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Monthly Residential Property Market Analysis For Orange, New Jersey- June 2008

By
Real Estate Agent with ERA Queen City Realty

Incorporated as a The Town of Orange on January 26, 1860. As far back as 1792, this town was the hub of of hat making. During the boom in hat making, Orange was home to the "No Name Hat Company", founded by the Stetson Brothers, before one brother went to Philadelphia and started the "Stetson" company, producing Fedoras.

In addition to hat making, Orange was also a hub for boot and shoe production. As is usual with such progressive mercantile, wealthy industrialist built fine homes to the north of Main Street. On the south side, laborers of the factories lived in small single family homes and mostly two and three family homes.

 

June 2008 has seen fewer single family homes for sale over June 2007, listings were down by 14.24%. Coincidentally, the average list price was down from $270,000 to $265,000. There were 29 new listings during the month with an average list price of $281,000. New listing prices were an average of $298,000 in 2007. Only six homes went under contract with an average price of $256,000. Noticeably different was the $317,000 average price of homes sold in June 2008. This is a 61.5% increase in sales price over June of 2007.

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Comments(1)

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Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Red Hook, NY
Mid Hudson Valley real estate connection

William - Thanks for sharing some interesting facts about the area.  I think many areas are seeing lower sale than same time last year.

Jul 19, 2008 05:04 PM