June 2010 – Nutley NJ Real Estate Report – Sales, Absorption, Opinions

After another month of real estate activity, Nutley has mirrored its performance of 2009.  Literally.  June showed a strong month of sales volume, matching May’s performance of 23 homes sold.  Nutley, my neighboring town is one of the quaintest markets in Essex County.  Homeowners can enjoy walks to some of NJ’s finest authentic restaurants followed by watching a game with your buddies at Franklin Steakhouse, my favorite of them all.

Set an appointment with us to see some of Nutley or get a free CMA report on your home if you are curious of its value prior to selling.

Ok, so as mentioned let’s look at some numbers:

JUNE:

Available Inventory:     122

June Sales Volume:       23

Under Contract:     24

Average Sales Price:      $383,695

Rate of Absorption:  5.3 Months.  A rate of absorption calculates how long it would take to sell the current active inventory based on the most recent month of sales.  The national average is 6.5% so Nutley is fairing pretty well.  As a reference, speculative builders typically wait until the ROA drops to near 4 months.  Almost there.  Looking good and Nutley remains a nice town with good schools and location.  We expect Nutley to remain strong throughout the summer.

To see our complete statistic report along with useful Nutley real estate performance charts, Click Here.  Our charts and analysis will show month over month and year over year performance.

If you are looking for to buy or sell a home in Nutley, New Jersey Real Estate Guys would value an opportunity to interview for the job of representing you in the Nutley housing market.  We are locally convenient for you.  Our experience is unmatched and our strategic protocols work in your favor.  Call us direct at 877.688.7582

_____________________________________________________________________________

One of my favorite areas of the northern NJ suburbs that I have neglected recently is Nutley.  Nutley is a unique town with its beautiful downtown district lined with some of the best affluent restaurants you will ever visit.  Nutley is the perfect area to raise a family and offers affordable homes with walkability to anything you need.  Considering the fact that I lived right on the border of Nutley, in Bloomfield, I consider Nutley one of my areas I know best.

Real Estate activity in Nutley has been fluctuating to say the least.  Over the last 3 years, the summer is when sales volume peaks, which is considered normal as families with children in school typically buy in the summer in order to be ready for the September school year.  Average sales prices have remained steady, but showed its biggest price correction from March 2009 through the 4th quarter of the same year.  In 2010, February had the lowest amount of sales and the average price of a home sold dropped considerably.  However since then, activity has been strong and prices consistently in the $360,000 ranges.

In looking at our activity charts that are illustrated below, along with our housing market projections, we anticipate that any further drop in prices will not be tremendous and those looking to buy can take advantage of historically low mortgage rates.  If you are expecting to live in your home for 5+ years, chances are that any further price corrections in the market, will be negated by higher future interest rates and long term appreciation benefits.  It is a great time to look for the home that you love and negotiate a deal on it.  Our expertise will help you analyze your favorite homes and look for loopholes on how we can achieve a very fair price for you.

So let’s look at some numbers, shall we? CLICK HERE to view all available homes for sale in Nutley.

In 2009, there were an average of 17 homes sold per month.  The average price of a home sold in 2009 was $364,632.

In 2010, sales volume is slightly down with a monthly average of about 16 homes per month. The average price of a home sold in Nutley this year has been $360,579, hardly enough of a drop from last year to even dignify.

Currently, there are 165 Homes for sale in Nutley.  The average listed price of those homes is $415,188.  During the month of May 2010, there were 23 home sales.  The rate of absorption in Nutley is 7.2 months.  As a reference, homebuilders that build on speculation typically wait until the rate of absorption settles at 4 months or less.  Nutley has a lot of available inventory and sales need to pick up or new inventory has to slow down.

Here are some Nutley real estate charts. Click on them to enlarge.  View spreadsheet by clicking Nutley Housing Market Report

Indicative of these charts, we anticipate a busy summer and then sales should taper off to the normal levels.  Although the First Time Homebuyer Tax Credit has expired, we believe that low mortgage rates will allow volume to maintain itself throughout the year.

If you are looking for a home in Nutley or would like to discuss market conditions, we offer free consultations at your convenience.  Giving us an opportunity to learn about your criteria will help us understand where we need to be to get you that great deal.  You can contact us by e-mail or by calling us direct at 877-688-7582.  We look forward to hearing from you.

CLICK HERE to view all homes for sale in Montclair and set an appointment with NJREG for a free consultation.

As a local Montclairian myself, I must say that I am pleased with how the housing market performed in June.  Sales volume was way up.  The average price of a home sold slid for the second straight month, although the month of April had a couple of high sales that sort of skewed those figures from the norm.

It looks like the First Time Homebuyer Tax Credit helped the market a little more than expected.  We’ll see over the course of the summer how things pan out.

Home prices declined 1 percent in the New York metropolitan area, which include Montclair, from April 2009 to April 2010, the Standard & Poor’s Case-Shiller index reported Tuesday. Prices in the region are back to the levels of April 2004, and are 21.7 percent below their peaks in June 2006.

June:

.

See housing market charts below.  Click on charts to enlarge.  For complete statistics for year over year and month over month activity CLICK HERE

Indicative of these charts, sales activity is very strong.  If you are looking to sell your home or would like a free analysis on your value, we would value an opportunity to meet with you.  If you are looking to buy a home, Montclair offers a wide range of unique homes.  Don’t miss out on the opportunity to buy low in conjunction with low mortgage rates.  Start looking for the house that is perfect for you.

You can call us direct at 877-688-7582 or send us an e-mail.  We look forward to hearing from you!

_______________________________________________________

May 2010 Montclair NJ Real Estate Report

CLICK HERE to view all homes for sale in Montclair

As a homegrown Montclairian myself, I always like to analyze the market.  I’ve lived off of Valley Rd and also spent 2 years in prestigious Upper Montclair’s Blanton Hall dorms of Montlair State University …Montclair posted far more sales volume in May than it did all previous months of 2010, a great sign.  Prices dropped from April sales figures but Montclair seems to be bouncing around trying to find a true bottom.  Let’s look at the numbers provided by Garden State MLS reference.  Data provided is for single family homes only.

On a side note, prices are slightly up in 2010 from 2009 regarding average sales price and volume.  We are 4 homes sold ahead of 2009 at the current pace.  The average sales price for the entire 2009 year was $671,880.  To date, the average sales price for a home in Montclair in 2010 has ben $679,543, an entire 1.2% higher!  Nothing crazy, but at least its not a negative!

We are expecting sales volume to pick up steam during the summer months.  If you look at the sales volume chart below, 2008 and 2009 showed dramatic increases in sales volume during the warmer months.  Although there are many reasons as to why this is, most people say that families want to be settled prior to the start of the new school year.  Montclair is the home to blue ribbon school systems which is a very big draw for the area.  See school info in Montclair.

Contact New Jersey Real Estate Guys to interview us for the job of buying or selling your home.

