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2014 Home Sale Statistics

SOUTH ORANGE 2014 HOUSING OVERVIEWIn 2014 South Orange homes took an average of 50 days to sell compared to the Mid-Town Direct train line townaverage of 46. 255 homes sold in South Orange, with an average sales price of $561,330. The list to sale price ratio was 99% and is in line with the rest of the surrounding markets showing an overall sellers market. 2014 was a great year for the South Orange real estate market, with many homes selling throughout all price brackets.While the high-end market lagged behind the rest, we saw many buyers with interest in well priced and showready homes. We expect to see this trend continue in 2015, keeping in mind that homes priced right in greatlocations, and prepared for sale, typically sell rather quickly.

in order to provide the most accurate statistics for the segments below, we have compiled the data for each property soldgoing back to listing date of 1/1/2013. This allows us to identify the actual original list price and true days on market whichdiffers from the market overview because the mls does not account for relisted properties. The following are our results:

UNDER $450,000TransacTions: 93  average cumulaTive Days on markeT: 67original lisT To sale Price: 92.1%The under $450,000 market in South Orange represented 36% of all homes sold in2014. Compared to the rest of the South Orange market, this market is slightly slowerthan normal with the lowest list to sale price of any market segment in South Orange.One reason for this is the fact that several of the transactions in this price range are forcondos and townhomes. The condo and townhome market has not seen as large of a

bounce back as the single family home. Looking at these statistics, one could conclude that this price bracket is more of abuyers market. We would suggest however, that the statistics are skewed due to the high volume of condos and townhomes inthis price range, which take longer to sell than single family homes in the same range. The statistics for this market segment arein line with other neighboring towns, and we plan to see this trend continue in 2015.

$450,000 TO $650,000TransacTions: 78  average cumulaTive Days on markeT: 56original lisT To sale Price: 96.3%The $450,000 to $650,000 market represented about 30% of the South Orangemarket in 2014. This market segment was the second best performing in South Orangethis year. With the second lowest days on market and second highest list to sale priceratio, it is clear to see that this is one of the sweet spots for South Orange real estate.This does not come as a surprise, as most of the South Orange buyers we worked within 2014 were looking for a home in this price range.

$650,000 TO $850,000TransacTions: 52  average cumulaTive Days on markeT: 50original lisT To sale Price: 97.6%The $650,000 to $850,000 represented 20% of the South Orange market in 2014. This market has the best list to sale price ratio, which is a sign of a stronger sellersmarket. Buyers in the price range paid very close to list price when they found a home that they liked, as inventory has been low in this price range. The homes thatwere recently updated sold more quickly with a higher list to sale price ratio than thehomes that needed updates, which sat on the market longer.

$850,000 & UPTransacTions: 32  average cumulaTive Days on markeT: 95original lisT To sale Price: 93.6%The $850,000 and up market represented 12% of the total South Orange market. This upper bracket price range shows similar stats to other neighboring towns. Thehigh-end market in 2014 was very seasonal – school year driven. Most sales closed byAugust. Overall it was a slow moving price range with an average day on market of 95,and many of the homes were listed more than once before selling and often with aprice reduction. On a positive note, if you take the full year into account, the overallaverage list to sale price ratio was strong when compared to other communities,balancing out the slower months.

Sue Adler 2014 Summary South Orange 2/27/15 3:04 PM Page 1