull together and make a comeback in the second half.
All of this data, except the last paragraph, has been compiled using information from the Garden State Multiple Listing Service (GSMLS) as of February 3, 2012; if changes were made in GSMLS after Februar 3, 2012 they are not reflected here. The MLS is used by Real Estate agents selling properties in Essex County and other areas. This data does not include private sales or new construction not listed through a Real Estate agent and is deemed reliable but not guaranteed. Towne Realty Group, LLC. Independently Owned and Operated. Beverly and Robert Meaux, Salespersons, Towne Realty Group.