May 2010

Homes Sold: 30 (+22.70% since April)

Average Sales Price: $608,418 (+12.0% since April)

Average Days on Market: 60

Available Homes for sale: 186 – The median price of homes listed is $549,000, a more appropriate figure than using the average when analyzing housing markets.

Rate of Absorption: 6.2 Months.  Montclair is sitting right about at the national average of 6 months of Rate of Absorption.  As a reference, speculative builders typically look for the absorption rate to hit 4 months or less before taking on any decent sized projects.

Property Taxes: Using the median asking price of $549,000, property taxes are showing about $15,000 a year, however those homes listed have an assessed value of $615,000.  Based on new homeowner purchase, the new homeowner may want to consider a tax appeal with the Tax Assessors office.  Achieving an assessed value for $549,000 would lower your property taxes by nearly $2,000 per year.  If you are looking to file a tax appeal using a professional real estate tax attorney, start here.  If you want to take the task on yourself, the filing fee is $49.95 and you can download the A-1 form here.  Or call the Essex County Board of Taxation at 973.395.8525.

Under Contract: There are currently 85 homes under contract and beyond attorney review in Montclair.  Typically the contract to closing times run 60 days on average, however with some homes being sold as a short sale, lenders will make it difficult to maintain this average on short sale homes.  The average listed price of homes under contract is $665,611.  Due to exact sales prices not disclosed until closing, we will see how final sales shake out in some of our other summer reports of Montclair NJ Real Estate.

Here are some year over year and month over month charts for your review.  Click on charts to enlarge.  To view our month over month and year over year charting statistics for Montclair, CLICK HERE

If you are looking for a home in Montclair or looking for area information, please call New Jersey Real Estate Guys at 877-688-7582.  We offer free home buying seminars and consultations for the Montclair area.  As we consistently show, we do more real estate analysis than anyone and are confident we can put you in a great position to buy or sell most efficiently.  We would value an opportunity to meet and discuss.

___________________________________________________________________________________________________________

April 2010 Montclair NJ Real Estate Report | Inventory, Sales Volume, Absorption

Ok, Montclair.  You did a little better than last month but not by much!  There were 19 sales this month as opposed to 14 in March.   Let’s look at some numbers.

April Details provided by reference to Garden State MLS.

Single Family Homes Sold: 19 (+26.50%) since last month

Average Sales Price: $689,595  (+14.6%) since last month

Average Days on Market: 67

Current Inventory for Sale: 186

Rate of Absorption 9.78 Months  Note:  Builders typically wait until rate of absorption hits 4                      months before taking on speculative construction projects.

If you are looking for a home in Montclair or looking for area information, please call New Jersey Real Estate Guys at 877-688-7582.  We offer free home buying seminars and consultations for the Montclair area.

March 2010 Montclair, NJ Real Estate Report

So there is some good news and bad news for Montclair.  The good news is that March sales volume more than doubled February.  The bad news is that it is still performing far worse than the end of the year of 2009 when we had some solid numbers.  Retail vacancies are climbing and rental rates are dropping, something we expected.

During the month of March, 2010 there were 14 sales of single family homes in Montclair. The average selling price was $589,142, a clear indication that the lower priced homes (entry level) are selling much quicker.  The average current listed price of homes for sale in Montclair is $923,414.

Let’s compare Q1 of 2009 and 2010 respectively:

2009 Q1:  29 Homes sold with an average selling price of $678,109.

2010 Q1:  39 Homes sold with an average selling price of $669,692.

Using March sales volume and the current level of inventory, Montclair has a Rate of Absorption of just over 8 months, up from 3.38 months in January.

The next few months will be interesting.  Using the First Time Homebuyer Tax Credit and the Government purchases of MBS as a crutch, our housing market will have to stand on its own so we can see the real results of the housing market.

Expect some minor home price drops over the next few months while the housing market searches for its true identity.  June and July will be very telling months.

_________________________________________________________________

February 2010 Round Up – Montclair NJ Home Sales / Inventory / News

So January started out a bit slow.  I always blame slow January’s on the ever-changing bank guidelines that always come out in fury at the beginning of the year.  Let’s not use that as an excuse though.  I still predict that the second half of 2010 will be quite indicative of a possibly soon recovery.  You have the First Time Homebuyer Tax Credit expiring in June, the Fed is going to stop purchasing Mortgage Backed Securities (MBA’s), and Consumer Confidence could sink when they turn on CNN.

Anyway, this is all hearsay.  I am an advocate of letting the market play it out itself.  February was VERRRRY slow for single family home sales in Montclair.

Let’s start with Inventory Levels.  As of March 1, 2010, there are 95 Single Family Homes for sale in Montclair with an average listed price of $990,214.

During the month of February, only 7 homes sold in Montclair. The average price of a home sold was $733,414.  Indicative of changing bank guidelines is the lack of closings during February despite 35 homes currently in contract or Attorney Review at the moment.  So despite a slow sales volume month, there are a few dozen homes written up, which is positive.

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, there are 95 Single Family Homes for sale.  February showed only 7 closings which mathematically puts Montclair’s rate of absorption at 13.6 Months, the worst its been in a long time.  Typical absorption rates in Montclair is between 3-5 months.  Using home sales volume over the last 9 months, I would say that we can chalk February up to just a bad month.  Nothing too concerning here unless this absorption rate repeats itself in March and April.

So, could the expiration of the First Time Homebuyer Tax Credit have the same outcome as the expiration of Cash For Clunkers?  If you remember, once Cash For Clunkers expired, car salesmen were sitting in their office playing tiddlywinks.  Things slowed drastically.  Let’s hope that real estate is different than the auto industry, but time will only tell.  The second half of the year will be interesting for sure.

That said, there are still great deals out there.  If you fall in love with a house, don’t hesitate to look into possibly bidding on it.  Good homes at the right price are still selling quickly.  If the home you love is a good deal, make a play for it before someone else does.

_______________________________________________________________

January 2010 Real Estate Recap | Sales | Absorption

Well, chalk up one in the books as January is over with.  A strong December in Montclair was followed by a modest January.  We expected sales to dip a little in January with the new year and the fact that banks implement a new set of guidelines.  Typically it takes about 45 days to return to normal market conditions.  The absorption rate for Montclair fell from 3.38 Months in December 2009 to almost 4.9 in January 2010.  The current rate of absorption is not worrisome as Montclair is below the national average again….signs of a recovering housing market.

During the month of January, 17 homes sold with an average sales price of $737,941.  The average home sold had been on the market for an average of 82 days.  This is a tremendous improvement from 1 year ago.  In January 2009, only 8 homes sold and the average price was $634,263.  The recent January in 2010 showed almost a 100% improvement in sales activity and a close 15% increase in average selling price.

I am currently at the airport as I type this, but tomorrow I will update this report with charts and graphs to give you a better feel for the market.  Till then, take it easy!

