Blog, Essex, NJ Suburbs

Bloomfield Real Estate Recap | Monthly Updates on Homes Sold and Inventory

January / February Real Estate Round Up… Bloomfield

So the first 2 months of 2010 have been the slowest since August 2009.  The last 2 years have been very tough on lending guideline changes.  There have been crazy guideline changes with conventional and FHA loans and it is indicative with the slow months of 2010 as lenders and loan officers adapt to the craziness.  So as much as I hate to report bad numbers, let’s take a look:

In January, only 8 homes sold.  The average sales price of the homes was $358,201.

In February, only 7 homes sold.  The average sales price of the homes was $304,899.

We expect sales to pick up in March and April, however we are a little skeptical on how numbers could change when the First Time Homebuyer Tax Credit Expires.  With the Fed insisting that rates will remain near 0%, the fact that the Fed could stop buying Mortgage Backed Securities could bring bonds higher which will immediately increase mortgage rates.

There are currently 150 Single Family Homes for sale in Bloomfield.  The average listed price of a home is $314,413.  If you are looking for homes in the Brookdale Park area, those homes are selling quickest.  So if you are looking for a home in Bloomfield, you have your choice, as well as a leg up on possible negotiable dollars.  We have said it all along.  If you find a home you love, let’s start negotiating a deal.  Good homes at great prices sell quickly.

Absorption Rate:  An absorption rate indicates the number of months it takes to sell the current inventory at the present rate of sales. As of March 1, 2010, there were 150 single family homes for sale in Bloomfield as indicated above.  Also as mentioned, 7 homes sold during the month of February 2010.  The absorption rate for single family homes in Bloomfield based on February’s sales figures is just over 21.4 months, well above the national average.

We expect a zig zag type year with Bloomfield.  Good homes will come and go, listed, then sold….but inventory will remain consistent averaging about 150 homes for sale in any given month.

If you are looking to buy a home in Bloomfield, let us show you the area.  Let us negotiate your deal with you.  We would value an opportunity to work with you.  Contact Us for further details or call Scott at 877.688.7582

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Happy New Year, Bloomfield!!

So here we are at the end of another year and the beginning of a new.  As many of you know, I am from Montclair, but lived in Bloomfield (Broughton Ave) for quite some time.  I am a huge beliver in Bloomfield real estate due to its convenience of necessity stores and also its immediate access to all major highways in northern NJ.  I remember hopping on the Parkway from Watchung Ave and being at Giants stadium in under 10 minutes.  New York City in 20 minutes!  Can’t beat the area, the cleanliness, retail, ethnic restaurants, and my favorite, Brookdale Park.

Let’s take a look at how Bloomfield performed in 2009.  After a crazy year of bank failures, credit crisis, etc, overall Bloomfield did OK, actually, better than expected considering the circumstances.  So without further ado, here is a recap of Single Family Homes and Multi-Family homes in Bloomfield.  Note: I have had a considerable amount of people looking for specific homes in the Brookdale Park area.  Contact me right away, and I will get you all of the latest homes for sale in that area, plus closed sales to see where the fair market value is.

FYI:  Browse all Single Family Homes for sale in Bloomfield

FYI:  Browse all Multi-Family homes for sale in Bloomfield NJ

2008

• A total of 285 Single Family Homes sold in Bloomfield in 2008
• The average sales price of a single family home in 2008 was $335,806
• A total of 55 multi-family homes (2-4 units) sold in Bloomfield in 2008
• The average sales price of multi family homes in Bloomfield was $357,635

2009

• A total of 242 Single Family Homes sold in Bloomfield in 2009
• The average sales price of a single family home in 2009 was $304,688.
• A total of 54 multi-family homes (2-4 units) sold in Bloomfield in 2009
• The average sales price of the multi family homes was $272,411

For Single Family Homes, the statistics above indicate that there was a 15.1% drop in sales volume in 2009 when compared to 2008.  They also show that there was a 9.3% drop in Average Sales Price in 2009 when compared to 2008.

