NOVEMBER 2010 REAL ESTATE REPORT

AUGUST 2010 Monthly Report

Glen Ridge June 2010

Real Estate Report | Inventory, Absorption, and Other News

In this end of June report, we are going to analyze the housing market in Glen Ridge (single family homes only).  Glen Ridge happens to be one of my favorite most expensive markets in the country!  Living in Montclair requires me to drive in and through Glen Ridge on a daily basis and unless it’s raining, you can’t help but think that Glen Ridge is anything short of majestic.  If you are looking for some of the best schools in NJ, look no further, however expect to pay for it in your property taxes!!

To view all homes for sale in Glen Ridge, Click Here and be sure to schedule an appointment for an exlusive showing.

So far this year, the Glen Ridge real estate market is following a similar pattern to 2009.  As summer heats up, so does sales volume.  Sales volume for the year is expected to peak in July and it will be interesting to see what it does to prices.  The average price of a home sold has been right around $600,000 in Glen Ridge and we see this as bouncing along the bottom. We like prices here for the remainder of the year, however the tax office needs to be willing to accept tax appeals.  If that is done, then we will see some more aggressive sellers and likely more buyers.

Let’s take a look at some numbers as of July 1.  Numbers will reflect June figures:

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Due to Glen Ridge’s impressive rate of absorption, it looks like there is a good connection between buyers and sellers, which moves sales volume.  Although prices are down from peak, this is a good sign for the town.  Property taxes have always been higher in Glen Ridge than anywhere else in Essex County so it’s not like this is a new phenomenon.  Homes will still continue to sell in the small town despite them.

If you would like to preview our month over month and year over year statistic report including useful charts CLICK HERE.

If you are a buyer or seller for Glen Ridge real estate, I would value an opportunity for an interview to represent you.  As shown, we do an extensive amount of due diligence and can provide useful tools and consulting to get your real estate needs taken care of efficiently and financially favorable.  You can e-mail us or call me direct at 877-688-7582.  I look forward to hearing from you.

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2009 Recap | 2010 Real Estate Predictions

Happy New Year, Glen Ridge!

I figured I’d take a look at some comparisons from the last 2 years and give you a bold prediction as to what I see happening with Glen Ridge real estate in 2010.  As most of you know, I am a product of Essex County and although I never lived in Glen Ridge, I was RIGHT on the border, living right off of Maolis Ave in Bloomfield, right at the cutoff.  Anyway, I grew up AROUND Glen Ridge and couldn’t speak anymore highly of the town.  You have to see to believe.  You won’t regret it!

Before I forget, CLICK HERE to browse all Glen Ridge homes for sale.  If you are interested in setting up a showing appointment, please contact us and we will get all pertinent information and set up a convenient time for you.

2008

• 115 Homes sold in Glen Ridge in 2008
• The average price of a home sold was $591,714

2009

• 83 Homes sold in Glen Ridge in 2009
• The average price of a home sold was $541,264

The statistics show that there was a 27.9% drop in sales volume in 2009 when compared to 2008.

The statistics also show that there was a drop of 8.6% in the average price of homes that sold.

Considering the circumstances, this is actually very good in comparison to other sections of NJ.

Most interesting:

• From January through June of 2009, there were 31 homes sold in Glen Ridge with an average selling price of $476,606
• From July 1 through Dec 31, 2009, there were 52 homes sold in Glen Ridge with an average selling price of $579,810.

The second half of 2009 outperformed the first half by 59% in sales volume and the average price of a home that sold rose by nearly 18%.

2010 Prediction

It is clear that Glen Ridge survived the bulk of the housing crisis.  There are currently only 17 homes for sale in Glen Ridge.  Due to its Blue Ribbon school system, expect sales volume to peak during the summer months as families look to situate themselves prior to the beginning of the school year.

Note: Glen Ridge is the only housing market that we report on that we anticipate a higher rate of absorption and higher overall prices/values by the end of 2010.  We expect a slow, but favorable trend in local economic/housing recovery.

It is the opinion of New Jersey Real Estate Guys that if you are looking into purchasing a home in Glen Ridge, 2010 will be favorable conditions to do so.  Contact Us for a consultation or showing appointment on some beautiful homes for sale.

