The National Association of Realtors reported that the median list price of properties “nationwide zoomed to a new record for the month of October, reaching $250,000.” October’s benchmark is 8% higher than 2016.
Evidence shows a stronger-than-usual appetite coming from buyers which is eroding the inventory available and thus having an impact of a lower number of sales for a number of regions.
The lower inventory has affected the number of homes available by a decrease of 11% active listings as compared to October 2015.
Also, Realtor® noted that, “Homes for sale in October are selling 2 percent more quickly than they did a year ago.”
New Jersey reflects many of these trends as is evidenced by the report for September, 2016:
2015 2016 Change
Days on Market 82 78 -4.9%
Inventory 51,138 42,215 -17.5%
Months Supply 9.5 6.7 -29.5%
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.