For Multi-Family Homes, the statistics indicate that there was a 1.9% drop in sales volume in 2009  when compared to 2008.  They also show that there was a 23.9% drop in average sales price in 2009.  This is a considered a substantial drop, however a great sign of new affordability, indicative of the recent higher activity.

See Activity, Volume, and Sales Price Charts below.  Click to enlarge.  Download Bloomfield Single Family Excel Statistics.  Download Bloomfield Multi-Family Excel Statistics

Single Family Home Charts

Multi-Family Home Charts

Looking at the SINGLE FAMILY HOME charts, we predict a similar up and down pattern in Bloomfield for Average Sales Price in 2010, however,  we anticipate an additional 5% drop in the median home values by mid 2010, possibly triggered by the expiration of the First Time Homebuyer Tax Credit.  This drop, however, can by negated or partially alleviated taking advantage of the First Time Homebuyer Tax Credit in addition to historically low mortgage rates.  Our prediction for the drop came after recognizing a current Single Family available inventory of 164 homes with December 2009 sales volume of 22.  This puts the current rate of absorption at nearly 7.5 months, which is actually not too bad.

Looking at the Multi-Family Home charts, we predict sales volume to increase in the lower priced / entry level homes.  There are currently 83 multi-family homes for sale in Bloomfield, and with December 2009 having a sales volume of 3, this puts the current rate of absorption at 27 months, however if you take a more normal month, such as November’s numbers, the rate of absorption would be 10 months.  Our prediction for 2010 is that the multi-family home average sales price will increase to $290,000, however this will be the result of higher priced homes dropping their asking prices considerably to cater to First Time Homebuyers’ budgets.

It is our opinion that it is a favorable time to negotiate real estate in Bloomfield.  We are currently seeing 5-10% in negotiable dollars.  If you are looking for a home in Bloomfield, don’t hesitate to contact us for a consultation.  We would value an opportunity to earn an interview to become your real estate agent.  We know real estate, and we know Bloomfield!

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November 2009 Bloomfield Real Estate Report

Welcome to our Bloomfield “State of the Market” article for November 2009.  Recently, we have seen a lot of activity in Bloomfield and this is largely due to the First Time Homebuyer Tax Credit.  The recent extension through April for the credit will only further assist in real estate absorption.  There have been many requests for information on single family homes, 2 family homes, and multi-family homes around the Brookdale Park area of town, on and around Watchung Ave.  Great choice and if you give us a call we can tell you a few important details about the area and what we can achieve for a pricepoint.

Browse all Single Family Homes for sale in Bloomfield

Browse all multi-family homes for sale in Bloomfield NJ

Bloomfield, NJ Single Family Homes:

Year over Year numbers are down a little bit.  Year to date, there were 276 single family homes that sold in Bloomfield in 2008 (Jan-Oct) with an average sales price of $326,251.   In 2009 (Jan-Oct), 212 single family homes have sold with an average sales price of $300,882, a modest 8% drop since last year.  We are seeing a much clearer picture in the market and prices seem to have stabilized, indicative by 2009 month over month activity improvements.

There are currently 184 single family homes for sale in Bloomfield, NJ.  The average listing price of homes for sale is $312,807.  The affordability index in Bloomfield is high, which means it is very affordable.  The average number of Days on Market for each listing is 123 Days.

During the month of October 2009, 26 Single Family Homes have sold in Bloomfield with an average sales price of $309,553.  The average listing price of those homes sold was $316,552.  Sellers are getting about 98% of their listing/asking price, a great sign for the market in regards to the “meeting of the minds” capabilities.

Single Family Homes Absorption Rate:  An absorption rate indicates the number of months it takes to sell the current inventory at the present rate of sales. As of November 1, 2009, there were 184 homes for sale in Bloomfield as indicated above.  Also as mentioned above is that 26 homes sold during the month of October.  The absorption rate for Bloomfield based on October’s sales figures is 7 months.

Bloomfield Multi-Family Homes:

There are currently 94 Multi-Family Homes for sale in Bloomfield.  The average listing price is $356,345. From January 1-November 1, 2008 this period posted a total of 45 sales with an average sales price of $357,242.  From January 1 to November 1, 2009, 44 multi family homes sold at an average price of $271,199, nearly a 25% drop.  We have seen recent price stability for the multi-family market as well due to the low prices and homeowners realizing a small balance on their mortgage after collecting rental income.