Annual Recap | Real Estate Report

Happy New Year, Montclair!! After a rather interesting year, I think the real estate market deserves a “State of the Market Report”. In this report, we will look at last months statistics, overall yearly results, and comparisons to 2008. Some of you may want to sit down before reading, but all in all, we currently see a great opportunity in one of NJ’s best bedroom communities with immediate access to New York City. Can’t beat today’s value in Montclair.  Be sure to browse all Montclair NJ Homes for sale via our exclusive MLS / IDX system.

Without further ado, here goes! All information is comprised from the Garden State MLS.

2008

• 341 Homes Sold During 2008
• Average Sales Price: $740,717

2009

• 307 Homes Sold During 2009
• Average Sales Price: $591,192

Based off of 2008 – 2009 sales activity, there was a 10% drop in sales in 2009. Overall prices are down 21% in Montclair, NJ in 2009 when compared to 2008.

Charts below will show 2008-2009 activity.  Click to enlarge

• In December, 2008 a total of 21 homes sold in Montclair with an average sales price of $627,416.
• In December, 2009, a total of 34 homes sold in Montclair with an average sales price of $538,800.

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 January 1, 2010, there are 115 Homes for sale in Montclair.  During December 2009, there were 34 homes that sold.  The rate of absorption in Montclair today is 3.38 Months.  A year ago today, the absorption rate of Montclair was over 6 months.

As the charts above indicate, prices have plummeted from peak values.  Sales activity is up and prices are beginning to stabilize.  Assuming Montclair experiences any further downward value adjustments, the tradeoff would be the First Time Homebuyer Tax Credit and Low Mortgage Rates as we do not anticipate any further drastic price adjustments.  The combination of the 2 should negate the Catch 22 affect, thus creates an opportunistic time to buy real estate in Montclair.

A previous report written by us in February 2009 pointed to bargain homes in Montclair listed at under $400,000.  We mentioned the state of the market as a reason why you were seeing great deals in Montclair.   Today, those homes are long gone and the only homes listed in this area for under $400,000 are far more inferior than the ones we referred to.

Taking into consideration the convenience to New York City, infamous downtown district, expansions of Montclair State University, and beautiful Upper Montclair section of the Township, we anticipate that prices stagnate over the course of 2010.  We have seen a healthy improvement in affordability which is the reason for increased sales. With a more affordable market within the NYC metro area, we expect prices to stagnate during 2010 and begin historical appreciation trends in Q1 2011. That said, our prediction is that Montclair provides a very good opportunity to buy as it seems the market is tinkering with the bottom of the housing market.  Watch Q3 of 2010 as the First Time Homebuyer Tax Credit should expire.  Lower real estate prices will predominantly be the driving force behind the Montclair housing market.  With unemployment expected to peak and smoke beginning to dissipate in the recession, our crystal ball should be pretty close!

If you are looking to buy or sell real estate in Montclair, look no further than NJ Real Estate Guys.  Scott Allan, founder, is from Montclair and takes great pride in the real estate market and his unique knowledge and service to both buyers and sellers.  Contact Scott today for a consultation.  We’d love an opportunity to work with you on your real estate needs!

November 2009 Report | Montclair NJ Real Estate (statitstics comprised from Garden State MLS and based on Single Family Homes)

As most of you know, I am from Montclair.  Went to college there, and know every street in fine detail.  So let’s do a report on the housing market, homes for sale, etc.  Montclair has a wide range of homes consisting of beautiful Georgians, Vintage Victorians, cottages, and spacious colonials.  The housing market has been active lately, a nice sign for the local real estate market.  If you are looking to sell or buy a home in Montcl

Another area in the suburbs we like is Rutherford, NJ, a quiet and peaceful place for you and your family and only minutes to NYC and the other metro areas of Northern NJ. For you partiers out there, Rutherford is a B.Y.O.B town with plenty of great restaurants and landscape to enjoy. 

One very big asset for Rutherford is its direct public transportation system into Manhattan which takes about 15 minutes from door to door via NJ Transit. Historically, Rutherford has a quiet real estate market with limited availability, thus, fewer monthly sales than other markets with more inventory. That being said, recognizing the low inventory, sales are not reaching the level they need to in order to drive down inventory.

To view all homes for sale in Rutherford CLICK HERE. Be sure to fill in your desired criteria using our customized search tool. Contact us at 877-688-7582 to set up a showing appointment or follow the showing instructions on each individual listing in your search.

Prices are down about 18% since its peak have average sales prices have slid since the start of 2010. During the second half of 2009, the average price of a home sold in Rutherford bounced around $425,000. Since February 2010, the average price of a home sold in Rutherford is bouncing around $375,000. Currently there is a home under contract for $1,250,000 that should drive up the average sales price in July or August, but we anticipate that the average will set below $400,000 throughout 2010 until inventory is absorbed at a faster pace. Let’s look at the most recent month of June.

.

Rate of Absorption: An absorption rate indicates the number of months it takes to sell the current inventory at the present rate of sales. Based on the figures above, the absorption rate remains high in Rutherford. Hopefully the 18 homes under contract close in July to lower the rate of absorption. Sellers being pressured with lowering prices will likely conceed a little more to buyers if they are motivated.

To check out a full statistic report on Rutherford real estate CLICK HERE. This report will show month over month and year over year comparisons of sales volume and average selling prices.

If you are looking to buy or sell a home in Rutherford, we would value an opportunity to meet and discuss your options. We can provide you the due diligence to assist in your decision in the housing market. You can e-mail us or call me direct at 877.688.7582

Three (3) Family Home priced at $280,000

Located off of Central Ave in East Orange.  Built in 1940 and completely gut-renovated in 2008.  All Units have a washer/dryer, Central A/C, Vinyl Siding, Privacy fence in back, and security system.  Owner pays water.  Tenants pay Electric, Gas, Heat.  Building has a total of 16 rooms, 10 bedrooms, and 3 Full Bathrooms.  Underground utilities.

1. First Floor unit has a total of 5 rooms which includes 3 bedrooms and 1 bathroom.  This unit is rented for $1,300 per month.
2. Second Floor unit has a total of 6 rooms which includes 4 bedrooms and 1 bathroom.  This unit is rented for $1,550 per month.
3. Third floor unit has a total of 5 rooms which includes 3 bedrooms and 1 bathroom.  This unit is rented for $1,300 per month. 

 Let’s now look at how the numbers work as an investment property.  The pro forma will be based off of today’s (1/8/10) investment mortgage program using a 75% Loan To Value and 5.75% rate

Purchase                              $280,000

Down Payment:                     $70,000

Mortgage Principal:               $210,000

Monthly Gross Rent:            $4,150

Monthly Expenses

• Debt Service:                              $1,247
• Taxes                                         $626
• Insurance                                   $150
• Property Mgmt (if applicable)        $332 @ 8%

Total Expenses:           $2,355

Surplus Cash:               $1,795 or $2,127 if managed by owner

Net Operating Income :  $21,540

*Mortgage could be paid off in 12 years on a 30 year term.

