November 2009 Bloomfield Real Estate Report
Welcome to our Bloomfield "State of the Market" article for November 2009. Recently, we have seen a lot of activity in Bloomfield and this is largely due to the First Time Homebuyer Tax Credit. The recent extension through April for the credit will only further assist in real estate absorption. There have been many requests for information on single family homes and multi-family homes around the Brookdale Park area of town, on and around Watchung Ave. Great choice and if you give us a call we can tell you a few important details about the area and what we can achieve for a pricepoint.
Bloomfield, NJ Single Family Homes:
Year over Year numbers are down a little bit. Year to date, there were 276 single family homes that sold in Bloomfield in 2008 (Jan-Oct) with an average sales price of $326,251. In 2009 (Jan-Oct), 212 single family homes have sold with an average sales price of $300,882, a modest 8% drop since last year. We are seeing a much clearer picture in the market and prices seem to have stabilized, indicative by 2009 month over month activity improvements.
There are currently 184 single family homes for sale in Bloomfield, NJ. The average listing price of homes for sale is $312,807. The affordability index in Bloomfield is high, which means it is very affordable. The average number of Days on Market for each listing is 123 Days.
During the month of October 2009, 26 Single Family Homes have sold in Bloomfield with an average sales price of $309,553. The average listing price of those homes sold was $316,552. Sellers are getting about 98% of their listing/asking price, a great sign for the market in regards to the "meeting of the minds" capabilities.
Single Family Homes 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 November 1, 2009, there were 184 homes for sale in Bloomfield as indicated above. Also as mentioned above is that 26 homes sold during the month of October. The absorption rate for Bloomfield based on October's sales figures is 7 months.
Bloomfield Multi-Family Homes:
There are currently 94 Multi-Family Homes for sale in Bloomfield. The average listing price is $356,345. From January 1-November 1, 2008 this period posted a total of 45 sales with an average sales price of $357,242. From January 1 to November 1, 2009, 44 multi family homes sold at an average price of $271,199, nearly a 25% drop. We have seen recent price stability for the multi-family market as well due to the low prices and homeowners realizing a small balance on their mortgage after collecting rental income.
There are currently 94 multi-family homes for sale in Bloomfield. The average listing/asking price of these multi family homes are $356,345, however there are plenty of deals at or under $300,000 for conservative shoppers or real estate investors.
During the month of October 2009, only 5 multi-family homes sold in Bloomfield. The average price of multi's sold was $272,000, so it seems that the multi family homes under $300,000 are selling the quickest.
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 November 1, 2009, there were 94 multi family homes for sale in Bloomfield as indicated above. Also as mentioned, 5 homes sold during the month of October 2009. The absorption rate for multi family homes in Bloomfield based on October's sales figures is just over 18 months, well above the national average.
With the First Time Homebuyer Tax Credit extension, the recent market optimism, and macro economic data, we feel that it is a good time to buy real estate in Bloomfield and a better time for negotiating with sellers.
If you are interested in buying or selling a home in Bloomfield, give us a call and interview us. We would value an opportunity to earn your business and rest assured that as a buyer we will maximize your dollar on real estate. As a seller, you have our full service of global and local marketing, Free CMA report for your home, and strategic plans to sell your home within a comfortable timeline. Contact NJREG today for a free consultation.