Hi, this is Mark Slade from Keller Williams, and this is your West Orange 2023 real estate Recap. It was yet another incredibly strong year for the real estate market in West Orange. Let’s start by reviewing pricing and results. First and foremost, buyers paid, on average, 8% over asking, also known as the list price for properties that were put on the market to sell.
Translated into dollars and cents: West Orange homes sold for an average of $642,650, which is a 9.4% increase from 2022. The average list price also rose to $595,000. Another important measure is the length of time it takes to sell (not the closing day, but the Under Contract date), which we refer to Days On Market-DOM, which registered at 21.6 days, shaving almost 2 days of the length of time it took to sell a home in 2022.
Normally tracking unit sales is also a key statistic, however, in a market which has been starved of inventory to sell, this statistic represents a decline in units in 2023 as the number of units sold dropped almost 20% to 417. This is not reflective of the health of the real estate market because we all know that there are so few homes on the market compared to the past; rest assured that housing inventory is down substantially no matter what town you're looking in as people are just not putting their houses on the market like they used to.
Back to cheerier news and as we mentioned when we started this blog post, Sellers that did list their homes for sale and sold them were very happy to see that they sold them for 8% higher sale price as compared to their asking price, more than covering the cost of traditional real estate agency fees.
The Mark Slade Homes Team is proud to share that West Orange property owners we represented blew those numbers away: Sellers that listed their properties with us, achieved even more phenomenal results—coming in at 18 .9% over asking.
Let's talk about some additional statistics that I believe help to truly define the measures of market performance. By this, I mean measuring how properties sold versus the asking prices broken out into Over Asking, @ Asking and Under Asking.
So the most amazing news is that an incredible 82% of the homes sold in West Orange, closed for Over Asking price, which was a very healthy increase from the 77% figure exhibited in 2022. Further, properties that sold @ Asking fell from 11% in 2022 to 6% in 2023. Lastly, properties that sold for Under Asking saw the percentage fall to 11%, which is the lowest recorded share of units sold for less than their asking since 2021.
It’s also interesting to note that due to the growth of the West Orange real estate market over the past year, we are now seeing a substantial increase in properties selling for more than $1,000,000. In fact, there were 21 homes that sold for over a million dollar in 2023 and that's a 50% increase in units sold for over a million dollars in 2022.
How high is high? When it comes to registered closed prices, well I can I tell you the highest list price for a West Orange home was an astounding $2.2 million and it sold for its same asking price of $2.2 million. While the price was amazing, the fact that this property was sold as an exclusive likely prevented the seller from seeing how high it could have gone.
I mention this because the highest recorded result was a property that sold for 142% of its asking price and that's just crazy, in a good way.
What can I tell you is that real estate is an interesting business to be in if you are a Seller, a Buyer or an Agent.
Should you have any questions, I'd love to answer them, so fell free to text me or call me at 917 7975509.
If you are thinking about selling your West Orange home and would like to find out how our listing clients achieve such superior results, we can tell you that is is due to our newly minted Smart RE-sults listing system--which is both copyright and trademark pending--it works and you can potentially have the same types of results that our listing clients did.
This is Mark Slade and I thank you for reading and/or listening to the blog post about the 2023 West Orange Real Estate market. Have a great day and have a happy and healthy 2024.
Mark Slade
917-797-5059
Sladehomes@gmail.com
www.bedroomcommunitiesofnyc.co...
www.njluxhomes.com
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