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December 2009 Report | Glen Ridge Homes for sale, homes sold, etc (statitstics comprised from GSMLS and based on Single Family Homes)

Welcome to our monthly housing report update for Glen Ridge, NJ.  Glen Ridge is one of the wealthiest individual towns in New Jersey.  It’s blue ribbon and nationally reknown public school system is one of the reasons for its unique real estate tax rate, one of the highest in the state, however well worth it if you value overall location, curb side appeal, and your children’s scholastics.

Year over Year Sales numbers have been rather consistent with last years and we did not see a drastic drop in home values for Glen Ridge real estate from the year before.  Year to date, 71 homes sold in Glen Ridge NJ.  The average sales price this year has been $600,249, with a low sales price of $189,900 and a high of $1,489,000.

There are currently only 15 Single Family Homes for sale in Glen Ridge, NJ.  The average listing price is $582,626.  The average number of Days on Market for each listing is 103 Days.

During the month of November, 2009, 9 homes sold in Glen Ridge and 5 have gone under contract and are in Attorney Review .  The average listing price of homes sold was $623,422, and the average Sales price of homes was $624,444.  Sellers are getting an average of OVER 100% of their asking price.  This is indicative of a healthy and competetive real estate market. The average Days on Market for homes sold in Glen Ridge was 94 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 December 1, 2009, there were 15 homes for sale in Glen Ridge, as indicated above.  Also as mentioned above is that 9 homes sold during the month of November.  The absorption rate for Glen Ridge is less than 2 months, a HUGE positive sign for the housing market.

Comparing Glen Ridge Real Estate Taxes:  The housing/real estate tax rate for Glen Ridge, NJ is 2.687.  A house that sold in November for $928,000 on Oxford St has an annual tax bill of $23,049.  The assessed value of this particular home (taxable amount) is currently $857,800.

A home that sold in November for $570,000 has an annual tax bill of $17,658, and has an assessed value of $657,200.

And there you have it!  The December 1 Glen Ridge Real Estate Report.  As you can see, Glen Ridge NJ real estate is quite healthy.  There is a very low inventory rate and healthy monthly sales which creates high turnover and absorption.  If you are looking into purchasing or selling a home in Glen Ridge, NJ Real Estate Guys would value an opportunity to interview for the job of helping you find or sell your home.

Previous Article:

If you are in the market for buying a home in Essex County, chances are you have toured Glen Ridge.  Glen Ridge NJ is an upscale real estate town with tremendous appeal.  One of the most desirable qualities a family recognizes is that Glen Ridge has one of the top ranked school systems in the entire state.  OK, OK… I know you know everything about Glen Ridge.  Let’s look at the reason why you are reading this post.  Our data is going to be comprised of housing data from the GSMLS and NJMLS and we are using the dates from June 1, 2009 to September 1, 2009.

Since last year at about this time, the average price for homes sold dropped from $507,000 down to $486,500, a measly 4%. Although this may be deceiving because the higher priced real estate above $1 million have dropped nearly 15% since this time last year.  The lower end of the market seems to be holding up and current market conditions are indicative that we may see a stagnation in pricing on entry level homes in Glen Ridge.  Stagnation, I use delicately.  I don’t see a further drop, but I don’t see appreciation for the next year.  We’ll see where next year’s inflation takes us.

There are currently 33 homes for sale in Glen Ridge, NJ, of which only 2 of them are priced over $1 million, a significant difference from last year when nearly a dozen homes were listed for over a million.  This does not mean those homes have since sold.  It means sellers are sick of wasting their time and will wait out the market a little longer.  That, or they are becoming more realistic on their asking price.

Be sure to visit our exclusive MLS search feed for all  Glen Ridge NJ Homes for sale

The lowest priced listing on the MLS today is a $99,000, a small, yet cute 1 bedroom apartment (My opinion a perfect investment to rent to an MSU student).  The highest listing today is $1,499,000, a huge victorian home on Douglas Rd.  Actually, there are 3 active listings on the MLS on Douglas road.  They are the 3 highest in the MLS, priced at $919,000, $1.45M and $1.499M. (2 Victorians and 1 Tudor).  The average price of a home today in Glen Ridge is $632,637.  The average Days On Market for active listings is 52 days.

