Hi, this is Mark Slade from Keller Williams and this is your West Orange 2024 real estate recap. It was another amazing year in West Orange and the statistics are just staggeringly positive, to say the least. So, where do I start, well I view one of the most important measures of market performance is what buyers are paying in terms of the final sale price versus the list price and, in this particular case in 2024, that registered at a very healthy 9.1% over asking; that's a pretty substantial premium, although, if you listed your West Orange property with us, you would be even happier as our statistics have us at 18.9% over asking for our recent listings.
I’m sure we can all agree that 2024 was a very impressive year for the local market in West Orange. We saw the average sale price increase from $642,000 to a whopping $683,000, which translates into a 6.3% increase. The average list price also rose, albeit at little bit less from $595,000 to $625,000.
The one unfortunate trend, which is fairly typical of the neighboring towns in the area, is that unit sales continue to be less than where we had been in prior years. We actually witnessed a further decline in unit sales we saw a drop of 8.4% to only 382 units and if you look down at the chart you'll see that in 2022 we had sold 511 units so that's a pretty substantial drop off and that's what's making for a very strong market for sellers because limited inventory in contrast to the many buyers looking to buy homes in West Orange, are out there in droves. The market is so favoring Sellers, that it's almost like a layup in a basketball game with achieving great results. Accordingly, we highly recommend you request a listing consultation from us, so you know what steps to take to maximize the sale price for your property, something The Mark Slade Homes Team excels at providing their Sellers.
I also like to track highest list and sale prices—for properties that actually sold--and we saw a substantial increase in the highest list price by a dramatic amount of $1million dollars to $3,200,000 from the prior year’s $2,200,000 . I do want to clarify that if we included properties that didn’t sell, there was an even higher list price that was over $5 Million; but, that it didn't sell is why I left it out of the analysis.
The highest sold price also increased significantly from $2.2 million in 2023 to $2.85 million in 2024 and the highest percent paid over asking on individual property was 153% of its listing price and that's an increase over the previous year where it was 142%. In contrast, the worst recorded sale price versus asking price came in at 86% of asking price.
Futher, I like to break out some of the stats into the trends in terms of percentages sold for over asking, percentages for properties sold at asking price; and, lastly, those properties that sold at a percentage below their asking price. I've been tracking this since 2022 and, as you can see, the stats for 2024 are pretty similar to what they were in 2022 with 76.2% of the listings selling for more than asking. Another 9.4% of the listings sold at asking while listings that sold for less than asking that rose a little bit to 14.4%. I attribute this trend to the fact that we've seen a lot of higher end properties go on the market in West Orange and, as a result of that, when you compare the higher list price to the average you can see where these “outliers” don't tend to sell anywhere near as quickly.
On the other hand, I was happy to see that there were 34 homes that sold for over $1 million dollars. That was definitely an increase versus 2023 and that's a pretty significant number of expensive homes selling in West Orange.
In conclusion, as you can now see, it was a great year for real estate for sellers in West Orange in 2024. If you have any questions, please feel free to reach out to me via call or text at 917-797-5059. And please understand that I also track and create what I call Market snaps on a weekly basis; if you would like to keep track of the West Orange market performance on a weekly basis just text me again to the same number to let me know and we'll put you on our distribution list.
Once again this is Mark Slade from Keller Williams and thank you very much for listening or reading this post. I hope you found this informative and we wish you a great day and 2025.
Mark Slade Keller Williams 917.797.5059 Good Homes Selling a West Orange/Maplewood/South Orange area home involves many steps and having an experienced West Orange New Jersey Real Estate Agent and Realtor®, specializing in the Bedroom Communities of New York City in Essex/Union County— West Orange, South Orange, Maplewood, Montclair, Millburn, Short Hills, Livingston, 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 West 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 the best 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, it’s benefits 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 West Orange/Maplewood/South 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, Trulia Premier agent and Home.com PRO, 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
No comments:
Post a Comment