Lyndhurst Real Estate Roundup – Monthly Reports
We’ve been getting a lot of inquiries for Lyndhurst real estate. I’m not sure why we never reported on it. We know the area well as we service it regularly as well as neighboring Rutherford, so I figured we would start reporting some housing information on a monthly basis for those that like to keep track of prices, absorption, and trends. Lyndhurst is considered a “country” town with a friendly “hometown” atmosphere. A fine line separates Lyndhurst from Rutherford and those looking for a little bit more affordability and lower taxes between the two, Lyndhurst would be a good fit.
For those of you that are aware, the ARC Program is underway deep under the Hudson River. The ARC Program is a project set for completion in about 8 years that will include construction of an additional rail tunnel to Midtown Manhattan where residents in suburban NJ will be able to take the rail DIRECT into the city. No more connections. Historically, when a direct rail line is constructed in an area, it increases home prices by as much as 10%. CLICK HERE to read all about the ARC Program and the effect on real estate.
In regards to the housing sector, Lyndhurst has always been a small market. There are only 40-50 homes for sale at a time typically and home sales have not even reached double digits per month dating all the way back to January 2009. That said, the rate of absorption is good and is below the national average, a good thing. So let’s look at some figures for the month of July. In July homes that sold averaged 86 Days on the Market.
| Lyndhurst Housing Statistics | 2010 | Y/O/Y % Change |
| Available Homes for sale | 40 | -5% |
| July Homes Sold | 8 | +37.5% |
| July Pending Home Sales | 7 | +51.2% |
| July Avg. Sales Price |
$383,750 | +4.60% |
| Rate of Absorption | 5 Months |
.
Click Charts to Enlarge
As indicated in these charts, monthly absorption remains pretty consistent with the norm, but prices have progressively increased since January of this year. Although the increase isn’t anything to brag about, the average price of a home sold in Lyndhurst has increased by about $30,000.
The Rate of Absorption indicates how long it would take to sell the entire inventory of homes for sale based on the previous month of home sales. So being that there are 40 homes for sale, and in July 2010, there were a total of 8 sales, you take inventory divided by sales, and you come up with 5 Months. This is considered healthy and is below the national average, a good thing.
If you are in the market looking to buy or sell in Lyndhurst, we welcome you to give us a call so we can help assist in your real estate needs. We know all about all Lyndhurst NJ homes for sale. We know the market very well and can give you good insight on the specific local market and those surrounding it. You can call us at 877-688-7582 or e-mail us here. We look forward to hearing from you.
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