Hi, this is Mark Slade with Keller Williams Mid-Town Direct, servicing SOMA for all your real estate needs and one of the area's top performing real estate teams. In 2023 South Orange experienced yet another great year for Real Estate with sellers experiencing results of 8.8% over their asking prices on average, the most important measure of the market. More specifically, the average list price actually rose 10% to $889,000 the average sale price Rose to $967,000 that was almost 7% more than 2022. At the same time, South Orange township recorded 145 closed units, which represents a drop of 10% over the year before. Not to worry, the drop in unit sales is consistent with what we're seeing in the overall area as well; there are consistently fewer and fewer homes on the market to sell and as a result of that the number of sales continues to drop. This drop-off in unit sales started back in 2021 with a very modest drop, then accelerated dramatically in 2022 with a 43% drop off in units and then, as we just learned, in 2023 we're seeing a 10% drop from 2022.
Some of the more important statistics I use to best evaluate how the market is working is to see how the performance breaks out in terms of the percentage of homes that's sold for Over Asking, also the percentage of homes that sold for their asking price and lastly, the number of properties that sold for less than their asking prices. In 2023 we can see that properties that sold for Under Asking decreased slightly to 11% of the total unit sold. At the same time, South Orange did experience an increase to 13% of the homes that sold in 2023; when you combine the asking plus the below asking closed transaction, they add up to 24% of the units. However, this leaves a robust 76% of the homes selling for more than asking, more simply put, that means ¾’s of the property sold for over asking which is an incredible statistic.
I’m always curious as the highest prices paid, the highest list price and the highest and worst percentages versus asking. With that in mind, there was a tie with two listings having the highest list price at $1,799,000 and both of these properties selling for the highest recorded sale price of $1,8000,000. Those are some very hefty numbers; but, the actual highest percentage paid over asking was an astounding 46% over asking while the lowest percentage paid versus asking was 91%.
Furthermore, I found it ironic that while total unit sales were down, South Orange actually posted the same number of homes sold for $1 million and above at 56 units in 2023, the same as recorded in 2022. Because of the total unit drop, these equated into a percentage that increased from 35 to 39%.
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As I trust you will agree, the overall real estate performance in 2023 was phenomenal in South Orange. More importantly, we expect this trend to carry over into 2023.
If you are interested in selling your South Orange property, I want you to know that The Mark Slade Homes Team at Keller Williams continues to outpace the township’s total average results by a wide margin. Ou team sold our listing clients’ properties for 17.2% over asking, which compares quite favorably--just under twice--the township average of the 8.8%. We attribute the success our Sellers are having as a result of our marketing and our system for getting you SOLD. This has led to us newly “minting” our listing system—Smart RE-sults©™--which is both Copyright and Trademark pending.
If you are someone you know is looking or considering selling their South Orange home, I’d love to meet with them to see how I can best help them accomplish their 2024 real estate goals.
If you have any questions, we would love to hear from you. You can call me or text me at 917-797-5059. Once again, this is Mark Slade from Keller Williams Midtown Direct, head of the Mark Slade Homes Team which ranks in the Top 1% of area Realtors. Thank you for taking the time to listen to this post.
Mark Slade Keller Williams 917.797.5059 Good Homes Selling a Maplewood/South Orange/West Orange area home involves many steps and having an experienced Maplewood New Jersey Real Estate Agent and Realtor®, specializing in the Bedroom Communities of New York City in Essex/Union County— Millburn, Short Hills, Montclair, West Orange, South Orange, Livingston, Maplewood, Springfield, Summit, Madison, Chatham, Scotch Plains, Fanwood, Cranford and Westfield--by your side will make the transaction run a lot smoother. I would love to be your Maplewood/South Orange New Jersey Area Real Estate Professional! I assist both buyers and sellers in the Bedroom Communities of New York City, mostly served by NJ Transit’s Mid-Town Direct Train Lines, offering commutes of 45minute or less to NY Penn Station, with either the purchase and or sale of residential real estate.