If you are interested in setting up a showing appointment, request additional details, or would like more information on how to purchase this home, please contact us and we will assist you in the entire transaction. 

As the working week comes to an end, and while you are pondering your thoughts on how much rum and egg nog you could possibly drink this weekend, I want to leave you with some real estate thoughts that stuck out to us during one of our visits.  If you are looking for your primary home or an investment, this Kearny Two Family Home for sale should be right up your alley..

It is a 2 family home located in the Arlington section of  Kearny, NJ.  For the price and current market inventory it is one of the largest in its group and also one of the nicest in terms of the overall condition. (The thumbnail picture is the actual home). 

The home is located within walking distance to bus stops and is less than 100 meters from Roosevelt School.  There are wood floors, gas forced heat, and Central A/C.  There are 2 separate gas and electric meters and as a bonus, the roof was replaced in the last 2 years. 

The building has a total of 12 rooms, 5 Bedrooms, and 2 Full Bathrooms.  The basement is partially finished and is HUGE, which can be used for storage, however is finished enough to use as a recreational room.  Taxes on this home are approximately $9,500.

Currenly, the first floor is occupied by a physician as a Medical Office.  It is not known at this moment if the tenant plans on staying put, but if not, no worries.  Our property managers can assist in finding a new tenant, which we would recommend as medical, law, office, or retail.  You also have the choice of simply renting it to a normal tenant who plans to live there.  Either way, you have excellent options since that first floor is zoned Commercial (C-3).  The first floor commands a rental of $1,200 to $1,400 per month minimum.  The second floor commands nearly the same, closer to $1,200. 

The price of this home is just under $340,000.  For the location, it speaks for itself.  It is only 4 miles to the Meadowlands where the world famous XANADU is opening its doors in mid 2010, and you are also less than 7 miles from the Lincoln Tunnel!  Inside of 10 miles, you have anything else you could ever imagine…Entertainment, fine dining, nightlife, etc…

Here is how the numbers would work if you purchased on a 30 Year Fixed Mortgage at 5.5% rate.  Rates are significantly lower for owner occupied home loans.

$1,500     Monthly Debt Service (Mortgage)

$791         Taxes Escrowed Monthly

$2,291     Total Debt / Escrows

Taking into considerating that you rent out the first floor at $1,300, your leftover monthly payment would be $991 per month if you are an owner occupant (This is actually cheaper than renting).  An investor would get a positive cash flow of about $300 per month.  Although the capitalization rate is slightly low for an investor (to some), this home has the perfect location and condition to nearly assure you a much higher future value and be in a league of its own in regards to available inventory for sale now or in the future. 

If you are interested in viewing additional pictures or would like any other information on this home or other Kearny NJ homes for sale, please do not hesitate to contact us.  We are your real estate experts for all of Hudson County multi family homes, single family homes, and condos for sale.  CONTACT US NOW

So far this year in 2010, Franklin Lakes real estate has been average on sales volume but a little down on the sales price averages.  Those of you looking to live next to one of the Real Housewives, may be able to get a more affordable piece of real estate in this prestigious community.  There is an abundance of gorgeous homes under $1 million where in 2005, you couldn’t find anything respectable for that price.

We anticipate an the average sales price for 2010 to bounce along all over the place, however a further price drop will be indicated by our projection that the average sales price in Franklin Lakes in 2010 will be under $1 million.  Don’t put too much into that though.  Homes are unique in Franklin Lakes and if you find a home you absolutely love, it would make sense to make a run at it today and play the market.  That’s what we’re good at!

Let’s look at this years numbers to date.

January: 6 Homes sold with an average sales price of $1,352,917.

February: 8 Homes sold with an average sales price of $853,562.

March: 12 Homes sold with an average sales price of $862,625.

April: 5 Homes sold for an average sales price of $951,300.

May: 8 Homes sold for an average sales price of $918,500.

Here is a performance chart for over the last 2.5 years.  Click on charts to enlarge to see some annualized changes.

If you are interested in any information regarding Franklin Lakes real estate and the benefits to you and your family, please contact us and we will be happy to discuss.  If you would like to browse all homes for sale in Franklin Lakes, please use our MLS/IDX searching tool on the right side column of this page.

_____________________________________________________________________________________________________________

Franklin Lakes, NJ Real Estate Round-Up for Q1 2010

Our apologies for not reporting on February, but being that it is the end of the first quarter (Q1) of 2010, I felt it appropriate to share some market statistics for Franklin Lakes housing.

Remember (actually I don’t expect you to remember), during 2009’s Q1, there were only 11 home sales in Franklin Lakes.  The average price of a home sold was $1,263,409.

On to 2010!  In January, 2010, as reported in our most recent report, there were 6 homes that sold in Franklin Lakes with an average selling price of $1,352,917.

In February 2010, there were 8 home sales in Franklin Lakes with an average selling price of $853,562.

In March 2010, there were 12 home sales in Franklin Lakes with an average selling price of $862,625.

In total, during the Q1 of 2010, 26 homes have sold this year in Franklin Lakes with an average sales price of $972,981.

In comparison of 2009-2010 Q1 reports, 2010 showed an increased level of sales volume by 42% !!  However, also in 2010, the average sales price has expectedly dropped by 23%.  We will see where the rest of the year brings us, but prices are expected to soften a bit more in general.  As government incentives exprire, mortgage rates are expected to increase by late 2010, so there is some uncertainties with how the market plays out.

If you are interested in any information regarding Franklin Lakes real estate and the benefits to you and your family, please contact us and we will be happy to discuss.  If you would like to browse all homes for sale in Franklin Lakes, please use our MLS/IDX searching tool on the right side column of this page.

January 2010 Round Up – Franklin Lakes Home Sold / Inventory / News

As January typically produces fewer home sales due to changes in lending guidelines, Franklin Lakes remained the norm.  While we do not anticipate any price declines due to the expiring First Time Homebuyer Tax Credit, I think it will be interesting to watch this market until Q3 2010.  Home prices are still high, but activity is normal.

During the month of January, there were 6 homes sold in Franklin Lakes.  The average sales price was $1,352,917.

There are currently 103 Single Family Homes for sale in Franklin Lakes with an average listed price of $1,610, 452.

Absorption Rate:  An absorption rate indicates the number of months it takes to sell the current inventory at the present rate of sales.  The current rate of absorption in Franklin Lakes is 17.1 Months.  This is higher than the norm, but let’s see what March brings.  My opinion is that last year and this year there are always new lending guidelines at the start of the year which throw things off for a while.

_______________________________________________________________________________

Happy New Year, Franklin Lakes!

It is now time to recap our 2009 market and make some 2010 predictions for Franklin Lakes, NJ real estate.  I want to disclose that unlike most of the state, Franklin Lakes has a very low inventory and low home sale figures compared to most areas of NJ, moreso in the country.  As many know, Franklin Lakes is dominated by estates and multi-million dollar real estate listings.  Just one single sale can alter the monthly figures quite a bit.

