William Collins, Broker Associate

South Orange's average residential listing price fell from $641,361 to $595,483, representing a 7.15% reduction in March 2009 over March 2008.

The variance in the number of listings for the same period was negligible, one less this year than last year's 161.

2009 saw a surge in new listings at 44, up from 31 last year. The average price of a property listed in March 2009 was $573,302 down from the $604,823 of March 2008; representing a 5.21% drop in the average listing price for new listings.

Fourteen listings went under contract in both years during the month of march. However, the real difference is in the average list price of the properties that went under contract, representing a 3.77% reduction over last year - from $620,064 to $596,671.

Additionally, in March 2009 properties were averaging 74 days on the market before closing, the same as March of 2008.

On the bright side the average sales price was up by 17.76% from $484,071 in 2008 to $570,056 in 2009.

March is the beginning of spring and the real estate selling season. That is why I am starting with March to develop a trend analysis for the absorption rate of residential properties in South Orange. The absorption rate is the number of weeks required to sell the current inventory based upon the present rate of sales. For March 2009, we will use the number of sales in February 2009 as a basis for going forward; that number is four for the month. That averages out to one a week. Therefore, it would take roughly 160 weeks or just over three years to sell all of the active inventory. You can begin to see how critical a role pricing plays in the marketing process, when confronted with such challenges.

County Of Union
Lead Hazard Reduction Grant Program
"Tap The Lead Out"
The County of Union has a Lead Hazard Reduction Grant Program, which provides homeowners and landlords an opportunity to apply for grants to help remediate older homes and provide safe and stable dwellings for children and their families. Grants are available up to $13,500. The program will assist with resources necessary for detecting lead hazards and finding solutions for good health. Union county homeowners may qualify for funds by meeting the following criteria:
-Housing unit must have been built before 1978
-Households with children six (6) years of age or younger or women who are pregnant
-Income must be 80% below the Union county Median Household table listed below.

Family Size Not to Exceed

1 $44,800
2 $51,200
3 $57,600
4 $64,000
5 $69,100
6 $74,250
7 $79,350
8 $84,500

For further information, call 908-531-4979.

The United Church of Christ is hosting a Financial Fitness Workshop to be conducted by Shelly Boyd, an accredited financial counselor with Novadebt. Novadebt is a Garden State non-profit consumer credit counseling organization. On Thursday, April 16, 2009 at 7 PM, Ms. Boyd will provide an overview of options available to those facing financial challenges.

The workshop is free and open to all; the church is located at 220 West Seventh St., in Plainfield, New Jersey.

Mr. Lawrence E, Walker, Storyteller & Filmmaker & Historian, portrays Caesar, a slave and Revolutionary War Soldier born 1755 and died in 1832

This Sunday, February 22, 2009 at 10:30 am in the United Church of Christ, located at 220 West Seventh Street in Plainfield, Caesar tells the stories of former slaves/persons buried at the Historic Lamington Black Cemetery in Lamington, NJ.

This cemetery dates back to the late 1700's and is the oldest final resting place in the State of New Jersey for black Revolutionary War, Civil War Soldiers and people of colored.

On Thursday, February 29, 2009 you are invited to attend A New Era of Rights and Responsibilities:
Civil Unions, Marriage & Estate Planning for Same-Sex Couples, in Plainfield, New Jersey.

Challenges facing same sex couples necesitate customized estate planning to ensure that surviving loved ones are protected.

The symposium will consist of a panel of professionals to include:

Parinaz Cole, Financial Advisor - Merrill Lynch

Jim Cole, Financial Advisor - Merrill Lynch

William Singer, Attorney - Singer & Fedun, LLC

Christopher Bellis, Deputy Director of Development - Lambda Legal

The symposium will run from 7:00 - 9:00 p.m. at United Church of Christ in Planfield located at 220 West seventh Street, Plainfield, New jersey 07060. While there is no charge, reservations are required. Light refreshments will be served. Please RSVP to Matt Allen at Lambda Legal at cbellis@lambdalegal.org or 212-809-8585, ext. 214.