During the month of November West Orange had eight more residential homes sell than in October, although they sold at lower sale prices, as you can see in the first chart below.

Of the 41 homes that sold in November, seven sold within $10,000 of the final asking price, six sold at final asking price and five sold over the final asking price. Sellers never decreased the original asking price on 23 of the 41 homes. Click here to see pictures and a list of the residential homes sold along with a comparison of the sales price to the assessment value.

The chart below along with the graphic show a snapshot of West Orange residential home pricing trends throughout this year. As you can see, West Orange has continued to hover in the mid to low $300,000 mark in median sales price all year.

West Orange 2011 Real Estate Sales

Single-Family Homes 

*SP/LP% = property sold XX% of list price. **A home sales were added after this month report was published. DOM = Days on Market for final listing period; MED = median; AVG = average.

In a town-by-town comparison against four other area suburban towns, West Orange leads in the amount of homes sold but trails behind in the average and median sale prices.

Town-by-Town Sales Comparison

November 2011

In a year-over-year comparison, November 2011 exceeded November 2010 in  the number of residential homes sold by nine but faltered again in the average and median sale prices. November 2010 reflected 32 residential home sales with an average sales price of $388,563 and a median sales price of $368,000, showing a $61,050 and a $88,000 decrease this year, respectively. Stay tuned to the real estate market activites by tracking which homes have recently accepted sales contracts.

Although history has shown West Orange residential homes that come on the market for sale in the summer sold for more, the eroding prices and impending political climate may signal January – March as a good time to place your home on the market for sale instead.

All of this data has been compiled using information from the Garden State Multiple Listing Service (GSMLS) as of December 9, 2011; if changes were made in GSMLS after December 9, 2011 it is 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.