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
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…
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
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 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…
West Orange Housing Market In Full Swing
Ran some data for single family home prices in the Gregory section of West Orange (the area around Gregory Avenue). Unsurprisingly, the market is performing well. This seems to suggest we are experiencing property value increase rates of about…
Property Flipping in West Orange, NJ
According to MLS, property flipping appears to be alive and well in West Orange NJ. Below is a table with raw data on properties which sold and resold less than 1 year later in a section of West Orange. Some…
Clifton, NJ single family home market showing signs of appreciation
NJ Home Appraisal keeps its finger on the pulse of the local NJ housing market. Today we did an analysis of the Clifton, NJ housing market. The NJ housing market is seasonal. That means that the number of homes sold…