News of Bloomfield's 2013 proposed budget for both the township and its schools is sparking doom and gloom predictions on many fronts along with sighs of relief that the worst budget projections were avoided. Many say they now have to prepare to move out of the area or even out of state. Others say they are stuck in unsalable homes since no one would want to move to a town with a semi-vacant downtown and deteriorating schools.
While there may be some justifications for these equally pessimistic points of view, a snapshot of our town's housing market challenges our own version of March Madness.
There are early signs of a seasonal spring blossoming in the increased number of homes on the market, yet local inventory is still at the lowest level since the bubble burst in 2006. There are currently only 201 Bloomfield homes and condos (with 1 or more bedrooms)listed on the Multiple Listing Service -- about half the number listed at the bottom of the "burst". This is resulting in a steady increase in sales prices -- though at a slower rate in the northeast then in the rest of the country.
According to the latest trulia.com data updates, the median sales price for homes in Bloomfield for Dec 12 to Feb 13 was $229,900. This represents an increase of 1.1%, or $2,400, compared to the prior quarter and an increase of 3.9% compared to the prior year. Sales prices have depreciated 35.2% over the last 5 years in Bloomfield.
The average listing price for Bloomfield homes for sale on Trulia was $276,968 for the week ending Mar 20, which represents an increase of 3.7%, or $9,941, compared to the prior week and an increase of 4.3%, or $11,348, compared to the week ending Feb 27. Average price per square foot for Bloomfield NJ was $157, an increase of 36.5% compared to the same period last year.