From June 1, 2009 thru September 1, 2009, ten homes went under contract in Glen Ridge.  The lowest priced home to be put into pending status was $239,000 on Carteret Street.  The highest priced home that went under contract was $979,000.  Keep in mind that until all of these close, there is no way of telling what the actual agreed upon sale/purchase price was as those figures are not disclosed publicly until closing.  The average price for a home in Glen Ridge put under contract was $555,364.  The nice thing is that most of these homes under contract qualify for FHA mortgage loans.  The limit for FHA financing for single family homes in Glen Ridge and all of Essex County is $729,750.   Contact us to discuss FHA options for buying a home with only 3.5% down payment.

From 6/1/09 to 9/1/09, 37 homes have sold in Glen Ridge.  The lowest price home to sell was $119,000, a small apartment on Bloomfield Ave.  The highest closing price during this time was $1,400,000.  The average price of homes sold in Glen Ridge was $567,530.  A telling sign that the higher end home is making a comeback in Glen Ridge is that the actual sale price of $1,400,000 was only listed for $1,395,000.  Average days on the market for homes sold was 52 days, which is below the state average.

Absorption Rate:  There are currently 33 homes for sale in Glen Ridge.  Over the last 30 days 7 homes have SOLD.  Absorption rate is calculated by taking the number of homes for sale (33) and dividing by homes sold the previous month (7).  As of today, the absorption rate is 4.7 months.  This means that if no other homes come on the market for sale, it would take only 4.7 months at the current rate of absorption to sell out of Glen Ridge housing inventory.  This is WAY lower than the national average, a great sign for Glen Ridge real estate.  It is a good sign for sellers and a better sign for buyers looking to make a decision.

Overall, it looks like Glen Ridge has survived the recession and is looking to rebound.  Prices are remaining consistent and new assessed values have been publicized, which indicates lower real estate taxes 

If you are shopping for a home in Glen Ridge or any Glen Ridge NJ real estate, be sure to contact Scott with New Jersey Real Estate Guys.  You can call Scott @ 877-688-7582, or you can simply e-mail by clicking here.  As you can see from this article, we do not just dive into the market and buy/sell anything on the MLS.  We do extensive macroeconomic reports which helps us/you in our negotiation to achieve a bargain on your future dream home.  Our goal is your satisfaction.

See the latest Glen Ridge monthly and annual “State of the Market Reports”

Glen Ridge, NJ, bordered by Montclair, Bloomfield, East Orange, and Orange is a higher income real estate market.  With its median household income of over $125,000, Glen Ridge real estate can be a market for luxury housing.  Glen Ridge has a higher property tax base than most others in the county, but as a reward has one of the most highly prized school systems in the state.  Ridgewood Avenue, the town’s main roadway is filled with million dollar homes and has a beautiful street lighting system with its historic gas lamps.

Glen Ridge deserves a drive-by if you are considering Essex County real estate or area looking for homes for sale.  If you are looking for a relaxing stroll down the block, you may enjoy that as easily as is the commute into New York City where you can enjoy the vibrant lifestyle of the biggest amenity in the world.  No matter what part of the town you live in, you are only a very short drive to surrounding towns such as Montclair, Bloomfield, Cedar Grove, and Verona.  Glen Ridge is immediately accessible via exit 148 on the Garden State Parkway and exit 149 (Hoover Ave).  Just another mile or two down the Parkway, you can hop on Route 3 East and be at the Meadowlands/Giants Stadium in only 10 minutes, or New York City another 10 minutes further from the stadium.

Be sure to visit our exclusive MLS search feed of Essex County and Glen Ridge NJ homes for sale

Some quick stats about Glen Ridge:

• Population:                           5,751
• Population growth:             -7.1%
• Population Density:           5,413  (People per square mile)
• Median Age                         38 Years Old
• Cost of Living Index          137%  (National Average 100%)
• Unemployment Rate         6.7%   (Less than national average)
• Future Job Growth             11.8%
• Median Home Value          $429,210

If you are looking for Glen Ridge real estate reports, feel free to contact Scott with NJREG at 877-688-7582 or e-mail him HERE.  We would like to assist in helping you understand the local housing market so you can make the best decision on your future home of your dreams.  Give us 1% of your trust…We’ll earn the rest!