It’s been a long fight back, but the six-year market trends for South Orange reveal that values are just about back to where they were in 2008 and the amount of inventory is significantly less than is was at that time.
This is huge news because house values declined all the way through 2012 and have increased year over year for the past 2 years. The highest values were in 2006 and hopefully values will continue to rise over the next several years.
The other metric which is a great predictor of future home values in South Orange is inventory. The longer homes stay on the market, the more inventory increases, which in turn drives down sale prices. The trends through 2014 reveal that inventory is actually lower than it was in 2008, and just about even with levels in 2006 (when the market was at its highest point in the last 8 years).
Summary of South Orange Trends and Predictions
With inventory the lowest it has been since 2006 and values still not back to where they were in 2006, prices should continue to rise over the next year or more (not a guarantee). However, one caveat is that sellers need to continue to price their homes conservatively or they will have the potential to sit on the market, increase inventory and drive down sale prices. So far, by pricing houses conservatively buyer demand has driven the prices up organically. This is ideal.
Data and analysis provided by Amy Harris of Amy Harris Real Estate | Keller Williams Premier Properties. For more information on South Orange / Maplewood real estate trends visit Amy’s blog here: https://www.amyharrisonline.com/blog or email her at amy@amyharrisrealestate.com.
