Steady Progress Projects Good Future for the Housing Market
According to Study from New Jersey Association of Realtors
Edison, N.J. – December 20, 2013 – (RealEstateRama) — The November housing market report from the New Jersey Association of Realtors shows that the market is continuing to steadily recover. The market showed a modest 1.9 percent increase in both the median sales price as well as closed sales over November 2012, while continuing to show a decrease in the days on market and total inventory.
An interesting piece of data out of the November real estate report is that the total number of homes for sale is down nearly 13 percent from last year, while at the same time having a more than 27 percent increase in new listings, with 9,811 new homes added in November. Along with that, pending sales increased close to 26 percent, with 6,638 units, projecting a large number of closed sales to appear in the upcoming months. It’s rare to see a market where supply and demand have great benefits for both buyers and sellers.
“Wintertime has traditionally been a slower season for sellers, but due to lower inventory, still-affordable homes, and mortgage rates near historic lows, it wouldn’t be surprising to see a steady stream of buyers opting to look for a home at this time of year,” said Cindy Marsh-Tichy, 2014 NJAR President. “With the availability of home searches on sites like Realtor.com and the expertise of Realtors around the Garden State, it’s never a bad idea for buyers to peruse the inventory of homes.”
In the single-family home market, trends were nearly identical to statewide numbers, with a 27.9 percent increase in new homes listed, and a 30.1 percent increase in pending sales. Closed sales were up 5 percent and the days on market dropped from 108 last year to 92 days this November. Additionally, the total number of homes for sale was down 10.7 percent from last year and the median sales price dropped 1.3 percent to $295,000.
The townhouse/condo market similarly mirrored these trends, with a 28.8 percent increase in new listings, and a 30. 2 percent increase in pending sales. Closed sales were at a more modest 2.7 increase and the days on market dropped from 109 to 91 days. Similarly, the number of properties for sale in this category was down 16.4 percent and the median sales price rose 2.9 percent to $252,000.
The adult community market varied from statewide trends, with a significant 13.1 percent decrease in pending sales and a 21.9 percent drop in closed sales over the same time last year. New listings were up 14.8 percent, though the total inventory of homes was down 21.9 percent. At the same time, most likely due to a great shortage of properties on the market, the median sales price increased dramatically, rising 16.7 percent to $159,000.
“Housing markets are very localized, but we’re seeing improvements in many markets in the state,” said Jarrod C. Grasso, CEO of NJAR. “The best thing a potential buyer or seller can do is to contact a Realtor in their area to find out the latest housing market data to decide the best course of action for their individual situation.”
To view the November 2013 state and county reports, visit www.njar.com/10k. To find a Realtor in your area, visit www.RealStoryNJ.com/realtor_search.
The New Jersey Association of REALTORS, the voice of real estate for New Jersey, is a non-profit organization serving the professional needs of approximately 42,000 REALTOR and REALTOR-ASSOCIATE members engaged in all facets of the real estate business. In addition to serving the professional needs of its members, NJAR is dedicated to enhancing the ability of its members to conduct their business successfully while maintaining the preservation of private property rights. REALTOR is a registered collective membership mark, which may be used only by real estate professionals who subscribe to the REALTOR organization’s strict Code of Ethics and are members of the national, state and local REALTOR organizations. For more information, visit www.NJAR.com or www.RealStoryNJ.com.
10K Research and Marketing is a research and analytics firm that serves REALTOR associations, MLS organizations, brokers and other real estate companies. 10K specializes in localized and elegant housing market reports with the goal of breathing life into data. For more information, visit www.10kresearch.com.
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