South Orange NJ Home Sales Year Over Year Comparison
Posted Nov 19, 2008 @ 6:20 pm, Viewed by 750 Visitors, Read 774 Times.This blog post will be a comparison of the first 11 months of 2007 as compaired to the first 11 months of 2008 home sales and prices for the South Orange NJ Real Estate market. There are some surprises in this information.
The last few month of 2008 have been horible for most any real estate market and the South Orange New Jersey market is no different.
Here are the actual numbers for the South Orange NJ Real Estate market.
| Total Sales Volume South Orange | 2007 | 2008 |
| 184 | 152 | |
| -17.4% |
| Average List Price Change South Orange | 2007 | 2008 |
| $670,140 | 590,673 | |
| -11.9% |
| Average Sold Price South Orange New Jersey | 2007 | 2008 |
| $652,463 | $572,313 | |
| -12.3% |
The South Orange NJ Real Estate market has not only seen a large reduction in home sales volume, but it has also seen a fairly large reduction in the average list price as well as the average sold price. Unlike in other markets, the average size of the homes sold during these two periods is about the same, at 4 bedrooms 2.1 baths.
One thing that we are seeing more of in the South Orange NJ Real Estate market is foreclosures in the lower priced areas of town. The lower priced area of South Orange, located near Union Township which has a very high foreclosure rate is also seeing its foreclosure rate move up as well. The South Orange NJ Foreclosure rate is not nearly as high as that of many other Northern New Jersey towns though.
James Boyer
South Orange NJ REALTOR
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct
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James Boyer, is a resident of Morris Township in Morris County New Jersey and Specializes in listing and selling homes in Morristown, Morris Township, Madison, Florham Park, Chatham, Summit, Short Hills, Millburn, Maplewood, & South Orange New Jersey and Morris Essex & Union County Real Estate. Read More
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S.Orange sales are not much different than bergen county towns. I been studing closely the relationships of different areas of the Country. The areas which declined the most are now picking up in sales. Such as Las Vagas, Nevada.