Rutherford NJ Real Estate Report | Inventory | Homes for Sale | Absorption
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Rutherford, NJ JULY 2010 Real Estate Report
What a normal, boring month for Rutherford. Sales have not reached double digits even once this year on a monthly basis. Are homebuyers favoring Lyndhurst right now? Doubtful, I don’t think anything along the lines of preference changed. The expiration of the Homebuyer Tax Credit had a bit to play in the sluggish month, although as mentioned, this is kind of the norm for Rutherford. Not entirely a bad thing.
I was with a client last week showing a house on Feronia Way and they said the same thing a friend of mine in Rutherford says. Rutherford has one of the most convenient transit systems and has an overwhelming “at home” feeling than the surrounding areas. Additionally, the school system has achieved higher recognition which always is a great selling point.
Has everyone heard about the ARC Program? This will definately help home values in the area including Rutherford. Instead of me blabbing about ARC working with Port Authority to build an additional tunnel into Manhattan giving the Main and Bergen Line DIRECT access into Manhattan with no Secaucus/Hoboken connection, CLICK HERE. Ooops…I think I just gave it away.
| Active Inventory for Sale | 70 – up 12 since July 1 |
| Sales in June | 5 – Same as June sales |
| June Average Sales Price | $530,600 – Up 35% from June |
| Rate of Absorption | 10 Months |
| Home Under Contract | 7 – Down 11 since June |
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To preview the y/o/y and m/o/m charts and official New Jersey Real Estate Guys statistics for Rutherford, CLICK HERE. This will show you 2009-2010 figures.
As always, if you are looking to buy or sell a home in Rutherford, New Jersey Real Estate Guys would value an opportunity to work with you and give you our opinions on the local market to assist in your buying / selling needs. Feel free to call us at 877.688.7582.
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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. Armed with a great school system, real estate taxes are less than Montclair at least with just as much convenience.
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.
| Active Inventory for Sale | 68 |
| Sales in June | 5 |
| June Average Sales Price | $346,640 |
| Rate of Absorption | 13.6 Months |
| Home Under Contract | 18 |
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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
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