Before we get into the numbers, don’t forget to browse all Franklin Lakes homes for sale via our customized MLS / IDX gadget which has all listings updated every 24 hours.

Due to time constraints and deadlines to complete our reports, we have generated all statistics from the NJMLS which is the dominant MLS system for Franklin Lakes.  So without further ado, let’s see how Franklin Lakes real estate did this year!

2008

• 66 Homes Sold in Franklin Lakes during 2008
• Average Sales Price was $1,386,420

2009

• 74 Homes sold in Franklin Lakes during 2009
• Average Sales Price was $1,129,598

The comparison of 2008 and 2009 shows that there was a 10% increase in sales volume in 2009.  The comparison also shows there was an 18.5% decrease in average selling price.  See official chart attached in the following link.  (Franklin Lakes Official Home Report)

As shown, Franklin Lakes’ prices have dramatically dropped since its peak, but remain nearly 15% higher than what they were a year ago today.  Month over month in each Q4, sales have nearly doubled in 2009 when compared to the same time last year which saw the U.S housing market in a very vulnerable state.

Absorption Rate:  An absorption rate indicates the number of months it takes to sell the current inventory at the present rate of sales.

There are currently 93 homes for sale in Franklin Lakes, NJ.  During the month of December, 8 Homes sold according to the NJMLS.  This puts today’s Franklin Lakes rate of absorption at nearly 12 months.

NJ Real Estate Guys Franklin Lakes 2010 Prediction:  At the end of 2009, the average sale price of a home stood at $1,129,598.  We anticipate a similar pattern for Franklin Lakes during 2010.  We do not anticipate a V-shaped recovery for the area but rather an up and down consistent wave pattern, although it is not obvious that we have seen a total collapse of the Franklin Lakes real estate market.  The difference in Franklin Lakes is money, plain and simple.  More homeowners in Franklin Lakes can afford to “ride it out” as opposed to other blue collar areas of NJ with lower, yet above average incomes.  Even though the average sale price is down from 2008, throw in only a couple of $2 million sales and see what happens.  That being said, we expect prices to skip around where the median should stagnate, if not come slightly lower in 2010.  We expect a gradual continuation of normal appreciation by Q1 of 2011.

Our opinion is that we feel it is a good time to buy in Franklin Lakes.  As mentioned, we do not anticipate a noticeable decline in values in 2010 so the entire year should provide an opportunity where prices should be where you want them when you want them.  If you LOVE the home, then buy it.  Don’t wait on a home to come down in price if you LOVE it, especially in 2010.  We have seen far too many this year lose their dream home because they wanted to see how much lower the price would get.  It didn’t, and it sold to another buyer.

If you are looking to buy or sell real estate in Franklin Lakes, look no further than the NJ Real Estate Guys.  We would value an opportunity to interview for the job of being your real estate professional.  Please contact us for a consultation and we would be happy to meet with you at your soonest convenience.  Happy New Year!

_____________________________________________________________________________________________________________________

November Sales | 2009 Report | Franklin Lakes Real Estate (statitstics comprised from NewJerseyMLS and based on Single Family Homes)

Welcome to our monthly housing report update for Franklin Lakes.  Franklin Lakes remains one of the most prestigious towns in the state and one of the tops in the country in regards to home prices.  Market confidence could increase a bit more with the First Time Homebuyer Tax Credit extension which is now available through April 2010.  A nice thing we are seeing in Franklin Lakes is the amount of homes that have dropped back to reality…errr…affordability.  You can buy a beautiful colonial home for under $600,000 today with taxes as low as $8,000.

Year over Year Sales numbers are identically the same however closed sales averages are way down.  Year to date, there were 61 homes that sold in Franklin Lakes in 2008 (Jan-Oct) with an average sales price of $1,812,275.

In 2009 (Jan-Oct), 66 homes have sold with an average sales price of $1,109,552, a 39% drop in sale prices since last year.  Due to the normal high prices in Franklin Lakes, it only takes a couple sales to throw off an accurate assessment of what a 39% drop really means.

There are currently 118 homes for sale in Franklin Lakes, NJ.  The average listing price is $1,712,206.  There are plenty of homes (50 to be precise) at or under $1 million for those of you looking for more affordability.  The average number of Days on Market for each listing is 172 Days.

During the month of October, 2009, 5 homes sold in Franklin Lakes.  The average listing price of homes sold was $1,541,000, and the average Sales price of homes was $1,369,980.  Sellers are getting an average of 89% of their asking price, which means there seems to be just a tad bit of disconnect between buyers and sellers still.  The average Days on Market for homes sold in Franklin Lakes was 137 Days.  The type of buyer/seller disconnect is normal during a recession or during times of tremendous equity rallies in the stock market.

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 December 1, 2009, there were 118 homes for sale in Franklin Lakes as indicated above.  Also as mentioned above is that 5 homes sold during the month of October.  The absorption rate for Franklin Lakes based on October’s sales figures is just over 23 months, above the national average and much higher than last month.  December is looking good as there are currently 9 homes under contract as of December 10, so the likelihood of a stronger sales report is quite stronger than November.

With the amount of inventory on the market in Franklin Lakes and the recent traffic activity, we feel it is a great time to start shopping for homes in Franklin Lakes.  There are many factors that we consider when negotiating a home for our clients.  We would value an opportunity to interview with you for the job of being your representative during these tedious times.

If you are interested in Franklin Lakes NJ homes for sale, 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!

View all available homes for sale in Franklin Lakes

October 2009 Report | Franklin Lakes Real Estate (statitstics comprised from NewJerseyMLS and based on Single Family Homes)

Welcome to our monthly housing report update for Franklin Lakes.  Franklin Lakes remains one of the most prestigious towns in the state and one of the tops in the country in regards to home prices.  Market confidence could increase a bit more with the First Time Homebuyer Tax Credit extension which is now available through April 2010, however most income levels in Franklin Lakes will not qualify for the Tax Credit, even with the new increased income limits.

Year over Year Sales numbers are identically the same however closed sales averages are way down.  Year to date, there were 61 homes that sold in Franklin Lakes in 2008 (Jan-Oct) with an average sales price of $1,812,275.   In 2009 (Jan-Oct), 61 homes have sold with an average sales price of $1,184,549, a 35% drop in sale prices since last year.  Due to the normal high prices in Franklin Lakes, it only takes a couple sales to throw off an accurate assessment of what a 35% drop really means.  Overall, we feel that Franklin Lakes has a chance for an additional slight value correction, but not one that should deter you from finding a good deal if you are shopping for a home.

There are currently 130 homes for sale in Franklin Lakes, NJ.  The average listing price is $1,731,136.  There are plenty of homes (50 to be precise) at or under $1 million for those of you looking for more affordability.  The average number of Days on Market for each listing is 171 Days.

