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?"

STOP PULLING YOUR HAIR OUT ON SNOW DAYS

This Wednesday morning brings sad tidings to parents across the state as inclement weather cancels school and delays openings, including a noon opening for my own office here at REMAX in Upper Montclair.  Trapped at home yet ANOTHER winter day with my 2 year old - I find myself shaking a fist at the weather gods, who seem determined to force me to play monster trucks and watch the Owen Wilson CARS movie for the 298th time - which I have decided is just one time too many.  So I look around for things to do with my toddler that will both occupy his attention and mine, run him out so that napping is achieved without complaint and will reduce winter cabin-fever...now up to 50%!

If you live in a town in north NJ, like here in Essex County, chances are the industrious plow-heros were out clearing the roads well before sunrise, so major roads and arteries are safe to drive on.  I've put together a list of things I do with my son on snowy cold days, rainy days...or even just days when we just don't want to be outdoors due to extreme cold or heat:

On snow days, my son, Declan, and I often frequent indoor playground areas, such as the Kidgits play area at the Livingston Mall downstairs next to the Sears.  Plus for $5 a year, a child can join the Simon Kidgits Club - they get a shirt, b-day gift and invitations to various mall events through out the year, as well as mall discounts.  A second mall option for the indoor playground is for when I am feeling a little more ambitious - at the Jersey Gardens Mall in Elizabeth, which has a small playground area, as well as a JEEPERS!, which is a little indoor amusement park with kid size rides and giant climbing structure that my son is not yet strong enough or coordinated for (just try telling HIM that...).  Better for older kids because there are height restrictions, so give them a call at 908-289-9454 to make sure it's right for your family - plus, the rides do cost money, but we can usually while away part of an afternoon on $10 or less.  Since Declan is fairly tall and enjoys taunting gravity, so this is one of his favorite indoor play areas - he wears bruises with great pleasure, and likes to point them out with giggly excitement to teachers, other parents, just about anyone with adult authority, so he loves the climbing cage.  Lastly, sometimes, when times become desperate and I need to keep the peace at all costs, I will make the occasion McDonald's run, and the one off the Garden State Parkway in Bloomfield has a very large, fairly clean and well-maintained children's play area that keeps my son busy long after the french fries have gotten cold and hard - if you need directions, call 973-338-4641 - I usually take the back roads, from Broad Street, to James to East Passaic Ave, rather than the GSP entrance, depending on where I am coming from.

One fantastic option is bringing your child to a drop in class at The Magic Acorn, a Waldorf-inspired classroom experience, located at 174 S. Valley Rd. West Orange at the Ridgeview Community Church, Meeker St. entrance, up the stairs.  This is a nurturing enviroment where parent and child get to participate in creative free play and work on projects that emphasize the natural world. On Wednesdays from 9:30am to 2pm this winter, Amy Heneghan (a truly awesome lady) bakes fresh bread and steeps tea for the class, which has a suggested donation of $15 per adult/child pair, with $5 per additional child - I would suggest letting her know in advance when you want to drop in, as space can be limited - 973-945-8424.  Regular weekly classes are also available, where child and parent participate in creative play, song and movement circle-time, poems and storytelling, yummy fresh snacks and interactive storytelling through tabletop puppetry.  Check out www.themagicacorn.com for more information.

Okay, please don't judge me on this one, but occasionally, my son will ask to "look at the puppies," so I take him to the Shake-a-Paw in Union - it's a puppy store at 2195 Rt. 22 West in Union, and I know, I know, it's probably the purveyor of a huge number of puppy mill victims and while I would never encourage you to purchase a pet there (email me if you want to know more about pet adoption in the area), that place has provided hours of entertainment for my son, as well as has been helpful in introducing him to dogs in a safe and controlled enviroment, which I find helpful in dealing with any discomfort or fear he may have had of dogs.  I think if you are also eventually looking for a dog for your family, it's a great first exposure.

Okay, time for lunch - afterwards, I think we'll head out to make some frightfully misshapen snow people (come on, he's two...he hands can barely form balls with snow).  Sometimes, a snow day just begs to be a day in the snow...