Bloomfield Market Improving2/26/2013
After lagging behind other nearby markets, it seems that the Bloomfield market is finally beginning to generate more buyer activity. I showed four houses today and two of them already have offers - one with multiples. Low mortgage rates, low prices, less inventory and the beginning of the spring market have spurred buyers to act now.
A number of homes that came onto the market last week are already under contract including those in the 400,000s and a couple that had been listed previously and gone unsold.
Let's hope for the sake of sellers that the bottom of the market has passed and prices continue to move back up. Buyers should act quickly for the best deals.
The absorption rate for Bloomfield (that is the rate at which the inventory of homes for sale are being sold) has declined from 14-15 months a year ago to about 7-8 months now and should continue to decrease as the market improves. A declining figure indicates that inventory is decreasing as more homes are being sold than are coming onto the market.