During the month of October, 2009, 9 homes sold in Franklin Lakes.  The average listing price of homes sold was $1,428,767, and the average Sales price of homes was $1,288,667.  Sellers are getting an average of 90% of their asking price, which means there seems to be just a tad bit of disconnect between buyers and sellers still.  The average Days on Market for homes sold in Franklin Lakes was 137 Days.

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 130 homes for sale in Franklin Lakes as indicated above.  Also as mentioned above is that 9 homes sold during the month of October.  The absorption rate for Franklin Lakes based on October’s sales figures is just over 14 months, above the national average.

With the amount of inventory on the market in Franklin Lakes and the recent traffic activity, we feel it is a great time to start shopping for homes in Franklin Lakes and allowing New Jersey Real Estate Guys negotiate the lowest, most feasible price for you.  That is what we are good at.

If you are interested in buying or selling a home in Franklin Lakes, 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!

View all available homes for sale in Franklin Lakes

___________________________________________________________________________________________________

September 4, 2009 Update

Okay…as we settle into Q4 soon, I think I will jump the gun and post some summer numbers for Franklin Lakes, NJ real estate and homes for sale.  All of our data is comprised from the Garden State MLS as well as the New Jersey MLS.  I hope one day that the 2 MLS boards do something to collectively exclusify certain towns and cities.  The NJMLS has most of Bergen County’s data, but the GSMLS gets some, albeit most of it is duplication of what is on the NJMLS anyway.  This article is based on housing data compiled from June 1, 2009 to September 1, 2009.

Anyway, on to the good stuff.  For those of you looking to buy a home in Franklin Lakes, you already know the lifestyle that you will be living.  It is one of my favorite areas of New Jersey and as my wife always reminds me, the home of Bravo’s New Jersey Housewives.  If you have driven through Franklin Lakes, you are surrounded by beatiful homes and some of the most exquisite neighborhoods in all of New Jersey, and unique in its own way.

Here is the telling part of the market.  The average listing price of a home in Franklin Lakes THAT SOLD from June 1 thru the end of August was $1,195,141.  The average SOLD home in Franklin Lakes was $1,018,838.  (See below for what this tells me)

New Listings:  From the time between June 1 thru the end of August, there were a total of 54 New Listings of homes for sale in Franklin Lakes.  The average listing price of those homes was $1,694,351 with a total of only 19 of them being listed at under $1,000,000.

Under Contract:  During the alotted time, there were 14 homes that were put under contract in Franklin Lakes.  Of those 14 homes, the average was $1,154,557 and the average Days On Market for these homes was 124 Days.

Home Sold: During the alotted time in Franklin Lakes, there were 31 homes that sold.  Of all home sales, the average sale price was $1,018,838. Average Days On Market for these homes were 115 days.

As of September 4, 2009, there are approximately 138 Franklin Lakes homes for sale.  Over the previous 30 days, 7 homes have sold.

Franklin Lakes, NJ has an inventory level of just over 19 months.  Absorption rate is calculated by the number of homes currently for sale divided by the number of homes that sold the previous month. This means that at the rate of homes sold last month, it would take 19 months to sell out of Franklin Lakes homes for sale inventory IF there were no additional active listings from this point forward.  This absorption rate is currently above the national average.

NJREG opinion on the Franklin Lakes real estate as it currently stands is that there is room for negotiation from current listing prices.  We base our opinion on what the average listing price was of homes that have sold over our period of time between June 1 and September 1.  Although there are several ways to draw an opinion about negotiability, we feel that if you are looking for a home in Franklin Lakes, NJ, New Jersey Real Estate Guys can assist in your general understanding of the market and achieve an agreed contract price that protects your long term investment in real estate.

Don’t forget to view our Franklin Lakes real estate page to view all active homes for sale, and as always, please give New Jersey Real Estate Guys an opportunity to earn your business in Franklin Lakes.  We would value an opportunity to work with you and our efforts will speak for itself!

As expected, June sales volume skyrocketed for Bloomfield NJ single family homes.  We have the rat race to get the First Time Homebuyer Tax Credit to thank for that.  It will be interesting to see what affect No Tax Credit will have on the Bloomfield housing market.  There are currently 173 homes for sale in Bloomfield and it would be nice for 30-35 homes per month to sell in Bloomfield.  This will bring the rate of absorption to about 5 months, which is semi-healthy in today’s market.  As a reference, speculative builders and developers typically look for the rate of absorption to be at 4-5 months before taking on any new building projects.

Let’s look at some June numbers to see where we are at.

JUNE 2010

.

Rate of Absorption is calculated by taking the number of active inventory (173) and dividing it by the number of homes placed under contract during the previous month (June: 22 homes went to contract).

To preview a full month over month and year over year statistic report for the Bloomfield single family home market, CLICK HERE

Bloomfield offers first timers a good entry level pricepoint and we expect sales volume to slide a little bit from the June stats, but we anticipate sales in the 20’s per month as consumers will continue to take advantage of low prices and low mortgage rates.

If you are looking to buy or sell a home in Bloomfield, we would value an opportunity to meet with you so you can interview us for the job or representing you on your real estate needs.  Our proven concept of due diligence and market analysis gives our customers the highest confidence when entering into the local housing market.  You can e-mail us or call me direct at 877-688-7582.

If you would like to browse all available homes for sale in Bloomfield, CLICK HERE.  Be sure to specify your criteria for more narrow results.  Our customized searching tool allows you to be very specific.

___________________________________________________________________

Ok, Bloomfield.  Time for a check-up.  Let’s see how the housing market has performed so far this year. Since the first 2 months of the year, sales volume is up almost double and prices are bouncing all over the place, fluctuating by about 12% in some month over month numbers.  Single Family Homes first and then multi-family.

During the month of March 2009, 15 Single Family Homes sold for an average sales price of $304,733

During the month of April, 16 homes sold for an average sales price of $349,781.

During the month of May, 15 homes sold with an average sales price of $291,700.

The average Sales price of a single family home in Bloomfield in 2009 was $304,688.  So far in 2010, the average sales price has been $321,862, a 5.4% increase in the average sales price.  Nothing spectacular, but a very good sign.

See charts below and discuss what you think this indicates for future values.  Click charts to enlarge.

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 of the New Jersey Real Estate Guys.

Now a Recap for Multi Family Homes in Bloomfield.

Total Sales and Average Sales Price

January:  6 sold for average $275,166

February:  4 sold for average $251,000

March:  12 sold for average of $237,500

April:  5 sold for average of $191,800

May:  5 sold for average of $274,200

See charts to show the multi family market performance since 2008.  Click on charts to enlarge.

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

___________________________________________________________________________

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

__________________________________________________________________________________________________

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!

________________________________________________________________________________

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!

________________________________________________________________________________________________________________________________________

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

Happy New Year, Ramsey!

After a rather interesting year, I think the Ramsey real estate market deserves a “State of the Market Report”. In this report, we will look at last months statistics, overall yearly results, and comparisons to 2008. Unlike many markets in New Jersey, Ramsey fared pretty well and the charts below will indicate a very interesting trend in sales volume and average prices. 

