Tracking the Condo/Townhouse Market in Essex County, NJ

National news headlines have been the bane of my existence for months.  Housing market headlines in particular.  Worst housing market in decades...lowest prices in years...foreclosures skyrocketing....and yes, while the national market is suffering, I think it's a good idea to look closely at the statistics behind our local, regional market - just a quick nugget of information that may help clarify the housing market in your town, and how that effects you and your home sale or purchase.   *What?  Did you think the blog was only going to be funny stuff about my kid and my misadventures as a new mom?*  Well, sure but I also sell a lot of real estate, and I'm trying to help my clients and potential future clients to do what is best in this volatile market!  Today, I am focusing on condos/townhouses, and in towns where my clients tend to search, which is most of Essex County.

Multiple Listing Services tracks all homes sold, so a search of all condos/townhouses/co-ops in the area resulted in something quite revealing.  From May to August of 2008, which was the high market of last year, condos listed averaged 90 days on market, and sold for an average of 4% under list price - and in a town like Montclair that has a thriving condo market, homes were maintaining and average of 97.5% of list price, which means a unit listed for $350k was still selling for roughly 341,250.  Check out the chart below for more specifics:

Essex County Statistics (includes: Montclair, Glen Ridge, Bloomfield, the Caldwells, Livingston, Verona, South Orange, Maplewood, Nutley,  Roseland, Cedar Grove, West Orange & Millburn):

Under Contract Date	End of 2007	Jan-Apr 2008	May-Aug 2008	Sep 2008-Jan 2009
Days on Market	103	95	90	96
Sold at % of List Price	98.3%	96.3%	96.1%	94.6%

Specific Towns from May-August 2008:

TOWN	Avg List $	Avg Sold $	Sold at % of List Price	Days on Market
Livingston	696857	671921	96.4%	97
Montclair	403725	392431	97.2%	92
The Caldwells	276694	264845	95.7%	111
Bloomfield	322327	311245	96.6%	169
West Orange	428477	415337	97%	69
South Orange	706870	663191	93.8%	95
Nutley	364817	353810	97%	93
Maplewood	207240	202590	97.8%	70
Roseland	629300	606666	96.4%	67
Verona	272720	256800	94.2%	71
Millburn	219092	213907	97.6%	82
Glen Ridge	180950	172375	95.3%	42
Cedar Grove	509674	485000	95.2%	45

 
Specific Towns from September 2008-January 2009:

TOWN	Avg List $	Avg Sold $	Sold at % of List Price	Days on Market
Livingston	577518	553381	95.8%	89
Montclair	327350	311875	95.2%	55
The Caldwells	276200	257333	93.2%	86
Bloomfield	238433	222733	93.4%	74
West Orange	411322	388823	94.5%	104
South Orange	425100	403428	95%	73
Nutley	320364	305785	95.4%	112
Maplewood	287980	242800	84.3%	141
Roseland	476750	464250	97.4%	105
Verona	240860	229600	95.3%	81
Millburn	349000	320000	92%	148
Glen Ridge	210500	195333	92.8%	150
Cedar Grove	462500	447000	96.6%	97

Now, for some of these towns, such as Glen Ridge, Cedar Grove, Millburn, Maplewood...there aren't a lot of community living properties in general, so numbers are based on a smaller number of statistics, while Nutley, Montclair and West Orange have the most units available.  Bargain hunters, note, folks just aren't selling their homes for 15% under list, or even 10% under list.  So, congratulations if you luck into a great deal on a home, but for most of us, proximity to the city and town atmosphere have kept the prices buoyant in much of the county, so you have to decide for yourself..."How much is THIS home worth to YOU?"