There are currently 94 multi-family homes for sale in Bloomfield.  The average listing/asking price of these multi family homes are $356,345, however there are plenty of deals at or under $300,000 for conservative shoppers or real estate investors.

During the month of October 2009, only 5 multi-family homes sold in Bloomfield.  The average price of multi’s sold was $272,000, so it seems that the multi family homes under $300,000 are selling the quickest.

Absorption Rate:  An absorption rate indicates the number of months it takes to sell the current inventory at the present rate of sales. As of November 1, 2009, there were 94 multi family homes for sale in Bloomfield as indicated above.  Also as mentioned, 5 homes sold during the month of October 2009.  The absorption rate for multi family homes in Bloomfield based on October’s sales figures is just over 18 months, well above the national average.

With the First Time Homebuyer Tax Credit extension, the recent market optimism, and macro economic data, we feel that it is a good time to buy real estate in Bloomfield and a better time for negotiating with sellers.

If you are interested in buying or selling a home in Bloomfield, give us a call and interview us. We would value an opportunity to earn your business and rest assured that as a buyer we will maximize your dollar on real estate. As a seller, you have our full service of global and local marketing, Free CMA report for your home, and strategic plans to sell your home within a comfortable timeline. Contact NJREG today for a free consultation!

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Bloomfield Info and Demographics

Bloomfield NJ real estate provides a diverse inventory of housing. Bloomfield consists of a lot of everything from single family detached homes, condos, townhomes, and mult-family housing. For years, Bloomfield has been recognized as a wonderful place to raise a family with its respected school system and convenience to all types of transportation.

Contact us today for the most up to date available Bloomfield NJ homes for sale. If you wish, please feel free to browse the MLS on our site to preview all Bloomfield NJ real estate.

Be sure to visit our exclusive Bloomfield NJ MLS search for all active listings in Bloomfield.  Please specify in the dropdown menu at the top of the Search that you would like to search the GARDEN STATE MLS.

We specialize in relocating individuals and families into Bloomfield with our expertise on the area. We do not sell/buy into an area where someone on our team has personally lived, and as the admin for this website, I can tell you I have lived on Watchung Avenue, Broughton Avenue, and Evergreen Avenue. Growing up I was an athlete. Brookdale Park off Watchung Avenue bordering Montclair is a massive area full of soccer, baseball and football fields in addition to its theater like setup used back in the day for outdoor concerts.  The surrounding real estate and homes of Brookdale Park range from entry level homes to larger multi-level homes, typically off of Watchung Avenue.  From Brookdale Park, if you head north on Watchung Ave, Montclair is just a few blocks up.  Bloomfield has several “downtown” sections.  The intersection of Bay Ave and Watchung Ave has anything from banks, diners, and other retail that you would need for everday convenience.  If you head southwest and closer to Bloomfield Avenue, you can find heavier commercial sections of the town and enjoy the retail shops and restaurants that line Bloomfield Ave.

If you are looking for convenience, you have it all in Bloomfield.  The Garden State Parkway is just seconds away and you can find yourself in New  York City in just 20 minutes as Route 3 branches off the Parkway between Bloomfield and Montclair exits.

As of September 3, 2009, there are 195 homes for sale in Bloomfield New Jersey.  The minimum listing is $90,000 and the highest listing is $649,000.  The average price of a home for sale in Bloomfield is $312,606.  The average number of days on the market for homes is 118 days, which is indicative of a buyers market.  Be sure to contact us for a consultation.  Not only will we assist in negotiating the best deal on your home, but we will go through all of the housing market numbers with you so you better understand the local market and feel comfortable with your decision to sign a purchase or sale agreement.

Driving Distances:

Montclair State University:  7-10 Minutes

New York City:  20 Minutes

Hoboken:  15 Minutes

Meadowlands / Xanadu:  10-15 Minutes

Point Pleasant:     75 Minutes

Newark:    25 Minutes

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