Essex, Monthly Reports by County, NJ Suburbs

Nutley NJ Real Estate Report | Monthly Updates!

July 2010 – Nutley NJ Single Family Real Estate Report

CLICK HERE to view all homes for sale in Nutley.  Select your own criteria and be sure to contact NJREG to make a showing or sales appointment.  877-688-7582

As most of Essex County did, Nutley had lower numbers in July as opposed to June, where the expiration of the First Time Homebuyer Tax Credit expired to select a home.  Talks of a double dip recession are still there, however with Mortgage rates at an all time low, buyers will still buy and sellers will still sell as long as the price is right.  While we do not anticipate a double-dip, we do feel that home prices will remain stagnant until 2011.

Clearly, the worst is over and Nutley’s bedroom type community will always draw attention.  Check out below for some July 2010 statistics including m/0/m and y/o/y changes.  CLICK HERE to view the full spreadsheet report and full 2009-2010 real estate statistics in Nutley, including performance charts.

		m/o/m change	y/o/y change
Available Homes for sale	157	+22.33%
Homes Sold in July	18	-21.80%	-30.80%
Average Sold price in July	$355,975	-7.33%	0.01%
Average Days on Market	50
July homes Under Contract	20	-16.70%
Rate of Absorption (months)	7.85

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The rate of absorption in Nutley is 7.85 months based on homes placed under contract in July.  A rate of absorption is calculated a couple ways by different agents.  For the purpose of this article, I am using homes available for sale in Nutley divided by the number of homes placed under contract in July.  As an FYI reference, builders typically do not build on speculation until the rate of absorption sits at around 4-5 months.

If you are looking to buy or sell a home in Nutley, NJREG are your experts of Essex County.  Feel free to set up a free consultation so we can evaluate your home situation and give you our opinions on values and market strategies.  We would value an opportunity to work with you and we look forward to hearing from you.

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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

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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.

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