Short Sales Continue to Drop in Essex and Union Counties

Short Sales Continue to Drop in Essex and Union Counties

Lender short sales continue to influence these key NJ markets. However the percentages of new listings which identify themselves as short sales continues to drop in both Essex and Union Counties. In 2016, about 10% of listings initiated in these counties,…

Differential Markets in NJ Towns

Differential Markets in NJ Towns

We continue to see differentiation in the markets of individual NJ towns. There are a subset of towns in NJ which are prime bedroom communities with highly ranked school systems that also have an NJ Transit rail station. We continue to…

Essex Fells Market Remains Stable

Essex Fells Market Remains Stable

Data for the market in Essex Fells is portraying a relatively stable situation still with no meaningful movement in median sales prices over the past 24+ months.     As we’ve seen with many of the high end NJ markets, it…

Roseland, NJ housing market

Roseland, NJ housing market

Thought I’d share a quick snapshot of the Roseland, NJ housing market. Overall in NJ the market has improved in the past few years but we continue to see variation from market to market in performance. Take as an example…

Glen Ridge New Jersey market spotlight

Glen Ridge New Jersey market spotlight

We took a detailed look at the housing market in Glen Ridge NJ, Essex County, NJ, analyzing changes in pricing and high end activity over time. Here’s a summary of the findings: Median prices have been on a steady uptrend…

Bidding wars returning?

With some return to normalcy in the real estate markets we are seeing a return to bidding wars in some central and northern NJ markets. Typically, this effect is seen in communities with relatively tight supply and in those with…

The effect of high taxes, part 2

The effect of high taxes, part 2

In our previous post we talked about the differing tax rates in various NJ communities and how certain municipalities face an unusually high property tax burden. One of the effects of higher taxes is reduced marketability. Roselle, NJ is one…

The high burden of property taxes in New Jersey

The high burden of property taxes in New Jersey

This is the first part in a multi-part series of posts regarding taxes and their effect on the NJ Real Estate market. It’s no secret that New Jersey is one of the most heavily taxed states in the US. Since…

The Effect of Mortgage Rates on the Central New Jersey Real Estate Market

The Effect of Mortgage Rates on the Central New Jersey Real Estate Market

As a New Jersey appraiser, I read an article about the effects of changing mortgage rates on housing market demand in the New York Times. One of its contentions was that even a small change in interest rates has a…

What is seasonality in New Jersey?

What is seasonality in New Jersey?

Seasonality affects the market every year in New Jersey. In order to fully understand the New Jersey residential single family housing market, one has to understand seasonality. It’s an effect similar to something else New Jerseyans should be familiar with: Traffic….