All statistics are comprised from the NJMLS.  DON’T FORGET to browse our exclusive and customized MLS / IDX search tool for all of today’s Ramsey homes for sale.  (Click blue link)

2008

• There were 103 homes sold in Ramsey during 2008
• The average sales price was $702,893

2009

• There were 99 homes sold in Ramsey during 2009
• The average sales price was $658,641

The statistics show that there was a 3.1% decline in sales volume.  They also show that the average price of a home sold dropped 6.3% in 2009.

These facts are hardly alarming.  Ramsey has done very well through the recession despite the low inventory and activity.  Averages don’t lie and we believe Ramsey has some interesting trends as shown in these charts:  Click chart images to enlarge and Click Here for the 24 month statistic spreadsheet

Taking these graphs into consideration, Ramsey’s sales volume seemed to peak out during the late summer to early fall season.  Coincidence?  We’ll see, but according to the average sales price, now is just as good a time to buy as it was last December.  With the exception of November, 2008, closed sale prices have remained surprisingly close. 

NJ Real Estate Guys Ramsey 2010 Prediction:  We don’t see much of a change.  Sales are likely up in August because families want to be settled for the new school year and Ramsey’s school system is one of the best.  Prices seemed to drop, similar to last year, but in 2010, we predict an average monthly sales volume of 11 homes and the average sales price to remain within the status quo between $660,000 and $700,000. 

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 today, there are 51 homes for sale in Ramsey, NJ.  During the month of December, we reported that 3 homes sold.  Ramsey’s absorption rate according to December sales is 17 months.  If you take the month of August 2009, we reported that 19 homes sold.  At the time there were 53 homes for sale in Ramsey.  The absorption rate in August was 2.7 months.  Our point is that due to the very low amount of homes for sale in Ramsey and the low inventory sold figures, month to month data will change drastically unlike most other real estate markets.  We do not put much stock into the current rate of absorption in Ramsey.

If you are looking to buy or sell a home in Ramsey, NJ, look no further than NJ Real Estate Guys.  We would value an opportunity to work with you on your real estate needs and can assure you that we will give 100% effort into making sure that you have the competetive advantage over the industry.  Thanks for your time and we look forward to hearing from you in 2010!  Contact us for a consultation. 

_________________________________________________________________________________________________________________

November 2009 Report

Welcome to our monthly report for the Ramsey NJ Real Estate market.  We are going to be looking at home inventories, absorption, pricing, and much more.  Ramsey, NJ remains one of the more active suburbs in Bergen County and market confidence has increased.  Market confidence could increase a bit more with the First Time Homebuyer Tax Credit extension which is now available through April 2010.  Additionally, the tax credit extension includes an increase in income level criteria, a huge benefit for Ridgewood income earners. 

Year over Year numbers are down just a tiny bit from last, almost not enough to mention.  Year to date, there were 150 homes that sold in Ramsey in 2008 (Jan-Oct) with an average sales price of $678,204.   In 2009 (Jan-Oct), 170 homes have sold with an average sales price of $665,974 a drop of only 2% from last year!  This is the smallest drop in value we have seen in Bergen County, a great sign for Ramsey. We are seeing a much clearer picture in the market and prices seem to have stabilized, indicative by higher sales volume, absorption, and homes under contract. 

There are currently 86 homes for sale in Ramsey, NJ, of which 59 are single family homes and 27 are condos/townhomes.  The average listing price is $662,231 on a Single Family home and $467,069 for condos/townhomes.  The affordability index remains moderate, but one that we see beneficial at this time.  The average number of Days on Market for each listing is 81 Days, the same exact as last year.   

During the month of October, 2009, a modest 17 homes sold in Ramsey.  The average listing price of the 12 single family homes that sold was $660,954, and the average Sales price of homes was $633,550.  The average listing price of condos/townhomes sold in Ramsey was $328,180, and the average sales price of them was $322,800.  Sellers are getting an average of 96% of their asking price, a sign that there is very little disconnect between buyers and sellers.  The average Days on Market for homes sold in Ramsey was 60 Days.

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 86 homes for sale in Ramsey as indicated above.  Also as mentioned above is that 17 homes sold during the month of October.  The absorption rate for Ramsey based on October’s sales figures is 5 months.

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 Ramsey. 

If you are interested in buying or selling a home in Ramsey, 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

Be sure to use our MLS/IDX tool in the right column to search for Ramsey NJ homes for sale.  Click on Advanced Search if you would like to specify additional criteria. 

__________________________________________________________________________________________________________________________________

August 2009 Report 

Due to popular request, I am going to do a mid-month Ramsey NJ real estate report.  Due to increased website traffic and homebuying inquiries, it looks like there are a few indicative factors.  First, the tax credit available until the end of the year has people determined to hit the deadline.  Second, low rates may have buyers thinking about inflation control where the Feds could increase the key interest rates soon to stave off inflation.  And three, historically low home prices.

So without further ado, the real estate report below is from housing data gathered from both the GSMLS and the NJMLS.  Such a pain to have to compile both systems.  I wish there will be a future arrangement of pooling listings together in a partnership?  Wishful thinking. 

As of September 17, 2009, there are currently 77 homes for sale in Ramsey, New Jersey, with an average listing price of $653,628.  Although the majority of the homes for sale are in the $400k’s and $500k’s, there are still plenty to choose from in the $600k to $700k range, with only 11 homes for sale in Ramsey listed for over a million dollars.  The average Days On Market for Active homes in Ramsey is 86 days.

There are currently 26 homes Under Contract in Ramsey NJ.  Although we are not able to determine its sales price yet, we can give averages.  Of the 26 homes in contract or attorney review, the average listing price is $518,534.  I noticed that there were quite a few townhomes that went under contract and sold in complexes such as Timber Valley and Cambridge Heights.  Prices are reasonably lower there and is a good area for first time homebuyers to consider condos for sale in Ramsey, NJ.

I took the liberty in looking into homes sold in Ramsey NJ over the last 3 months, trying to get an indicator on summer.  Here’s what we saw:  Since mid-June to mid-September, a total of 55 homes have sold in Ramsey, NJ.  The average price of a home that sold during this time was $581,095.  The average listing price of all homes sold during this time was $680,421.  Each sale sat on the market for an average of 66 Days prior to contract.  Of all of the homes sold over the last 3 months in Ramsey, NJ, only one sold for over a million dollars.  18 Kate Court sold for $1,080,000 after sitting on the market for only 8 days. 

Absorption Rate of Ramsey, NJ:  6.41 Months

Absorption rates are calculated by taking the total number of homes for sale and dividing it by the number of homes sold in the previous month.  Due to our report coming mid-month, we went back 30 days to mid-August.  An absorption rate simply means that if no other homes came active on the MLS, it would take 6.41 months for all available homes for sale to be bought at the previous months’ sales pace. 

