One of my favorite areas of the northern NJ suburbs that I have neglected recently is Nutley. Nutley is a unique town with its beautiful downtown district lined with some of the best affluent restaurants you will ever visit. Nutley is the perfect area to raise a family and offers affordable homes with walkability to anything you need. Considering the fact that I lived right on the border of Nutley, in Bloomfield, I consider Nutley one of my areas I know best.
NJ Real Estate activity in Nutley has been fluctuating to say the least. Over the last 3 years, the summer is when sales volume peaks, which is considered normal as families with children in school typically buy in the summer in order to be ready for the September school year. Average sales prices have remained steady, but showed its biggest price correction from March 2009 through the 4th quarter of the same year. In 2010, February had the lowest amount of sales and the average price of a home sold dropped considerably. However since then, activity has been strong and prices consistently in the $360,000 ranges.
In looking at our activity charts that are illustrated below, along with our housing market projections, we anticipate that any further drop in prices will not be tremendous and those looking to buy can take advantage of historically low mortgage rates. If you are expecting to live in your home for 5+ years, chances are that any further price corrections in the market, will be negated by higher future interest rates and long term appreciation benefits. It is a great time to look for the home that you love and negotiate a deal on it. Our expertise will help you analyze your favorite homes and look for loopholes on how we can achieve a very fair price for you.
So let’s look at some numbers, shall we?
In 2009, there were an average of 17 homes sold per month. The average price of a home sold in 2009 was $364,632.
In 2010, sales volume is slightly down with a monthly average of about 16 homes per month. The average price of a home sold in Nutley this year has been $360,579, hardly enough of a drop from last year to even dignify.
Currently, there are 165 Homes for sale in Nutley. The average listed price of those homes is $415,188. During the month of May 2010, there were 23 home sales. The rate of absorption in Nutley is 7.2 months. As a reference, homebuilders that build on speculation typically wait until the rate of absorption settles at 4 months or less. Nutley has a lot of available inventory and sales need to pick up or new inventory has to slow down.
Here are some Nutley real estate charts. Click on them to enlarge. View spreadsheet by clicking Nutley Housing Market Report
Indicative of these charts, we anticipate a busy summer and then sales should taper off to the normal levels. Although the First Time Homebuyer Tax Credit has expired, we believe that low mortgage rates will allow volume to maintain itself throughout the year.
If you are looking for Nutley NJ homes for sale or would like to discuss market conditions, we offer free consultations at your convenience. Giving us an opportunity to learn about your criteria will help us understand where we need to be to get you that great deal. You can contact us by e-mail or by calling us direct at 877-688-7582. We look forward to hearing from you.
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