As an Accredited Buyer’s Agent (ABR), I have received special training to guide and educate you through the entire home buying process. From start to finish, I listen to your needs and desires in what you would like and take the information you give me to find you home. My GO-TO team can provide you the best in Real Estate advice with regard to attorney choices, Home Inspectors and Mortgage Loan Officers
I am also a Luxury specialist (CLHMS), I have received special training to guide and educate you through the entire home buying and selling process. Not only does this extra training help me better understand this upper echelon in real estate, its benefit include a special luxury website: www.njluxhomes.com and a corresponding worldwide luxury network that helps to put luxury buyers and sellers together.
As your Maplewood/South Orange/ West Orange New Jersey listing agent I am well versed on as your local expert in all things in the West Orange, Maplewood and South Orange area Real Estate Market. You can expect personalized service that includes a detailed consultation on how to best position your Mid-Town Direct home to be competitive in today’s market with training to provide my clients with an in-depth Advanced Comparative Market analysis, and advice on staging. As my office’s technology officer as well as both a Zillow Platinum Premier and Trulia Premier agent, I use the latest and most up-to-date marketing methods to get your home in front of as many buyers as possible. Being your New Jersey Real Estate Agent and Realtor ® not only involves just finding the home or selling the home, but being your guide, negotiator, advisor and advocate and making sure that your needs and goals are met. Being your New Jersey Essex/Union County area Realtor® (with a little bit of Morris County thrown in for good measure) is one of my truest passions, and “Helping You Find Your Dream Home” is my number one priority. Don’t forget These Helpful Sites:
www.bedroomcommunitiesofnyc.com
www.goodhomesforgoodpeople.com
HOME.COMMUNITY.GIVING.GRATITUDE.
A Brief History of South Orange
South Orange is a quaint residential community boasting authentic Tudor,
Colonial, and Victorian homes, streets dotted with gaslights, beautiful parks,
and a bustling Village center.
The history of our town dates back to May 21, 1666, when Connecticut settlers
landed on the shores of the Passaic River. Guided by Captain Robert Treat and
Lieutenant Samuel Swaine, the group purchased land, now known as Newark, from
the Lenni Lenape Indians on July 11, 1666.
Those families wishing to farm moved westward into South Orange and surrounding
areas. In 1678, the Lenapes sold the settlers a second parcel of land running
from the East Branch of the Rahway River to the mountain top.
South Orange Avenue, an Indian trail, served as the main thoroughfare. But in 1705, road statutes required landowners to maintain the first primitive highways. These included Main Street and Valley and Ridgewood roads. Washington and his troops often traversed the latter during the American Revolution.
The mode of transportation graduated from horseback, to ox-cart, to stage coach. Then in 1836, the Morris and Essex Railroad developed a single track between the Village and Orange and operated a horse-drawn cart. A year later the line was extended and two cars were pulled by a wood-burning steam locomotive. The advent of the railroad established South Orange as a suburb of Newark and a summer resort. Just after the railroad was continued through to Hoboken in 1868, the Village began its rapid transformation from a rude settlement of farms and mills to a polished residential railroad suburb of New York and Newark.
Swamps were drained, roads were constructed and gas lines were laid in the 1890s. Sewers and running water were later added. Street lamps in the town's center burned sperm oil until 1860 when gas service became available. Electric power was brought into the Village about 1888, although most of the streets are still lit by gas lamps. The first telephone exchange was opened in Orange on December 6, 1879. In 1899, a Village central office was established.
The transition of South Orange from vast farm lands to a prestigious residential community is due in large part to the vision of one man, New York attorney John Gorham Vose. Taken with the rich mountain scenery, he purchased a home on Scotland Road in 1858. In 1862, he began to buy large plots of land to begin his conversion. As building got underway, Villagers took great interest in the development of each magnificent home. In just a few years, 175 acres between Scotland Road and Center Street were complete. Vose christened the area Montrose. Other successful businessmen, Turrell, Kingman, Connett, Mead, Speir, and Mayhew, also bought farms, carved out streets, and helped change the face of the community.
The Village Hall, built in 1894, housed the fire department until 1930 when it was moved to Sloan and First Streets. The police department then moved from its 1872 building just west of the railroad into the newly vacated space in Village Hall. In March, 1972, a separate police station and Municipal Court building on South Orange Avenue was completed.
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