Posts Tagged 'Irvington'

Essex County Property Tax Comparisons

ESSEX COUNTY TAX CHART
Below is a chart of the average tax load paid by several county towns and the percentage of that tax that goes to the municipality’s school system.

The percentage of the state budget spent on education has grown from about 33 percent to about 38 percent during Gov. Chris Christie’s term.

The Governor’s property tax cap may have helped reduce the annual increase in New Jersey’s property taxes, but unfortunately taxes are still rising faster than the rate of inflation.

The link at bottom shows more Essex county towns and gives a bit more background.

essexxcotax

link to more info on NJ tax burdens

July Real Estate Market Conditions

The local real estate market continues the turnaround begun early in the year.  Here is the July update on Real Estate Absorption rates in the area.  The absorption rate number is how many months it would take for the current inventory of listings to sell given the current monthly rate of homes going under contract.

As buying has been brisk this spring and early summer, inventory has remained stable.  Its possible the rates will drop even further as less new listings hit the market in the fall and the remaining inventory continues to be sold.

Spring Activity

 
Real Estate activity has been more robust this spring than in the recent past.  Here’s what I’ve sold recently or is under contract and due to close in June or July.
 
Just Sold
169 Scotland Rd., South Orange – buyer
117 Second St., South Orange – my listing
37 Edgar St., Summit – buyer
74 Essex St., Glen Ridge – buyer
34 Riggs., South Orange – buyer
25 Hickory, Maplewood – my listing
 
 
 
 
 
 
 
Under Contract/Attorney Review
46 Park Pl., South Orange – buyer
552 Hillside Terr., West Orange – my listing
350 High St., Orange – buyer
332 Ogden St., Orange – my listing
 

Market Improvement

Real Estate conditions are improving!

Absorption rates are a common measure of how fast homes are selling.  Here, for example, the absorption rate for South Orange has dropped from 8 or 9 to 4.7.  This means at the rate that homes are selling now (20 in the last 30 days), it would take 4.7 months for all the listings available (94) to sell.  If these rates begin to stay under 5 we will gradually be moving from a buyer’s market toward a seller’s market.

 


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