From the Allison Ziefert Real Estate Group
This month I thought I would mix it up a bit and share an update on the market in neighboring West Orange. For buyers looking for an affordable suburb within a 30 minute drive to Manhattan, West Orange fits the bill. West Orange is a large town geographically and population wise. It has a very wide array of housing types, styles, price ranges and therefore it is hard to describe the town in a nutshell. From the estate section of Llewellyn Park, to 1950’s ranch homes, to small multi-families and newer luxury condo developments, the town really has something for every buyer. West Orange has a number of wonderful and unmatched amenities such as a beautiful new middle school, recently upgraded Turtle Back Zoo, new Safari Mini Golf Course, large indoor tennis facility, a convenient park and ride center, indoor ice arena, and proximity to a large county park (South Mountain Reservation) and several local country clubs.
Here is a copy of our latest market report for West Orange, a community in which we do a significant portion of our business:
Allison Ziefert Real Estate Group March 2021 West Orange Report
Because of its location, and combination of relative affordability and amenities, the West Orange market has been extremely competitive. Many buyers have been priced out of neighboring towns like Montclair and SOMA, so West Orange is the perfect alternative. And lots of SOMA families find West Orange’s condos and smaller homes to be a great location or a downsize.
The average sales price in West Orange has risen every year since 2012 to $464,000 YTD in 2021, a 9.52% increase over the same period last year. Houses are selling in about 30% less time than they did in the first quarter of 2020 at an average of 103.70% of list price. There is slightly over 1 month of inventory on the market meaning that the supply of available homes is extremely low. All of this has created a very favorable market for West Orange sellers. Still, the “competition” and price point in West Orange are slightly more forgiving for buyers than in nearby towns.
If buying or selling in West Orange is of interest to you, let’s discuss your plans and the current market further. Email me at allison@azhomesnj.com to arrange a time to talk.
The Allison Ziefert Real Estate Group is a top producing real estate team based at Compass in Short Hills, NJ. We are local market experts, specializing in real estate and homes in Maplewood, South Orange, Millburn/Short Hills, Montclair, West Orange, NJ and the surrounding towns. We are driven by earning great testimonials and referral business from happy clients. You can read our testimonials here.