As always, New Jersey Real Estate Guys are here to assist homeowners or investors in purchasing real estate in Ramsey or any other town of Bergen County.  Please contact Scott, the Bergen County pro and schedule a consultation or showing appointment for all of your real estate needs. 

Don’t forget to use our MLS searching tool on our website pages to search for all homes for sale in Ramsey, NJ.

Let’s assume renters, or you are paying $1,250 for half of a 2 family home.  Their apartment is likely 2 bedrooms with a full bathroom and a total of 5-6 rooms.  This is about the average.

In Clifton, there are plenty of wonderful 2 family homes for sale for under $300,000.  Let’s look at financing numbers.  Please call us for a financial breakdown on any 2 family home in the area.

Call us today for a free consultation on how you can own your own multi-family home, which is overall a great investment opportunity.

Conventional Financing a $300,000 multi-family home
$300,000 x 20% Down Payment:       $60,000 Down Payment

Mortgage Principal: $285,000

30 Year Fixed @ 5% rate : $1,288 Per month  (Interest is tax deductable)

Hazard Insurance:                           $100 Per month  (Tax Deductable)

Taxes:                                                  $625

Total Monthly Payment:        $2,013

So now we have concluded that your mortgage payment plus other required charges will run you about $2,013 per month.  Assuming you rent the unit you are not living in for $1,200 per month, this leaves you with remaining balance of $813, far less than what you are probably currently paying in rent on a similar unit.

Your risk is that your tenant moves out and leaves you with the entire balance to pay, which is why it is important to have a professional execute your lease so terms are “air-tight”.  If your tenant were to move out, you still have their 1.5 month security deposit which can compensate for the vacancy while you look for a replacement tenant.

Now you are paying LESS than what you were paying for rent!  It is important to use the rule of thumb and keep about 3 months of reserves handy.  On this home, 1.5 months of reserves would total about $3,000.  The only reason for this is in case of an emergency and for instance the water heater breaks.  Knowing that you  have a little bit of a reserve account will make you feel more comfortable anyway.

Whether you are looking for a 2 family home in Bloomfield, Clifton, Montclair, or any other part of Essex County, there are great deals out there.

June 2010

This report is for Single Family Homes only.  For a full condo report, please contact us and we will get you one.  Typically a quiet real estate market, Verona maintains its reputation as being so. You can view all condos for sale in Verona HERE.  View all Single Family Homes for sale in Verona HERE

As stated previously, Verona is down about 14% since its peak, but average sales prices in 2010 have pretty much mirrored the 2009  as shown in the charts below. The average monthly sales volume is currently down from 2009, however Verona’s peak months are during the summer so we anticipate this to balance out by September.  Typically real estate activity in Northern NJ is higher during summer months just before the start of a new school year.

So in 2009, the average amount of sales per month in Verona was 9.25.  To date, in 2010, average monthly sales is 5.8 homes.  As stated above, we expect this to balance out after the summer with expected activity.  May was the first month this year that there were double digit sales.  We expect that to continue and get higher over the summer months.

In 2009, the average price of a home sold in Verona was $483,960.  To date in 2010, the average price of sold homes is $478,065.  I don’t even think my calculator can give a percentage difference

Absorption Rate:  An absorption rate indicates the number of months it takes to sell the current inventory at the present rate of sales. There are currently 59 homes for sale in Verona.  During the month of May, 11 homes sold.  This puts the rate of absorption for single family homes in Verona at 5.36 months.  Verona!  This is not bad!  Typically builders do not start building speculation until the ROA drops to 4%.  The national average is 8 months, so we are far below the national average.

If you would like to view the entire month over month and year over year housing report for Verona, we have those as well as charts right HERE. You will get a very good read on how the market is playing out.

If you are looking to buy or sell a home in Verona, we are the local experts.  As you can see, we do more research than anyone else and would value an opportunity to meet and discuss.  We do free phone or personal consultations at your convenience and can offer a Comparative Market Analysis for your home.  You can contact us by e-mail or by calling us direct at 877-688-7582.  We look forward to meeting you.

______________________________________________________________________________

2010 Q1 Verona Real Estate Report

As we reported from a previous article, Verona home prices have come down about 14% from peak.  Our opinion is that it is unfair to relate to peak prices anytime soon, so instead of giving end over end real estate numbers from last year this time (which was when our financial markets were in a tail spin), I am going to take the most recent 3 months, the majority of summer, and see where Verona homes have fared.

For the sake of this article, I am going to reference the time between June 1, and now.  All information gathered is pulled from the NJMLS and GSMLS systems that you can actually access yourself in our exclusive MLS searching tool over there—————>>  Let’s get started!

As of today, September 15, 2009, there are currently 94 homes for sale in Verona, NJ.  Of those 94 homes, 41 of the active listings are from a highrise off of Pompton Avenue.  There are only 34 single family homes for sale in Verona.  Of the single family homes for sale, the average listing price is $558,128 and the median listing price is $494,000 with a total average of 84 Days On Market.

From June 1 through September 15, 2009, a total of 94 homes have sold in Verona.  The median home price of houses sold was $364,000, with an average price of $427,772.  The average Days on Market for homes sold throughout this period was 80 days.

During the month of August, 2009, a total of 28 homes sold.  As of today, and as stated above, there are 94 homes currently on the market for sale in Verona.  The absorption rate of the Verona housing market is 3.35 months.  This means that if no other homes came on the market for sale, it would take 3.35 months at August’s home sale pace to eliminate all of its inventory.  This statistic is under the national average and is indicative of a housing market staging a recovery. (Absorption rate is calculated by the number of homes on the market for sale divided by total homes sold the previous month)

We feel that Verona real estate presents a great opportunity for homebuyers to take advantage of historically low prices and indicators that the Verona real estate market is gearing up for positive growth.

If you are interested in Verona real estate and homes for sale, please do not hesitate to contact Scott, founder of New Jersey Real Estate Guys and local product of Essex County.  We would value an opportunity to earn your business.

The Heights at Montclair exceeds the luxury boundaries.  Sprawling multi-level floorplans typically contain 3 bedrooms and anywhere from 2.5 to 3.5 bathrooms.  Soaring ceilings in the foyer and conversation room give it a palatial feeling.

For the commuter, you benefit from several train stations within only a couple of miles, bus stations, and of course the convenience of Rt. 3, Rt. 46, I-287, and the Garden State Parkway.  If you commute to the city by car, you are less than 20 miles to the Lincoln Tunnel.

The Heights at Montclair – All Available Condos for Sale & Rentals 

 

Showing appointments are required at the Heights at Montclair.  Please call Scott with NJREG at 877-688-7582 for additional details or simply send him an e-mail.  We value an opportunity to earn your business. Scott is a local, attended MSU and achieved All-American status as a baseball player.  Past player for NJ Jackals, the local professional baseball team!  7 years real estate experience.

Click Here  for all other Montclair NJ homes and condos for sale