Glen Ridge Homes For Sale | Absorption Rate | Reports

By
Real Estate Sales Representative with Weichert Realtors

December 2009 Report | Glen Ridge Homes for sale, homes sold, etc (statitstics comprised from GSMLS and based on Single Family Homes)

Welcome to our monthly housing report update for Glen Ridge, NJ.  Glen Ridge is one of the wealthiest individual towns in New Jersey.  It's blue ribbon and nationally reknown public school system is one of the reasons for its unique real estate tax rate, one of the highest in the state, however well worth it if you value overall location, curb side appeal, and your children's scholastics. 

Year over Year Sales numbers have been rather consistent with last years and we did not see a drastic drop in home values for Glen Ridge real estate from the year before.  Year to date, 71 homes sold in Glen Ridge NJ.  The average sales price this year has been $600,249, with a low sales price of $189,900 and a high of $1,489,000.

There are currently only 15 Single Family Homes for sale in Glen Ridge, NJ.  The average listing price is $582,626.  The average number of Days on Market for each listing is 103 Days. 

During the month of November, 2009, 9 homes sold in Glen Ridge and 5 have gone under contract and are in Attorney Review .  The average listing price of homes sold was $623,422, and the average Sales price of homes was $624,444.  Sellers are getting an average of OVER 100% of their asking price.  This is indicative of a healthy and competetive real estate market.  The average Days on Market for homes sold in Wyckoff was 94 Days.

Absorption RateAn absorption rate indicates the number of months it takes to sell the current inventory at the present rate of sales.  As of December 1, 2009, there were 15 homes for sale in Glen Ridge, as indicated above.  Also as mentioned above is that 9 homes sold during the month of November.  The absorption rate for Glen Ridge is less than 2 months, a HUGE positive sign for the housing market.

Comparing Glen Ridge Real Estate Taxes:  The housing/real estate tax rate for Glen Ridge, NJ is 2.687.  A house that sold in November for $928,000 on Oxford St has an annual tax bill of $23,049.  The assessed value of this particular home (taxable amount) is currently $857,800.

A home that sold in November for $570,000 has an annual tax bill of $17,658, and has an assessed value of $657,200.

And there you have it!  The December 1 Glen Ridge Real Estate Report.  As you can see, Glen Ridge NJ real estate is quite healthy.  There is a very low inventory rate and healthy monthly sales which creates high turnover and absorption.  If you are looking into purchasing or selling a home in Glen Ridge, NJ Real Estate Guys would value an opportunity to interview for the job of helping you find or sell your home.

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