New Jersey’s Housing Market Remained Strong During Government Shutdown | Bedford Hills Homes
October, despite the government shutdown, was still a strong month for the New Jersey real estate market, according to data released by the New Jersey Association of Realtors, in conjunction with 10K Research and Marketing. So strong, in fact, that closed sales were up more than 32 percent over the same time last year.
“We’re continuing to see a lower number of properties for sale – just under 15 percent lower than last year – so it’s not surprising to see more closed sales since inventory is limited around the Garden State,” said Christina “Tina” Banasiak, 2013 President of NJAR. “It’s a competitive market right now for buyers, which means that sellers are certainly happier to see prices increasing.”
While the trends do vary around the state since each market is different, the overall outlook is very good. Statewide, for single-family homes, though the total number of homes for sale is down 12.1 percent, there were 15.8 percent more new listings, indicating that sellers are feeling more confident about listing their homes for sale. In tandem with those numbers, pending sales were up 27.2 percent and closed sales closely mirrored numbers for all housing categories at a positive 32.7 percent over the same time last year. Additionally, the median sales price is currently at $305,000, up a steady 5.2 percent and the days on market down 13.9 percent to 93 days.
The townhouse-condo market followed similar trends with new listings, pending sales and closed sales up 18.7 percent, 26.6 percent, and 39 percent, respectively. Interestingly, the median sales price dropped slightly – 0.2 percent – to $249,000, when compared to the same time last year. In the adult community market, there were slightly fewer new listings, but pending sales were up 11.4 percent and closed sales up 10.4 percent. The median sales price was up 16.7 percent and days on market dropped significantly to 72 days, down 32.1 percent.
http://www.loansafe.org/new-jerseys-housing-government-shutdown
“We’re continuing to see a lower number of properties for sale – just under 15 percent lower than last year – so it’s not surprising to see more closed sales since inventory is limited around the Garden State,” said Christina “Tina” Banasiak, 2013 President of NJAR. “It’s a competitive market right now for buyers, which means that sellers are certainly happier to see prices increasing.”
While the trends do vary around the state since each market is different, the overall outlook is very good. Statewide, for single-family homes, though the total number of homes for sale is down 12.1 percent, there were 15.8 percent more new listings, indicating that sellers are feeling more confident about listing their homes for sale. In tandem with those numbers, pending sales were up 27.2 percent and closed sales closely mirrored numbers for all housing categories at a positive 32.7 percent over the same time last year. Additionally, the median sales price is currently at $305,000, up a steady 5.2 percent and the days on market down 13.9 percent to 93 days.
The townhouse-condo market followed similar trends with new listings, pending sales and closed sales up 18.7 percent, 26.6 percent, and 39 percent, respectively. Interestingly, the median sales price dropped slightly – 0.2 percent – to $249,000, when compared to the same time last year. In the adult community market, there were slightly fewer new listings, but pending sales were up 11.4 percent and closed sales up 10.4 percent. The median sales price was up 16.7 percent and days on market dropped significantly to 72 days, down 32.1 percent.
http://www.loansafe.org/new-jerseys-housing-government-shutdown
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