Market Conditions in 07052>Question Details

diane minniti, Real Estate Pro in 07052

what percentage how the real estate market declined in the past 12 and 6 mos?

Asked by diane minniti, 07052 Sat Feb 4, 2012

in west orange

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3
Hi Benny

My office maintains monthly absorption reports for West Orange (and all local towns) which go back to last year so you can compare.......the reports track the number of homes currently on the market (we break it down, and separate out condos from single family homes)...average days on market, and how many homes went under contract in each month. They provide an excellent overview of the market in W. Orange.

I'd be happy to send you the reports.............you can also visit my company site http:// http://(www.PrudentialNewJersey.com) and find similar reports for West Orange (and other towns).

There will be a difference between single family homes and condos......so make sure you check whichever one is important to you.

Best wishes!
1 vote Thank Flag Link Sat Feb 4, 2012
It has declines about 1% a month, give or take a little bit depending on the specific areas.
Web Reference: http://www.sjrates.com
0 votes Thank Flag Link Sun Feb 5, 2012
We track the market a lot on our website. I'm answering off the top of my head from my phone. For West Orange I believe its a 6% drop from 2009 to 2011 and a 4.5% drop from 2010 to 2011 due to the home buyer tax credit. Answer to 6 months is on our site but I don't remember off top of my head. 28 homes sold in January and we are posting the details of this throughout the weekend on our site under Home List category which you will be able to click from at the bottom of the home page.
0 votes Thank Flag Link Sat Feb 4, 2012
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